Cement News tagged under: Mexico

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Cemex cancels El Musel project due to COVID-19

30 June 2020, Published under Cement News

Cemex is cancelling its terminal project that would see the company import 150,000tpa of cement via the Ingeniero Olano dock in El Musel, Gijón, Spain. In February 2019 Cemex applied for a concession at the Olano quay to unload cement to build two storage silos and a bagging plant, representing an investment of approximately EUR5m. Forecasts at the time expected 50,000t of cement to be imported in the first year to 150,000t from the sixth year. The concession was granted after 10 months. ...

Cemex's climate strategy still on track

26 June 2020, Published under Cement News

Cemex has announced that it will be continuing to move ahead with its climate action strategy, as part of its response to the COVID-19 pandemic. In February the company announced it had set a target for a 35 per cent reduction of its net specific CO 2 emissions per tonne of cement compared with its 1990 baseline. "Climate change is one of the biggest challenges of our time, and we believe that we can continue to address it as a fundamental component of our efforts to recover from the COVI...

Elementia appoints new CEO

24 June 2020, Published under Cement News

Mexico’s Elementia has appointed Jaime Rocha Font as its new CEO, with effect from 2 September 2020. Mr Rocha Font will take over the position from Fernando Ruiz Jacques, who has held the role since February 2015. Mr Rocha Font is the current head of Elementia’s cement division and thereby serves as the CEO of Cementos Fortaleza. Alongside this, he has been the president of the country’s National Cement Chamber since 2019. "I appreciate the work and dedication that Fernando Ruiz carrie...

Cemex announces plans for US$1bn bond issue

03 June 2020, Published under Cement News

Cemex has announced plans to issue US$1bn worth of bonds, with a 7.375 per cent coupon and a maturity date of June 2027. The issue is expected to be used to support ongoing business activities, including debt repayment. The bonds will be issued with an option to repurchase them four years prior to maturing and the offering period will close on 5 June.  Elsewhere, Mexico's energy regulator approved new rates that electricity providers must pay the national power utility for transmission...

Cemex amends consolidated financial leverage limits

26 May 2020, Published under Cement News

As part of a strategy to respond to the effects of the coronavirus pandemic, Cemex has amended its main banking contract to modify the limits of its consolidated financial leverage. Its leverage limit will increase to 6.75x by June 2020 and to 7.00x from September 2020 to March 2021, before decreasing again at a later date. "At the end of the first quarter of 2020, Cemex reported a consolidated financial leverage ratio of 4.40x," said the company.

Cemex announces organisational changes

22 May 2020, Published under Cement News

Cemex has made several immediate appointment changes and changes at senior positions in the company. Jose Antonio Gonzalez, Cemex's current executive vice president of finance and administration, has been appointed executive vice president of strategic planning and business development.  Maher Al-Haffar, current vice president of investor relations, corporate communications and public affairs, has been appointed executive vice president of finance and administration. Maurice Boehner, cur...

GCC sees 11% rise in consolidated net sales for 1Q20

30 April 2020, Published under Cement News

Mexico’s Grupo de Cemento de Chihuahua (GCC) has announced an 11 per cent increase in consolidated net sales to US$181.4m for the first quarter of 2020. EBITDA also advanced 18.4 per cent YoY to US$45.3m from US$38.3m, with the EBITDA margin rising to 25 per cent from 23.4 per cent. "Both our divisions delivered strong results in the first quarter of the year, as the economic impacts of the pandemic weren't fully realised until late in the quarter. All of our operations are running at a st...

Digital bricks and mortar

28 April 2020, Published under Cement News

Digital transformation has been a key area of value creation for Mexican building materials major Cemex. Its trailblazing digital solutions include a customer-centric suite of services, the transformation of its truck fleet management and investing in innovative start-ups to foster the construction revolution. By German Carmona, NEORIS, Mexico. Cemex has positioned itself at the forefront of the digital transformation in the building materials sector To obtain and secure a compe...

First sustainable credit to the Mexican cement industry agreed

27 April 2020, Published under Cement News

BBVA Mexico has formalised a sustainable credit for MXN2.2bn (US$88.7m) over a five-year term to Cooperativa La Cruz Azul. According to the bank, it is the first sustainable credit in the Mexican cement industry and also the first of this year. The producer is expected to use the funds to modernise its production plants in Hidalgo and Oaxaca to reduce energy and water consumption, thereby making its production more efficient and reinforcing its commitment to the environment. The credit...

CMIC president warns that workers may soon lose salary

17 April 2020, Published under Cement News

The national president of the Mexican Chamber of the Construction Industry (CMIC), Eduardo Ramírez Leal, has warned that the minimal operation of smaller construction companies will result in around 500,000 workers in the sector losing income at the end of April. "In the next 15 days, it's when a lot of workers are no longer going to be getting paid because their employers won't have to pay them," said Mr Leal. The chamber represents 12,000 construction companies across the country. "I...