Cement News tagged under: Egypt

RSS feed

Titan recovers in the USA

15 May 2013, Published under Cement News

Titan's first-quarter turnover showed a 7.8 per cent improvement to €243m while the EBITDA fell by 29.4 per cent, in line with the 29.3 per cent reduction seen this time last year, to €24.3m. The pre-tax loss rose by 33.5 per cent to €23.5m and the net attributable loss rose by 39.7 per cent to €27.1m. Net debt at the end of March, however, declined by 20.1 per cent to €630m, giving a gearing level of 41.6 per cent, compared with 48.6 per cent a year earlier. Group cement shipments ro...

Lafarge sales down on 1Q weather effect, confirms 2013 goals

07 May 2013, Published under Cement News

Lafarge reported a six per cent decline in sales in the three months to the end of March as it was impacted by harsh winter weather conditions and production issues in Algeria and Egypt. However, the group said its performance and innovations targets remain on track and the company is on course to achieve its net reduction goal of less than EUR10bn this year. First-quarter volumes were notably affected by a particularly long winter in Europe and North America, together with a high 2012 co...

OCI to settle tax dispute with Lafarge

02 May 2013, Published under Cement News

OCI has agreed to pay about EGP7bn (US$1bn) over five years to settle a tax dispute on the sale of its cement unit to Lafarge back in 2007, Bloomberg has reported. The payments will start in May this year and end in 2017, OCI said. The Egyptian Tax Authority determined that "there was no tax evasion by the company and is exonerating management and the company from any wrongdoing related to the transaction," the company said.

Suez Cement production scaled back 30% due to energy shortages

10 April 2013, Published under Cement News

Egypt-based Suez Cement said that it scaled back production by as much as 30 per cent last year due to a lack of fuel supplies.  "A lack of fuel supplies has cut our annual production of 12Mt by between 20-30 per cent since the start of the year," Mohamed Shanan, director of business development of Suez Cement, told Reuters. In terms of fuel price hikes, Mr Shanan told reporters at a recent energy conference that: "Any increase in (fuel) prices must be matched by an increase in cement ...

ASEC signs training programme initiative with Minya University, Egypt

01 April 2013, Published under Cement News

ASEC Minya and ASEC Ready Mix, two subsidiaries of ASEC Cement have signed a memorandum of understanding (MoU) with Minya University to help prepare students with the skills they need to seek meaningful employment in their fields.  The Governor of Minya, D. Mostafa Eissa, Minya University President, Dr Mohammed Sherif and ASEC Cement Chairman and CEO Giorgio Bodo were in attendance at the signing ceremony.  The MoU, the first of its kind in the governorate of Minya, aims to promote the...

Panel to review Egypt gas price hikes

18 March 2013, Published under Cement News

A panel of judges is set to review an appeal made by five cement producers over gas price hikes by the Egyptian government, a Cairo administrative court said. According to reports by Bloomberg, a panel is to look into appeals by Tourah Portland Cement, Suez Cement, Alexandria Cement, Beni Suef Cement and  Helwan Cement against the fuel price incrased that was started by Prime Minister Hisham Qandil in January 2012.

Egypt's Shura Council suggests fixed pricing

15 March 2013, Published under Cement News

Following mounting concerns over recent rises in domestic cement prices, Egypt's Shura Council housing committee (upper house of parliament) has suggested imposing mandatory pricing on local cement companies. “Egyptian Competition Authority will be tasked with setting the price if the government approves the Shura Council's recommendation," Atef Yacub, the head of Egypt's Consumer Protection Agency (CPA), told Ahramonline. Cement prices have risen by about EGP200 (US$29) and is curre...

Egypt’s Ministry holds talks with cement industry over price concerns

12 March 2013, Published under Cement News

Egypt’s Ministry of Industry and Foreign Trade has said it will take measures to curb rises in cement prices following meetings held with cement companies, according to local press reports. Hatem Saleh, Minister of Industry and Foreign Trade, has met with representatives from cement manufacturers in Egypt to discuss the reasons behind the recent hikes and to help control the increases, AllAfrica press reported. Last week, the ministry said it is considering imposing a levy on cement export...

Cemex to supply new hydroelectric plant and tidal barrage in the Nile River

11 March 2013, Published under Cement News

Cemex in Egypt is supplying cement for the construction of a new tidal barrage and hydroelectric power plant in the Nile River that is expected to generate 32MW of energy and also improve the irrigation to a landmass of about 1.6 million acres large, the equivalent to eight times the area of New York City. This project, funded by the Egyptian government, is expected to improve navigation in the Nile and provide water and clean, renewable energy to the five neighbouring cities of Assiut, M...

Vicat grows in Asia

08 March 2013, Published under Cement News

France-based cement major Vicat reported a 1.2 per cent rise in turnover in 2012 to €2292.2m, but the EBITDA declined by 10.9 per cent to €437.4m and the trading profit fell by 20.8 per cent to €245.2m. The company booked a pre-tax profit 20 per cent lower at €207.6m and the net attributable fell by 21.1 per cent to €129.1m. Net debt was 6.2 per cent higher at €1,144m and represents 46.4 per cent of total shareholders, or 53.7 per cent if minorities are excluded. Capital investment las...