Votorantim

For the first nine months of 2011, Votorantim sold 3% more cement in Brazil, accounting for 87% of the group cement volume. In North America, which accounts for most of the rest, volumes were stable. Turnover was ahead by some 4% to BRL6543m (US$3634m) but the EBITDA came off by 9.5% to BRL1918m in response to higher costs for petcoke and electric energy, which rose by 28% and 22% respectively. Freight costs in Brazil also showed a notable increase. Capital expenditure in the period amounted to around BRL2800m, of which expansion projects represented 54%. The subsidiary St Mary's Cement has obtained the first ISO 50001 certification issued in North America during the period.