Cement News tagged under: South Korea
South Korea: Investors in Tong Yang Cement fear capital cut22 November 2013, Published under Cement NewsTong Yang Cement, which is currently under a court receivership, may slash its capital on a large scale to offset losses in prior years, according to a Reuters report. It is rumoured that the troubled cement producer will soon determine whether capital reduction will be executed and how much capital will be erased. Tong Yang Inc, a holding company of Tong Yang conglomerate, sold debt worth KRW157bn (US$147m) during July-September via a special-purpose company using Tong Yang Cement's ass... |
Tongyang Cement goes into court receivership03 October 2013, Published under Cement NewsTongyang Cement has become the fifth victim of the group-wide financial agony. On 1 October the cement unit of Tongyang Group said in a regulatory filing that it applied for court receivership with the Chuncheon (Gangwon Province) District Court. Earlier on the same day, another group company specialising in IT services, Tongyang Networks, had asked for court receivership. As a result, following similar steps by Tongyang Corporation, Tongyang Leisure and Tongyang International, the total n... |
Tong Yang sells waste heat recovery plant, South Korea04 September 2013, Published under Cement NewsSouth Korea-based cement producer Tong Yang Cement Corporation has sold a waste heat recovery plant to Samcheok Energy, a company invested by a private equity fund run by Macquarie Korea Opportunities Management, Ltd. The acquisition was made for a consideration of KRW40,000m. Tong Yang Cement is one of South Korea's largest cement producer by capacity. Its major plant at Samcheock has seven NSP precalciner kilns and five mills, capable of around 10Mta cement, with another 10 per cent a... |
South Korean cement producers to withdraw price hikes24 April 2013, Published under Cement NewsMajor cement producers in South Korea have withdrawn price rises announced earlier in 2013 and will maintain current prices for a year. Manufacturers such as Tongyang Cement, Hanil Cement and Sungshin have sent official notices to ready-mix concrete companies and construction contractors stating that they would freeze prices for a year, according to reports by the Korea Economic Daily. Since February, cement producers have been planning to initiate a 9-10 per cent price increase due to... |
South Korean cement producers face cartel probe10 April 2013, Published under Cement NewsSeven cement producers in South Korea are being investigated by the country’s Fair Trade Commission for alleged price collusion. According to local press reports, the commission sent its investigators on the 9 April 2013 to the sites of Ssangyong Cement Industrial, Hanil Cement Tongyang Cement, Sungshin Cement, Lafarge Halla, Asia Cement, and Hyundai Cement in order to conduct the probe which is expected to last two days. An industry source told the Korea Economic Daily: “Lately cemen... |
South Korean producers to initiate cement price hike31 January 2013, Published under Cement NewsLeading cement producers in South Korea are set to initiate a cement price increase from next month in an effort to offset rising production costs. Notification has been sent stating that the prices are to rise from Thursday, 7 February and if they stick the average price will go up from the current 73,600/t (US$68) to 81,000/t won (US$74) A Dongyang Cement official said, "Due to the rise in industrial electricity rates last year in two occasions, our kiln operating cost has increased ... |
Lafarge looking to sell South Korean unit12 December 2012, Published under Cement NewsLafarge is seeking to sell its majority stake in South Korean unit Lafarge Halla Cement for KRW700bn (US$650m) and is currently searching for buyers, according to a report by Reuters citing South Korean online media Edaily. The company is said to have chosen US-based Lazard and HSBC’s South Korean unit as managers for the sale. Lafarge operates one integrated cement works and two grinding plants in South Korea with a combined cement capacity of 9.6Mta. In 2011, it had an approximate ma... |
Taiheiyo Cement sales exceed expectations, Japan06 November 2012, Published under Cement NewsJapan’s leading cement producer Taiheiyo Cement is expected to report a 260 per cent YoY rise in consolidated pretax profit for the six months ended 30 September on earthquake rebuilding. A Nikkei report shows states that cement sales have exceeded targets due to reconstruction efforts relating to the Great Japan Earthquake in March 2011, and costs for coal have also been lower than expected. The cement producer had also projected a net loss of JPY3.2bn in part on the disposal of produ... |
South Korea’s exports reach record levels18 January 2012, Published under Cement NewsSouth Korea exported 4.49Mt of cement in 2011, up a marked 62 per cent from 2.7Mt as producers turn to exports as a property slump hurts domestic demand. Including clinker, total exports reached a record 9.97Mt last year compared to 7.53Mt in 2010, data from the Korea Cement Association (KCA) showed. Continued stagnation in the construction sector has led local producers to explore export markets. "Cement makers sought to sell their products even in overseas markets because the local d... |