Cement News tagged under: Egypt

RSS feed

ACC plans to list on Egypt stock market

05 September 2013, Published under Cement News

Arabian Cement Co (ACC) is preparing to list on Egypt’s stock market and has submitted a proposal to the Misr for Central Clearing, Depository and Registry (MCDR) to be centrally registered. The company told Zawya News that the company will be added to the central registry as soon as the review is completed. Arabian Cement is 68 per cent owned by Spain-based Cementos La Unión.

ASEC Minya begins production, Egypt

04 September 2013, Published under Cement News

ASEC Minya Cement, an affiliate company of ASEC Cement, announced it has started production at its new 2Mta factory in the Minya governorate. The new factory is located 200km from south Cairo and 50km from North Minya city. Daily News Egypt reported that Giorgio Bodo, CEO of ASEC Cement, expressed his gratitude for the beginning of the new factory’s production despite the political and economic challenges facing Egypt. Mr Bodo said that while security problems and the fuel shortage, ...

Sinai profits slump, Egypt

26 August 2013, Published under Cement News

Sinai Cement, Egypt, reported a steep fall in profits for the first half of 2013. 1H13 net profits fell by 31 per cent to EGP51.1m (US$7.3m), down from EGP74.2m (US$10.6m) over the same period last year.

Cement makers hit by infrastructure slump in emerging markets

20 August 2013, Published under Cement News

Cement producers have been sliding on the financial stock exchanges as emerging market bonds and equities tumble, according to the Financial Times. Many of the region’s building materials groups have invested heavily in the emerging markets and fears that falling foreign investment will negatively impact state spending on large projects has underpinned stock market losses. Swiss major Holcim last week warned that slowing infrastructure spending in India – its biggest market – would dampen p...

Suez Cement six-month net profit ahead, Egypt

12 August 2013, Published under Cement News

Suez Cement has reported a 34 per cent increase in first-half net profit thanks to cost reduction and efficiency improvement efforts. In the second quarter of 2013, net sales of Suez Cement Group of Companies reached EGP1302m (US$, up 11 per cent YoY while recurring EBITDA rose 18 per cent YoY to EGP315m. Net profit increased to EGP168m. Grey cement sales were down by four per cent to “close to 26Mt”, the company said. The industry suffered from continuing energy shortages and steep en...

Italcementi subsidiary signs wind farm agreement, Egypt

24 June 2013, Published under Cement News

The Egyptian Electricity Transmission Company signed a contract with Italgen, a subsidiary of Italcementi Group, to build a wind farm to help meet Suez Cement's energy requirements. The contract authorises Italgen, which has been studying the possibility of incorporating wind technology since 2008, to become the first private investor to enter the Egyptian National Grid, and build a wind energy park in the area of Gulf El-Zeit, according to a statement issued on Sunday. Electrical energy g...

Egypt's cement production drops 20% because of gas shortages

11 June 2013, Published under Cement News

A shortage of natural gas in Egypt and subsequent constraints in electricity supply over the last four months has forced the country's cement industry to reduce production by 20 per cent. Peaking electricity use in the summer months is expected to aggravate the decline. An even steeper drop in production capacity of 25 per cent was incurred by Arabian Cement Company (ACC)'s Suez plant after the operator was struggled to come to terms with unforeseen gas and power shortages. The cement comp...

Cemex plans US$100m Egyptian investment

04 June 2013, Published under Cement News

Cemex announced today that it expects to invest approximately US$100m (approximately EGP700m) to significantly improve its operations in Egypt and continue supporting the country’s housing, commercial and infrastructure development. Yehia Hamed (left), Egyptian Minister of Investment and Sergio Menendez, President of Cemex Egypt The planned investments were discussed in a meeting between Sergio Menendez, President of Cemex in Egypt, and Yehia Hamed, Egyptian Minister of Inves...

ACC ready to make the switch from gas, Egypt

31 May 2013, Published under Cement News

Arabian Cement Company (ACC) has taken all the steps needed to make the switch from gas to coal and refuse derived fuel, according to the company's chief. Jose Maria Magrina, CEO of Egypt-based ACC, told local press: "ACC is ready to substitute 100 per cent of the amounts of gas required to operate its plant and has applied for the necessary government permits to do so on 14 March 2013. However until now no answer has been received from the government, even though this is something that w...

ASEC Minya launches clinker production at 2Mta plant, Egypt

30 May 2013, Published under Cement News

Citadel Capital announced that ASEC Minya (formerly the Arab National Cement Company), a key subsidiary of portfolio company ASEC Cement, has started the production of clinker at its 2Mta cement plant in Minya. Cement production is expected to commence within one month. Located 200km south of Cairo and 50km north of the city of Minya, ASEC Minya is the second greenfield cement plant to be launched by ASEC Cement in five years. The first was Takamol Cement in Sudan, a 1.6Mta plant that bega...