Cement News tagged under: Cemex

RSS feed

Cemex nearer to alternative fuel permit, USA

09 April 2012, Published under Cement News

Cemex is a step closer to using alternative fuels at Kiln No 2 of its Brooksville South plant with the Florida Department of Environmental Protection (FDEP) reportedly poised to grant the company the necessary permit. Cemex has been testing some of the fuels in the kiln on a temporary permit since last year, said company spokeswoman Sara Engdahl. "Cemex is pleased with the FDEP's support of our successful alternative fuels program at Brooksville," Ms Engdahl said. "Our innovative alter...

Readymix agrees to Cemex buy-out offer, Ireland

09 April 2012, Published under Cement News

Shareholders of Irish cement maker Readymix have voted to sell the 38 per cent share of the company not owned by Cemex to the Mexican cement major. At a meeting to vote on the deal, some 97.56 per cent of shareholders agreed to the 25 cents per share offer which had been increased from 22 cents per share. Readymix will now apply to the High Court to confirm the date for the court hearing to sanction the scheme. It is expected that the court hearing will be held on May 8. Cemex made an ...

Cemex US volumes boosted by mild weather

30 March 2012, Published under Cement News

Cemex said it may have recorded strong growth in US cement volumes in the first two months of the year helped by good weather. "The first two months of the year have been great; demand nationwide has been up in excess of 20 per cent YoY," Maher Al-Haffar, vice president of corporate communications and investor relations, told Reuters in an interview. "A very important driver is the fact that we had fantastic weather in the first quarter and last year in the first quarter we had particu...

Cemex exchange offer reduces debt

27 March 2012, Published under Cement News

Cemex announced the results of its five separate exchange offers made on a private placement basis to exchange currently outstanding Euro-denominated 4.75% As a result of the Exchange Offers, Cemex’s overall indebtedness (including the Perpetual Debentures) will be reduced by approximately US$131m. Fernando Gonzalez, Cemex’s CFO, said: “These exchange offers allow Cemex to further reduce its refinancing risk and its overall indebtedness (including Perpetual Debentures), two important compo...

Cemex Philippines signs deal for WHR plant

21 March 2012, Published under Cement News

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. “Cemex is a company that wants to achieve a corporate objective of lower operational costs, and also pu...

Cemex extends tender date for exchange offer

13 March 2012, Published under Cement News

Cemex has extended the early tender date for five exchange offers launched in February this year. The company has offered to exchange euro-denominated 4.75% notes due 2014 and outstanding series of perpetual debentures for euro or dollar-denominated senior secured notes until March 23 2012," the cement maker said in a release.

Cemex agrees to pay Mexican tax dispute

12 March 2012, Published under Cement News

Cemex has lost a dispute with the Mexican government over money owed on proceeds from foreign subsidiaries, resulting in the cement producer now paying a fine of at least US$361m in back taxes. Cemex had contested changes in the law in 2005 that required Mexican companies to pay in Mexico on certain income from foreign subsidiaries where income taxes were less than 75% of the corresponding tax in Mexico. In September 2008 the Supreme Court overturned on appeal a favourable ruling that ...

S&P Assigns Cemex 'B-' rating

01 March 2012, Published under Cement News

Standard & Poor's Ratings Services affirmed its ratings, including the 'B-' global scale and 'mxBB/mxB' national scale rating long-term corporate credit ratings, on Cemex. S&P’s ratings on Cemex and its key subsidiaries – Cemex Inc., Cemex Mexico, and Cemex Espana--are constrained by its "highly leveraged" financial risk profile, as our criteria define it, reflecting the company's high debt and "less-than-adequate" liquidity position. The ratings also reflect the relatively high concentrat...

Cemex share approval, confident on meeting debt obligations

27 February 2012, Published under Cement News

Cemex shareholders have approved a plan for the company to issue more shares. The proceedings from the issuance will be used to pay a dividend, the company said at its annual shareholders meeting. Meanwhile, Cemex CEO, Lorenzo Zambrano, last week said that the company will meet its debt obligations to creditors this year, suggesting that the company may be turning a corner following a tough year when meeting these obligations were in doubt. Source: Reuters

Cemex to appeal fine, Mexico

24 February 2012, Published under Cement News

Cemex CEO Lorenzo Zambrano has reiterated that the company will appeal a fine for allegedly blocking competitors from bringing cement into Mexico, the Wall Street Journal reports. Earlier this month, the Federal Competition Commission (CFC) fined Cemex MXP10.2m (US$796,000) following an investigation into a failed attempt by a competitor to import cement via a silo ship almost eight years ago. The newspaper quoted Zambrano as saying: “We’ve done nothing illegal.” He said Cemex used leg...