Cement News tagged: Corporate

Adelaide Brighton pulls 2020 profit guidance

02 April 2020, Published under Cement News

Australia’s Adelaide Brighton has pulled its 2020 profit guidance due to the economic uncertainty resulting from the coronavirus pandemic, but noted it has AUD450m (US$274.55m) in cash and undrawn bank facilities. According to the company’s webpage, it still has no known cases of COVID-19 across its business. "All our 130+ locations remain open for business and we are well stocked with raw m...

Ambuja Cement of India profit grows in FY19

02 April 2020, Published under Cement News

Ambuja Cement Ltd of India has reported an increase in total income of 3.1 per cent and profit after tax (PAT) advance of 2.8 per cent during FY19, despite an increase of 0.6 per cent in operating expenses, according to detailed stand-alone financial result released recently.   The total income increased to INR120.94bn (US$1.586bn) in 2019 from INR117.32bn in the year-ago period. PAT reached t...

Lehigh Hanson delays Mitchell expansion project

02 April 2020, Published under Cement News

US-based Lehigh Hanson Inc has delayed the start of the US$600m expansion project at its Mitchell plant in Lawrence County, Indiana. Construction may be delayed by up to a year due to uncertainties resulting from the COVID-19 pandemic.  The plant will reportedly continue to finalise the engineering and delivery of equipment but will limit the amount of site work during 2020 and will move it...

China Tianrui Group Cement Co reports 50% rise in FY profit

02 April 2020, Published under Cement News

China Tianrui Group Cement Co has posted for 2019 an attributable profit of CNY1.819bn (US$256m), up 50 per cent when compared with 2018. The company’s full-year revenues increased by 20.1 per cent YoY to CNY12.088bn, according to Reuters.

Lucky inducts independent director

Lucky inducts independent director

02 April 2020, Published under Cement News

Lucky Cement Ltd informed Pakistan Stock Exchange (PSX) that it has made a top management change. As per a bourse filling, Masood Karim Shaikh has been appointed as an independent director on the Board of Directors of Lucky Cement Ltd with effect from 31 March 2020 to fill in the vacancy created due to the resignation of Mohamamd Javed Iqbal, for the remaining term of the board.   Muhammad Yun...

Breedon Group closes operations in Ireland

01 April 2020, Published under Cement News

Breedon Group has announced the temporary closure of its plants in the Republic of Ireland, including its Kinnegad cement plant, with the exception of those serving health projects or critical road and utility infrastructure. The closure is in addition to other measures announced last week and follows the Irish government introducing restrictions on non-essential businesses from 27 March. ...

Egyptian cement prices fall 3% in March

Egyptian cement prices fall 3% in March

01 April 2020, Published under Cement News

The price of Portland cement in Egypt fell 2.5 per cent MoM to EGP780/t (US$49.4/t) in March 2020, compared to EGP800/t in February, according to the Central Administration of Needs and Building Materials. White cement prices remained stable at EGP2400/t during the first three months of 2020, the report added. Elsewhere, ready-mixed concrete prices remained stable YoY at around EGP725/m 3 ...

Qatar National Cement to shut two plants this week

01 April 2020, Published under Cement News

Qatar National Cement has announced that it will shut down two plants from 1 April to slow the spread of coronavirus and as an impact of lower demand in the local market. Therefore, the company’s board will close factories four and five until further notice, according to a statement.

HeidelbergCement India completes two upgrade projects

01 April 2020, Published under Cement News

HeidelbergCement India has completed two debottlenecking projects at Imlai, Madya Pradesh, and Jhansi, Uttar Pradesh. The grinding capacity of these plants has been raised to 2.5Mta and 3.25Mta at Imlai and Jhansi, respectively. The projects were both completed in their scheduled timelines, with the grinding capacity of the company now standing at 6.26Mta.

BUA provides funds for COVID-19 relief in Nigeria

31 March 2020, Published under Cement News

Nigeria’s BUA has fulfilled a pledge by transferring NGN1bn (US$2.6m) of funds to the COVID-19 relief account with the Central Bank of Nigeria. In addition, the group also announced another donation of NGN300m to Sokoto, Edo and Ogun states to further assist an adequate COVID-19 response. These additional donations will be made on behalf of its BUA Cement subsidiary which has major producti...

Carthage Cement completes capital increase

31 March 2020, Published under Cement News

Tunisia’s Carthage Cement has successfully completed a capital increase for TND206m (US$71.89m) or 77 per cent of the initial operation. The capital increase was carried out through MAC SA, a stock market intermediary, and will serve to rebalance its financial structure and reduce debt. As a result, the company’s capital will rise to TND343.6m.

Moody's changes outlook for Votorantim Cimentos

31 March 2020, Published under Cement News

The outlook for Brazil’s Votorantim Cimentos has been downgraded from positive to negative by Moody’s Investors Service. However, the Ba1 rating for the company has been affirmed.  The credit ratings agency has also downgraded the outlook for Votorantim Cimentos’ subsidiary St Marys Cement to negative from positive.

UNTHA to expand in Poland

31 March 2020, Published under Cement News

Industrial shredder manufacturer UNTHA is predicting that 2020 will be the biggest year yet for its Polish subsidiary, as the waste market continues to boom.   The shredding technology specialist first moved into Poland in late 2013, when a dedicated office was established in Krakow on the back of growing interest in UNTHA’s machinery – a relocation to Warsaw followed. While the country has at...

Vicat to revise 2020 outlook in view of coronavirus

30 March 2020, Published under Cement News

Vicat has warned that while its 2020 outlook needs to be revised in terms of the potential impact of COVID-19 on the cement producer’s business, it is not able at this stage to provide a detailed and accurate assessment of how its markets and financial performance will develop during the course of the year. Adaptation measures have already been implemented, including a plan to reduce operati...

Cevian builds CRH stake

02 April 2020, Published under Cement News

Swedish activist fund Cevian has bought further shares in CRH in less than a fortnight. The fund now holds a 3.145 per cent stake in the Ireland-based building materials producer. Cevian first purchased shares in CRH in February, calling for a simplification of the business, but has since appeared more supportive of the management. "When this [coronavirus outbreak] passes, CRH's fundamenta...

Dalmia Bharat suspends entire manufacturing capacity

30 March 2020, Published under Cement News

India’s Dalmia Bharat has suspended its entire 26.5Mta of cement manufacturing capacity as a result of the coronavirus, according to a press release. "We are continuously monitoring the situation and the immediate task is to ensure that the chain of transmission of COVID-19 breaks. We will decide to restart production once the lockdown is over, based on the directions of the state and centra...