Cement News tagged under: Korea

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KFTC fines 26 manufacturers for cartelisation

16 April 2018, Published under Cement News

The Korea Fair Trade Commission (KFTC) has announced that it levied KRW15.37bn (US$14.64m) of fines on 26 cement manufacturers for cartelisation activities, according to Korea JoongAng Daily. The KFTC stated that the manufacturers had colluded to set the prices of ready-mix concrete provided to smaller construction firms between 2009-16. As a result, the prices of the construction material have been on the rise, according to the watchdog. The KFTC has referred the 26 companies to state p...

South Korea: Hyundai Cement up for sale

20 July 2016, Published under Cement News

Hyundai Cement Co. is expected to put up for sale this year. Despite only having a small market share in South Korea, the upcoming sale is expected to bring about change in the local cement market that is fiercely competitive. Currently, South Korea’s cement market is dominated by seven major companies who hold a 90 per cent market share. Of these, Hyundai Cement ranks seventh, holding 7.38 per cent of the market share, but despite its lower position its sale will likely be a game changer...

Loesche wins VRM slag grinding order

25 February 2016, Published under Cement News

Yoo Gyeong CM Co of Korea has awarded a contract to Loesche for the grinding of granulated blast furnace slag at its brownfield KyungNam terminal. At the core of the order is a Loesche LM 41.2+2 CS mill with a capacity of 90tph at 4500Blaine. The gearbox of this mill has a power output of 2800kW. The scope of supply also includes the filter, fan and  hot gas generator. All of the equipment is to be delivered in 6-9 months, with the Loesche mill scheduled to be put into operation in Octobe...

Hahn & Company to buy Ssangyong Cement

30 December 2015, Published under Cement News

Hahn & Co, Korea’s leading private equity group, has been selected as the preferred bidder for a 46.14 per cent stake in Ssangyong Cement. Hahn & Company already owns part of the company's stake so its actual target will be 36.8 percent. Ssangyong Cement was put on sale in October 2015. Hahn & Company and Hanil Cement were the strongest contenders, but the private equity fund was known to outbid the competition in the final round. The market value for the stake plus management rights is est...

Korean cement hit by USD19m losses as rail strike ends

31 December 2013, Published under Cement News

The Korean railroad workers union called an end to its 22 day strike on December 30, leaving the domestic cement industry to count its losses. The cement industry relies on railway transportation for more than 30% of its transportation needs. The cement companies estimate that their combined loss for the 22 days of strike would be KRW20bn (USD19m), according to a report in the Korea Economic Daily. This was far worse than the strike in 2009 which lasted just eight days. The Korea Cement As...

Texas Industries asks Commerce to probe Greece, Republic of Korea imports

28 August 2012, Published under Cement News

Texas Industries, through its subsidiary TXI Operations, submitted a letter on 24 August 2012 to the Department of Commerce and the Interagency Trade Enforcement Center, asking that Commerce self-initiate anti-dumping and countervailing duty investigations of "unfairly priced" Portland cement from Greece and the Republic of Korea into the Texas region, USA. TXI believes that imports from Greece and Korea are being sold at less than fair value (ie, dumped) and benefit from government subsid...