The credit crunch and the slump in the U.S. housing market prompted Cemex to slash $200 million more from operating costs than previously planned, according to Hector Medina, executive vice president of planning and finance.
"Our goal is to reduce the company’s cost structure to a level which is consistent with the decline in our markets," Medina said in a conference call.
Cemex said this week it refinanced $2.3 billion in debt due this year and in 2010, extending the maturity until February 2011.
