Cement News tagged under: China

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China to fast track infrastructure investment to spur growth

23 May 2012, Published under Cement News

China will fast track approvals for infrastructure investment to combat a slowdown in the economy, state-backed China Securities Journal reports.   The government had asked for project proposals by the end of June, even for those initially earmarked for the end of the year, said the journal. Citing government sources, the article said Beijing did not rule out bringing forward next year's projects, if it thought more investments would be needed to stimulate the economy.?The newspaper al...

Fujian Cement to inject CNY950m into subsidiary, China

21 May 2012, Published under Cement News

Fujian Cement Inc is to jointly invest with its second-largest shareholder, South Cement Co Ltd, a combined CNY950m (US$150m) into Fujian Cement's fully-owned cement subsidiary. Its subsidiary will mainly use the funds to invest in its cement and related businesses. After the capital injection the two investors will each hold a 50% stake in the target company, which will have a registered capital of CNY1bn. (Source: China Business Newswire).

Deutsche Bank sells 86.58m shares in Shanshui

21 May 2012, Published under Cement News

Deutsche Bank AG sold 86.58m shares, or a 3.08% stake, in China Shanshui Cement Group Ltd at HK$5.79/share and for a total of HK$502m on 10 May, according to a filing on the Hong Kong Stock Exchange. After the sale Deutsche Bank's stake in Shanshui Cement fell to 6.89%.

Citi cuts CNBM, Conch target price, China

11 May 2012, Published under Cement News

Citi Group has cut the target price of Chinese players CNBM to Sell and Anhui Conch to Neutral and outlines the latter's latest moves in terms of suspended and new capacity. “We think the industry affiliation in East China market is breaking down. Mills are restarting suspended production lines to recoup volume. Demand is recovering, as we expected, however not as fast as the supply resumption. Price pressure should materialize in the next one to two quarters,” the house said in a statem...

West China acquisition of Fuping Cement positive – Moody’s

10 May 2012, Published under Cement News

Moody's commented that West China Cement's (WCC) acquisition of Fuping Cement is credit positive for WCC (Ba3, negative). Fuping Cement owns a 2Mt cement production plant in Zhuangli town in Shaanxiand a 35% interest in Shifeng Cement which has a 2Mt plant in Caocun town, also in Shaanxi. WCC is also still completing the acquisition of a 65% interest in ShifengCement, which began in March 2012. Moody's said the issuance of HK$620m worth of new shares to acquire capacity will enhance its...

CRH to begin conciliatory talks, plans to increase China stake

10 May 2012, Published under Cement News

Irish Cement, a subsidiary of CRH, will begin talks today with representatives of 100 workers who have been on strike for almost five weeks, the Irish Times reports. Staff at Irish Cement plants in Castlemungret, Co Limerick, and Platin, Co Meath, have been on strike now for almost a month over payments worth €5500-€9500 to each worker. The staff and their trade union, Siptu, say a Labour Court ruling obliges the company to pay them the cash. However, Irish Cement says the payments are tie...

Jiangxi Wannianqing gets private placement approval

10 May 2012, Published under Cement News

Jiangxi Wannianqing Cement Co Ltd, a Jiangxi Province-based producer of cement and clinker, announced on May 7th that it was approved by China Securities Regulatory Commission to issue no more than 65 million shares at no less than CNY10.56 a share via a private placement.

Huaxin Cement to issue CNY2bn bonds, China

09 May 2012, Published under Cement News

China's Huaxin Cement Co is planning to sell CNY2bn (US$317m) of bonds to fund the expansion of its business, a source familiar with the deal said Wednesday. The source said the bonds, which have maturities of five and seven years, will be sold through the Shanghai Stock Exchange next week. Citic Securities Co. will be the lead underwriter of the deal, said the person. (Dow Jones International News)

China Resources Cement prices weaken in1Q2012

07 May 2012, Published under Cement News

China Resources Cement Holdings Ltd, the largest cement producer in South China, saw its average sales price decline 6% or RMB20/t Y-on-Y to RMB340/t in the first quarter of this year, noted Deputy Chairman Yu Zhongliang. Yu noted that the firm's gross margin narrowed to 20% during the low season. But he believes the company gross margin would reach 30% this year, as sales prices began to rebound at the beginning of April. Sales volume surged 33% from a year earlier in the first quarter ...

Italcementi to become strategic partner of West China Cement

04 May 2012, Published under Cement News

Italian cement maker Italcementi said it has agreed to acquire a stake in West China Cement (WCC) as the group moves to strengthen its position in the world's largest building materials market. In a statement Italcementi said that when the deal is complete it will own a stake of around 6.25% in WCC to become the company's third-largest shareholder. Under the agreement Italcementi will sell to WCC Shaanxi Fuping Cement Company, which also owns 35% of Shifeng Cement, against the subscript...