Cemex CEO sees boost from US recovery in 2010

Cemex CEO sees boost from US recovery in 2010
02 November 2009

Cemex expects its U.S. cement volumes to grow next year as the U.S. housing market recovers and the company aims to extend its debt maturities, Chief Executive Lorenzo Zambrano said on Friday.

Zambrano that according to the Portland Cement Association, which represents companies in the United States and Canada, cement sales volumes are seen up five per cent next year.

"My gut feeling is that in the five months ahead of the (2010) mid-term US elections, we will see a lot more activity," Zambrano said in an interview at his offices in the northern industrial city of Monterrey.

Zambrano said Cemex would be able to pay its $15 billion bank and bondholder debt as it agreed in August, but he said the company would seek to extend maturities beyond 2014 by possibly issuing a bond.

"We will pay our debt as planned. However, we want, and will seek, to extend debt (maturities) as much as possible," he said.

"We could issue long-term debt and with that prepay the banks," he said, adding that any bond could be out to up to 10 years.

Source: Reuters
Published under Cement News