Votorantim denies cartel accusation

The chairman of the Brazilian Votorantim' board, Antonio Erminio de Moraes, counterattacked the accusations of cartel in the cement segment. The Secretariat for Economic Rights SDE (Secretaria de Direito Economico) is investigating the domestic ten main groups - Camargo Correa, Cia de Cimento Itambe, Cimpor, Ciplan (Cimento Planalto), CP Cimento, Grupo Nassau, Holcim, Lafarge Brasil, Soeicom and Votorantim - due to the accusation of blocking the supply to the concrete industry aimed at forcing higher prices. These groups account for 97 per cent of the Brazilian total production.