Cement News tagged under: Weekly Newsletter
Mitsubishi plans CA terminal expansion, USA09 October 2014, Published under Cement NewsMitsubishi Cement is seeking to expand the footprint of its import terminal at the Port of Long Beach, California, for the more efficient handling of operations. Port officials this week released a draft report reviewing the potential environmental impacts of a project being proposed by Mitsubishi Cement. A hearing for the draft EIR is set to place take on 22 October 2014. Mitsubishi Cement wants to reconfigure a cement import facility, adding storage for 40,000t of products, new ship unlo... |
SA watchdog puts condition on merger approval09 October 2014, Published under Cement NewsThe Competition Commission of South Africa has consented to the merger of Holcim and Lafarge SA on condition that Holcim divests of the shareholding in Afrisam within three years of the approved merger. The watchdog said on its website that it had approved the intermediate merger on 1 October 2014, Holcim exited the South African market a few years ago, except for a stake it held in Afrisam. Until the transaction, it was only Lafarge that operated in South Africa. "The commission f... |
TCL downgraded by Fitch Ratings09 October 2014, Published under Cement NewsTrinidad Cement Ltd (TCL) has been downgraded by Fitch Ratings, just days after Standard & Poor’s (S&P) also lowered its corporate credit rating on the Caribbean-based producer. Fitch’s primary analyst Phillip Wrenn said in a statement that cement company’s foreign and local currency issuer default ratings (IDRs) had dropped to ‘D’ from ‘B-’. “This downgrade to ‘D’ follows the announcement by TCL’s Board of Directors on 29 September 2014 of a ‘standstill’ on all payments due under exis... |
PCA: economic indicators trend upward08 October 2014, Published under Cement NewsStrong US second-quarter GDP figures, which have been revised upward, further realign economic growth with many indicators that suggest continued, steady improvement, recent PCA commentary states. Overall, strong job growth and easing of lending standards suggest further acceleration, according to the association. However, construction recovery has been slowed according to the level and degree of the obstacles in specific states and regions, it states. The state rankings are based on econom... |
Cementos Argos board approves bond issue07 October 2014, Published under Cement NewsThe board of Cementos Argos has authorised a bond issue of up to COP1trn (US$493m), proceeds from which will be used for working capital and debt payments, the company said in a statement. Cementos Argos, Colombia’s largest cement producer, will have three years to issue the paper, although typically bonds are released within a few months of the board's approval. The company, a subsidiary of Grupo Argos, raised 1 trillion pesos with two bond issues during 2012. "The resources from th... |
S&P's downgrades Trinidad Cement Ltd06 October 2014, Published under Cement NewsStandard & Poor's Ratings Services lowered its corporate credit rating on Trinidad Cement Ltd Group (TCL) to 'D' from 'B'. The downgrade reflects TCL's missed debt service payments due 30 September 2014. Such maturities are not subject to a grace period and we do not expect payment within five business days, which Standard & Poor's considers an event of default as per its criteria. In addition, the downgrade reflects TCL's 29 September 2014, notice to stakeholders, in which the company... |
Turkey: CRH and Eren Holdings plan sale of JV03 October 2014, Published under Cement NewsCRH and its Turkish partner Eren Holdings have applied to Turkey's competition regulator to sell their joint venture, Denizli Cimento, to army pension fund OYAK Group, according to a statement on the watchdog's website. Irish building materials major CRH and Istanbul-based Eren each hold a 50 per cent stake in Denizli. No price was given for the disposal. CRH has embarked on a disposal plan under new chief executive Albert Manifold and plans to sell at least 10 per cent of its net as... |
US Jan-July shipments up 8% YoY02 October 2014, Published under Cement NewsTotal shipments of Portland and blended cement in the US and Puerto Rico in July 2014 were 9Mt, up by about 11 per cent in July 2013, latest data from the US Geological Survey (USGS) shows. Shipments for the year through July were 48.5Mt, up by about eight per cent from the same period of 2013. The leading Portland cement-producing states in July were Missouri, Texas, California. Michigan and Florida in descending order, accounting for 43 per cent of the total output. The leading consumin... |
TCL places hold on all debt payments02 October 2014, Published under Cement NewsFollowing a financial assessment of Trinidad Cement Ltd (TCL) by PricewaterhouseCoopers (PwC), the Caribbean-based cement producer has decided to place a hold on all payments due under the existing restructured loan agreements and has proposed a “standstill.” The decision to propose a standstill came after TCL met with its lenders on Monday to update them on the present state of the company. “Subsequent to the meeting, the board of directors took a decision to place a hold on all paym... |
Colombian cement demand up 17% in August01 October 2014, Published under Cement NewsColombia’s cement consumption saw a 17.2 per cent rise to 1.020Mt in August 2014 when compared with the same month of 2013, according to the national statistic office, Dane. Major growth was noted in Nariño (+84 per cent), Boyacá (+54.2 per cent), Magdalena (+46.2 per cent) and Huila (+37.6 per cent) although Cundinamarca and Antioquia also recorded substantial growth of 27.5 and 22.7 per cent, respectively. In the year to date, cement demand rose 11.5 per cent YoY to 7.77Mta with Norte d... |