Cement News tagged under: Egypt
Court ruling threatens to nullify Cemex stake in Assuit, Egypt14 September 2012, Published under Cement NewsCemex said on Thursday its Egyptian unit Assiut Cement Co has learned of a preliminary ruling by a court in Egypt that could nullify the agreement under which Cemex bought a majority stake in the company more than a decade ago, Dow Jones Global Equities News reports. Assiut Cement is fighting the decision. It will continue to operate as usual, Cemex said in a statement to the Mexican Stock Exchange. Cemex bought its stake in Assiut from Metallurgical Industries Co., a state-run Egyptian ... |
Turkish investors apply to build Sinai cement plant, Egypt06 September 2012, Published under Cement NewsTurkish investors have applied to build a cement plant in the Sinai region of Egypt, after Egyptian authorities issued legislation on developing the peninsula, according to reports by Bloomberg citing local newspaper Al Masry Al Youm. The Turkish companies are reported to have filed a land request for the project, the daily reported citing General Ismail Al Nagdy who heads Egypt’s General Authority for Industrial Development. |
Assuit Cement drivers strike, Egypt29 August 2012, Published under Cement NewsDrivers working at the Assuit Cement factory in Egypt continued striking for a second day on Saturday in protest of penalties imposed on them by the company, according to local press reports. Workers at the company’s transportation department have also joined the strike due to alleged mistreatment by company officials, Ahram online reported. The head of security at the cement factory has reportedly given orders to prevent food and drink from entering the factory to pressure workers to end... |
Egyptian cement companies to lose energy subsidies28 August 2012, Published under Cement NewsEgypt is to no longer provide subsidised energy to new cement plants, including the 14 new facilities for which licenses have already been issued, and plans to phase out subsidies to already-existing plants, the government has said. Hatem Saleh, minister of industry and external trade, told reporters at a press conference on Sunday that the government will not be responsible for providing subsidised energy to new cement factories adding that energy prices for existing cement plants would g... |
Egypt’s Misr Beni Suef earnings edge higher, hit by power shortages16 August 2012, Published under Cement NewsMisr Beni Suef Cement announced that net profit for the first half of 2012 reached EGP188m (US$31m) versus net profit of EGP155m in the same period of last year. Meanwhile, the company said it lost EGP60m due to an interruption of electricity supplies causing productivity to decline by 70 per cent and output falling to 8000tpd from the usual 11,000tpd. |
Middle East market developments13 August 2012, Published under Cement NewsCement producers in the Gulf Cooperation Council (GCC) nations witnessed a 24.3 per cent increase in revenues in the first quarter of 2012, reaching US$1.26bn (AED4.62bn) as construction picked up in certain parts of the Middle East. Saudi Arabia continues to be the region's strongest market, but improvements are being seen in the UAE and Qatar is gathering pace. However, a challenging operating environment persists in Egypt. According to a report by Global Investment House (GIH), combine... |
Torah strike action to cause EGP22m in losses02 August 2012, Published under Cement NewsEgypt-based producer Torah Cement announced that the latest strikes caused shortage in clinker production by around 82,000t and cement by 97,000t which will be reflected in profits margins by about EGP22m (US$3.6m). (Source: News Bites Pty Ltd) |
New contract for FLSmidth in Egypt30 July 2012, Published under Cement NewsFLSmidth has been awarded a contract by National Cement Company of Egypt for operation and maintenance of two of their production lines located in Cairo, Egypt. The parties have agreed not to disclose the value of the contract which covers a period of seven years. The contract which is the largest operation and maintenance contract awarded to FLSmidth up until now includes supply of spare parts and consumables, development of a full operation and maintenance organisation, knowledge transfe... |
Cementir expects a better second half from Turkey26 July 2012, Published under Cement NewsCementir's first half turnover improved by 2.6% to €462.5m, with improvements in the Nordic area, the Far East and Egypt, being partially offset by weaker numbers in Italy and in Turkey. EBITDA improved by 17.5% to €55.9m and a depreciation and impairment charge just 1.8% higher at €42.8m, the trading profit jumped 136.1% to €13.2m. In spite of a 14.9% increase in the net interest charge to €9.2m and helped by an 83.8% increase in the income from associates to €0.9m, a pre-tax profit of... |
Misr Beni Suef two week gas stoppage to plant, Egypt11 July 2012, Published under Cement NewsMisr Beni Suef Cement announced that gas supplies to its plant stopped for 15 days during the period from 16 June 2012 to 30 June 2012. The company added in a release sent to the Egyptian Stock Exchanged that, despite the stoppage, cement production was not affected because it had enough clinker stock to meet market requirements during the period. |