Taiwan Cement to operate as TCC Group Holdings

Taiwan Cement to operate as TCC Group Holdings
27 May 2024

Taiwan Cement Corporation (TCC) held its shareholders' meeting on 21 May 2024 officially announcing the transformation of the 78-year-old company into a group holding company, shifting its English name from Taiwan Cement Corporation to TCC Group Holdings. This marks a significant leap into 11 industries, spreading its presence across 13 international markets. 

TCC's Chairman, Nelson Chang, highlighted that 60 years ago, TCC operated as a cement-only supplier. TCC has now advanced to become a developer of low-carbon building materials, resource recycling and green energy at the same time. Mr Chang pointed out that TCC has developed four main revenue pillars beyond Taiwan and mainland China, including Europe, Africa, and new energy sectors, describing the company's 2023 financial statement as diversified, risk-managed, innovative, and cash-flow positive.

In 2017, over 80 per cent of TCC's revenue still originated from the cross-strait cement market. Mr Chang mentioned that the company foresaw the plateauing of the mainland China market after reaching its peak and thus began to explore markets beyond the strait. This led to a joint venture with Turkey's OYAK and, through Portugal's Cimpor, the acquisition of ultra-low carbon alternative fuels in Africa. 

TCC has pioneered the production of ultra-low carbon cement using calcined clay as a substitute for clinker, leading the global cement industry. As of 2023, 45 per cent of its profits come from its low-carbon cement operations in Europe.

TCC's market share in Taiwan is 32 per cent, 1.69 per cent in mainland China, 16 per cent in Turkey, and over 50 per cent in Portugal, with less than half capacity utilisation, indicating TCC's strong production capacity in low-carbon cement, especially in Portugal and Africa.

Published under Cement News