Cement News tagged: Corporate
Jilin Yatai joint venture investment, China
Jilin Yatai (Group) Co and its partner will together inject CNY285m (US$45m) into their Changchun, Jilin Province-based joint venture to support the joint venture development. China Business Wire reported that Jilin Yatai will inject CNY211m of cash and will still hold a 64 per cent stake. It partner, a fully-owned subsidiary of CRH, will invest CNY74.1m in the joint venture and its stake ...
FCC to delay Giant Cement sale, USA
FCC is to delay the planned sale of its US-based Giant Cement Holding division while the Spanish construction major focuses on debt refinancing of Cements Portland Valderivvas, Dow Jones reports. FCC owns nearly 70 per cent of Cements Portland, which in turn owns Giant Cement. FCC had previously said it planned to sell Giant by the end of the first quarter but has now changed the timeline, ...
Fitch Ratings downgrades West China Cement
Fitch Ratings has downgraded West China Cement's (WCC) Long-Term Foreign Currency Issuer Default Rating (IDR) and Senior Unsecured debt rating to 'BB-' from 'BB'. The Outlook on the IDR is Stable. The rating action is driven by Fitch's view that the deterioration in WCC's gross profits and the increase in its financial leverage in H211 will persist through 2012. WCC's gross profit dropped...
TPCC profit constrained by power issues, Tanzania
Tanzania Portland Cement Company Limited (TPCC) net profit rose slightly less than expected due to erratic power supplies but says the demand outlook is positive as it prepares to bring new capacity on-stream in the next quarter. Net profit rose by 0.4 per cent to TZS50.61bn in 2011. “Higher imports of clinker and frequent breakdown of machinery resulting from erratic power supply,” company...
Eurocement Ukraine 2011 narrows losses
Eurocement Ukraine has closed 2011 with a loss of UAH46.05m (US$4.3m), the company said in a statement. Eurocement Ukraine sustained losses of UAH117.474m in 2010, having reduced its net revenue by 9.47% (or UAH123.669m) to UAH 1182.794m compared with 2009. The company is a part of the Eurocement Group of Russia.
FLSmidth to appoint new Group Executive Vice President
Carsten R Lund will be appointed new Group Executive Vice President of FLSmidth & Co and member of the Group Executive Management in July 2012, when Mr Christian Jepsen resigns to join Alcoa, one of FLSmidth's global mining customers. Carsten Lund will be heading the new global Bulk Materials Division that was formed as part of the new FLSmidth Group structure announced on 21 February 2012 a...
Morgan Stanley bearish on China Building Materials Sector
Morgan Stanley believes second quarter pricing for China’s building materials will still be lower than the first quarter as it expects 2Q demand seasonal recovery to be weaker than normal years due to the slowing construction pace of property developers. “We hold the view that developers will not reaccelerate construction activities until they have cleared their four-year high property inve...
Asia Cement 2011 net profit rises, China
Asia Cement (China) Holding Corp said its net profit rose by 162 per cent YoY in 2011 to CNY1.34bn (US$212.6m). Meanwhile, basic earnings per share stood at CNY0.86. Citigroup has upped Asia cement to Buy from Sell and raised its target price to HK5.36 vs HK$2.71. The house expects earnings should bottom with selling prices in central China down 10 per cent YoY and volumes almost frozen. ...
Peruvian market acceleration
Peruvian cement shipments have shown strong increases for the third month in a row indicating a recovery in public investment and an acceleration in domestic sales. Shipments reached 418,824t in February 2012, representing an 11.67 per cent YoY advance from 270,562t, the cement producers association (Asocem) reported. Cement production for the month was 448,199t, up 10.3 per cent on Feb...
Cemex Philippines signs deal for WHR plant
Cemex Philippines is to construct a waste heat recovery power plant at its Solid Cement plant in Antipolo City, Rizal Province. Cemex regional president for Asia, Joaquin Miguel Estrada, announced the plan following the signing of an agreement with Sinoma Energy Conservation of China who will build the waste heat-to-energy facility, a first for the Cemex group of cement plants worldwide. “Ce...
Government reverses decision on Athi River plant closure, Kenya
Kenya’s National Environment Protection Agency has retracted its order to shut down Athi River Mining’s plant, company chief executive Pradeep Paunrana, has said. Last week, Mr Paunrana told Reuter’s that the company expected sales and profit to rise this year, provided it resolved the dispute with the environment agency. Mr Paunrana said the company had submitted a plan of action to comply w...
Lafarge extends EUR1.2bn credit facility, France
Lafarge said Tuesday it has extended its syndicated credit facility by two years from July 2013 to July 2015 for a total amount of EUR1.2bn. The extended facility supported by 24 lenders complements Lafarge’s bilateral lines of EUR2.2bn and brings total committed credit facilities to EUR3.4bn, Dow Jones reports. In total, these lines have an average maturity of 2.8 years and do not include ...
West China net profit down, acquisition announced
West China Cement said its net profit for the year ended 31 December 2011 declined by 28.43 per cent YoY to CNY662m (US104.7m). Meanwhile, basic earnings per share were about CNY0.16. Meanwhile, the Hong Kong-listed cement producer said its wholly-owned subsidiary has inked an agreement to buy a 55 per cent stake in Shaanxi Province-based cement company Shaanxi Shifeng Cement for CNY402m. ...
Lamarche to be named on Lafarge's board
Gerard Lamarche, managing director of Groupe Bruxelles Lambert, will be named on the board of French cement maker Lafarge. He will replace Thierry de Rudder. Lamarche, 50, graduated from the University of Louvain-la-Neuve in Belgium. He also completed the advanced management programme at the INSEAD Business School. Abstracted from an original article in Le Figaro.
Taiheiyo Cement’s operating FY14 target, Japan
Japan’s Taheiyo Cement plans to increase group operating profit by around JPY50bn (US$598.8m) in fiscal year 2014 (FY14), an increase of 90 per cent on its projection for the year ending March 31. The Nikkei reports that the target will be included in a forthcoming business plan that runs through the year ending March 2015. The projections are based on total domestic demand rising four per ce...
West China Cement buys stake in Shifeng Cement
West China Cement has agreed to acquire a 55% interest in Shaanxi Shifeng Cement at CNY401.5m. The company has been granted an option to acquire a 10 per cent interest in Shifeng Cement for CNY73m. Shifeng Cement operates a 4500tpd clinker line with an annual capacity of 2Mta.