Cement News tagged under: Egypt

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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...

Egypt considers levy on cement exports

07 March 2013, Published under Cement News

Egypt’s Ministry of Industry and Foreign Trade Eng Hatem Saleh has said that the ministry is considering imposing a levy on cement exports as a result of increases in cement prices on the local market. In a statement released last Thursday by Egypt’s State Information Service, the Minister said that cement prices in the local market have increased from EGP420/t to EGP700/t, while there is a significant deficit in cement supply in the market which is also leading to increased prices. T...

Egypt: rising prices prompt monopoly concerns

05 March 2013, Published under Cement News

A recent rise in Egyptian cement prices has prompted the country’s Consumer Protection Agency to file a complaint with the Protection of Competition on price fixing allegations. The Consumer Protection Agency is claiming that cement companies have tactically agreed to raise cement prices, according to reports in Al-Masry Al-Youm press. The report states that the president of the Consumer Protection Agency, Atef Yaaqoub, has questioned the price increase given that cement supply has gone up...

Italcementi launches five-year bond, Italy

25 February 2013, Published under Cement News

Italcementi, the fifth-largest cement producer in the world, has launched a five-year bond of EUR350m at an issue price of EUR99.477 and a coupon of 6.125 per cent, according to reports in La Stampa. At the closure of the placement, orders exceeded EUR 2.5bn. Credit rating agency Moody's has rated the Italcementi bond Ba2 with a "negative" outlook. For 2013, Moody's expects Italcementi to face challenging market conditions in its key markets Egypt and France and, to a lesser extent, in Mor...

Torah Cement inaugurates environmental projects, Egypt

14 February 2013, Published under Cement News

Egypt’s Minister of Environment Khaled Fahmy inaugurated on Tuesday environmental initiatives by Torah Cement. The cement producer has invested US$24m to replace electrostatic filters with fabric ones, according to reports by AllAfrica press. The project will reduce pollution from the factory based in Helwan.

Egypt: signs of stability despite political unrest

11 February 2013, Published under Cement News

Despite recent news reports of political tension in Egypt, there are some positive signs in the country's cement market that demand is recovering after two difficult years. The latest figures indicate that last year cement demand expanded by around five per cent, just surpassing the 51Mt mark, a growth rate not seen since 2009. In 2011, consumption fell 1.7 per cent to 48.69Mt while prices contracted 10 per cent.   During these the past two years, the entry of new companies has provided new ...