Cement News tagged under: Mexico

RSS feed

Moctezuma to double Apazapan capacity

20 May 2014, Published under Cement News

Cementos Moctezuma announced investments of US$200m to double capacity of its Apazapan works in Veracruz, Mexico. The Apazapan plant came on-stream at the end of 2010 with a capacity of 1.3Mta. The expansion programme will see Mexico’s fourth-largest producer increase capacity at the plant by the same amount. Moctezuma, owned by Buzzi Unicem and Cementos Molins, operates three plants in total with combined capacity of 6.3Mta capacity.

Cemex increases first-quarter volumes

01 May 2014, Published under Cement News

Cemex' first-quarter turnover increased by 8.2 per cent to US$3590.7m, while the EBITDA improved by 2.7 per cent to US$535m. The trading profit rose by 11.7 per cent to US$267.7m. The net interest charge increased by 10.4 per cent to US$406.9m, to give a pre-tax loss 11.3 per cent higher at US$167.9m. The effective net debt was 0.9 per cent higher at US$16,325m, of which 88 per cent was in US dollar, 10 per cent in euro and two per cent in Mexican peso, with 66 per cent of the debt being ...

Fitch: Spanish tax ruling negative for Cemex

28 April 2014, Published under Cement News

The recent ruling by Spanish tax authorities to fine Cemex Espana EUR455m will slow the recovery of Cemex’s credit profile but will not result in a negative rating action to the 'B+' rating of Cemex or the 'BB-' of the company's bonds, according to Fitch Ratings. Cemex has announced it plans to appeal this fine, which was levied for alleged underpayment of taxes between 2006 and 2009. Cemex will not have to make payments, in whole or in part, during the appeal process. The timing of the res...

Cemex completes financing for wind farm project

11 April 2014, Published under Cement News

Cemex has successfully completed the financing of Ventika, a project comprising the construction of two 126MW wind farms each, for a total nominal capacity of 252MW, to be located in General Bravo, Nuevo Leon, Mexico. The investment for the project is approximately US$650m, of which 75 per cent corresponds to debt and 25 per cent to equity. The debt financiers are the North American Development Bank, Banobras, Nafin, Bancomext and Santander. The equity partners are Fisterra Energy, a compa...

Buzzi Unicem hit by weak Italian market

28 March 2014, Published under Cement News

On a turnover 2.1 per cent lower at EUR2753.1m, Buzzi Unicem's EBITDA improved by 5.7 per cent to EUR481.2m. After writing down the assets in Italy and Ukraine by EUR57.7m and EUR39.9m, respectively, the trading profit (EBIT) showed a 24 per cent reduction to EUR149.8m. After a net interest charge 12.4 per cent lower at EUR110.5m, the pre-tax profit declined by 35.4 per cent to EUR50.3m. Because of a mismatch between where profits and losses were generated and tax payments, at the consoli...

Mexico and Argentina impact 2013 Molins results

03 March 2014, Published under Cement News

The market contraction in Mexico and a devaluation of the Argentine peso impacted the annual results of Cementos Molins. The Spanish company saw profit fall by 77 per cent to EUR10.1m although this is not comparable with the EUR20m of the previous year as the cement producer sold its stake in Cementos Artigas of Uruguay. Consolidated turnover noted a 9.4 per cent drop to EUR832m. Foreign companies accounted for 80 per cent of Cementos Molins consolidated profits. The Mexican and Argenti...

Cemex confident on medium-term goals

14 February 2014, Published under Cement News

Cemex remains confident that it is on track to meet its medium-term EBITDA goal as it continues to capture the full potential from its existing portfolio to improve profitability and return to investment-grade status, the company said during its annual investor gathering. Speaking on the company’s strategy and outlook during Cemex Day 2014 held yesterday, Juan Pablo San Agustin, executive VP of strategic planning and new business development, reiterated the company's intention of achieving...

Cemex in tyre agreement with General Motors

12 February 2014, Published under Cement News

Cemex has reached an agreement with General Motors (GM) of Mexico to use non-recyclable waste from the carmaker’s manufacturing plant in San Luis Potosí in its kilns. In exchange for the waste, Cemex will power GM’s thermoelectric generating plant. The step will allow both companies “to decrease consumption of non-renewable resources,” according to GM. It will also avoid the need to ship waste abroad.

Cemex falls back in Mexico but advances in the USA

07 February 2014, Published under Cement News

Cemex' turnover improved by 1.6 per cent in 2013 to US$15,226.5m and EBITDA emerged 0.7 per cent ahead at US$2643m, while the trading profit advanced by 17.4 per cent to US$1517.8m. The net interest charge rose yet again and was up by 11.1 per cent to US$1551.5m while the pre-tax loss was reduced by 34.3 per cent to US$264.6m, and the net attributable came down by 7.6 per cent to US$843.1m. Net debt, including perpetual notes, increased by four per cent during the year to US$16,306m. Shareh...

Fitch Ratings raises GCC outlook

27 January 2014, Published under Cement News

Fitch Ratings has revised its outlook for Grupo Cementos de Chihuahua (GCC) from 'Stable' to 'Positive.' The upward revision reflects Fitch's view that GCC's operations could gain momentum resulting from US construction spending expanding in 2014 driven by continued strength in residential construction, and to a lesser extent in modest recovery in commercial and public construction spending. The outlook also incorporates an expectation of higher public spending in Mexico in 2014. In Fitch...