Cement News tagged under: China
Shanshui Cement unit defaults on third onshore bond, China16 February 2016, Published under Cement NewsShanshui Cement's key operating subsidiary Shandong Shanshui Cement Group defaulted on its third onshore bond. According to a statement posted on Shanghai clearing house on 14 February, Shandong Shanshui could not pay in full of the bond's principal and coupon due on February 12 because some of its banks accounts and assets were frozen due to lawsuits against the company. The principal and coupon totaled CNY826.56m (US$126m). A spokesman for Hong Kong-listed Shanshui said its largest s... |
China: CNBM warns of 70% drop in 2015 profit03 February 2016, Published under Cement NewsCNBM has issued a profit warning, predicting that the net profit for 2015 will be 70 per cent down YoY, mainly attributable to the slowdown in cement demand growth and severe overcapacity in the industry. As a result, the Chinese cement major saw a significant drop in cement prices. Earlier this week, Huaxin Cement also said it expects 2015 net profit to fall 90-95 per cent YoY due to weak domestic demand, intense competition and a sharp fall in cement prices. |
China: Huaxin issues profit warning02 February 2016, Published under Cement NewsHuaxin Cement, LafargeHolcim’s subsidiary in China, has warned that it expects 2015 net profit to fall 90-95 per cent YoY due to weak domestic demand, intense competition and a sharp fall in cement prices. JP Morgan’s China cement research team estimates that cement prices in Huaxin’s key markets declined by five per cent QoQ in 1Q16 to-date to CNY254/t. The research house also notes that LafargeHolcim aims to restructure its China operations by integrating the management teams of Huaxin ... |
China Shanshui unit takeover01 February 2016, Published under Cement NewsChina Shanshui Cement Group said it has taken over the headquarters of its main operating unit, Shandong Shanshui Cement Group Ltd, following a management dispute. The Chinese manufacturer "has smoothly taken over the headquarters and additional three factories” of the Shandong Shanshui Cement, with the assistance of the local police in the northern city of Jinan, it said in a filing dated 31 January. The firm, which defaulted on onshore debt last year, announced plans in January to repay... |
Anhui Conch26 January 2016, Published under Cement NewsWith cement demand shrinking in its home market, Anhui Conch is ramping up its business overseas. In January-September 2015, China reported a five per cent YoY fall in cement production thanks to its cooling economy and slowing infrastructure investment at home. With its domestic market also suffering from chronic oversupply, Anhui has its eyes firmly set on the Southeast Asia market. April this year will mark the opening of four plants by Anhui in Indonesia with a total production capac... |
China Shanshui Cement defaults on CNY1.8bn bond25 January 2016, Published under Cement NewsChina Shanshui has defaulted on a CNY1.8bn three-year bond carrying an annual interest rate of 5.4 per cent that matured on Thursday, the South China Morning Post reports. The development has pushed China Shanshui, closer to bankruptcy, as its earlier debt default triggered multiple lawsuits from creditors that have already seen some of its assets frozen or put into impending auctioning. "The underlying cause of Shandong Shanshui's debt problems is unresolved disputes over shareholders' co... |
China: BBMG Corp expects lower profit on weaker cement demand and pricing15 January 2016, Published under Cement NewsChina-based BBMG Corp said it expects to record a 10-22 per cent decrease in net profit attributable to shareholders for the year ended 31 December 2015 compared to a year earlier. The fall in net profit is mainly attributed to the slowdown in macroeconomic growth and cement production overcapacity in the areas where the group operates, leading to sluggish demand and reduced selling prices versus 2014. Therefore, it recorded a significant decrease in the operating results for its cement seg... |
China Resources warns of significant decrease in full-year attributable profit14 January 2016, Published under Cement NewsChina Resources Cement said it expects profit attributable to the owners for the year ended 31 December 2015 to significantly decrease as compared with that of the previous year. Such decrease is primarily attributable to the lower selling prices of cement and clinker in China in 2015 as compared with those in 2014. It is also due to the depreciation of the yuan against other currencies since the beginning of the third quarter in 2015, resulting in exchange loss generated from non-yuan deno... |
China Shanshui to buy back two outstanding senior notes due 2016, 202014 January 2016, Published under Cement NewsChina Shanshui Cement Group Ltd said Thursday it offered to buy back the outstanding amount of two senior notes valued at US$528.9m from investors. The Hong Kong-listed cement maker said it plans to buy back outstanding notes due 2016 and 2020 at 101 per cent of the principal amount plus accrued and unpaid interest in cash. The 2016 and 2020 notes have an outstanding amount of US$28.9m and US$500m, respectively, it said. The early redemption comes amid a power struggle after Tianrui Grou... |
Credit Suisse upgrades China Resources Cement rating08 January 2016, Published under Cement NewsCredit Suisse raised its target price for China Resources Cement (CRC) at HKD3 (US$0.39), but upgraded its rating from "neutral" to "outperform". The research house cited its sources with the Cement Association and the Standardization Administration of China confirming that the proposal for the elimination of PC32.5/PC32.5R grade cement was approved at the internal committee votes in late December – a key step towards the official approval of the policy, making it now a highly-probable even... |