Cement News tagged under: Egypt
Egypt cement prices rise02 November 2012, Published under Cement NewsEgypt’s cement market has witnessed an increase of EGP50/t (US$8) resulting in complaints from wholesalers. “Since before the Eid holiday, cement producers have been pressing to increase price per tonne,” cement wholesaler, Khairy El-Batrawy said. Cement wholesalers reported that they received messages from cement producers on Monday, notifying them about the increase. El-Batrawy said that cement producers are using the shortage of natural gas as an excuse to increase prices. Natural g... |
Exports to Libya increase value of Egyptian exports16 October 2012, Published under Cement NewsA rise in exports to Libya have driven an increase in the value of Egyptian exports in September 2012 on annual basis for the first time in six months. According to the latest release from the Industry and Commerce on Monday said the increase in the value of construction materials from EGP2.8bn in September 2011 to EGP4.8bn in September 2012 drove the spike. The total value of all Egyptian exports reached EGP11.7bn (US$1.9bn) in September 2012 versus EGP10.17bn in the same month last ... |
Govt to appeal court order Assiut Cement renationalisation, Egypt19 September 2012, Published under Cement NewsThe Egyptian government plans to file an appeal against a Thursday court ruling renationalising Assiut Cement, Industry and Foreign Trade Minister Hatem Saleh told Ahram Online on Tuesday. Since its privatisation in 1999, Assiut Cement has been 95.8 per cent owned by Cemex. On the sidelines of Tuesday's Egyptian National Competitiveness Conference, Saleh said the government would grant seven new licenses for Egypt-based cement companies once ongoing energy shortfalls were resolved. (... |
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) |