Cement News tagged under: Weekly Newsletter
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... |
Cemex enters new US$1.35bn credit agreement01 October 2014, Published under Cement NewsCemex SAB de CV announced it entered a new credit agreement for US$1.35bn with nine of the main lending banks from its Facilities Agreement of 17 September 2012. The new agreement’s main terms include an average four-year term with equal semi-annual payments of principal of 20 per cent each, with a three-year grace period and September 2019 as the last payment date. In addition, there will be a spread over LIBOR of 250-375 basis points, depending on the level of leverage of the company, an... |
Taiwan Cement further hikes price in China30 September 2014, Published under Cement NewsTaiwan Cement announced a further rise in cement prices in China’s Guandong province due to the increasing demand in the domestic market. The price hike follows an earlier increase in August . The company hiked prices in the country’s key market by CNY20 (US$3.26)/t. High-grade cement now costs CNY340/t, up from CNY320/t. Taiwan Cement said demand in the Pearl River Delta area expanded considerably in late September as inventories fell due to construction projects ahead of the 1 Octo... |
UK: Votorantim interest in Tarmac29 September 2014, Published under Cement NewsVotorantim is understood to be planning a bid for a package of businesses being offloaded by Holcim and Lafarge, in an effort to seal a GBP32bn mega-merger that would include Tarmac, one of Britain’s largest companies. It is not known whether the Sâo Paulo-based company wants to buy all the assets being sold or cherry-pick parts in different countries. The disposals are expected to attract offers from other big players, including Ireland’s CRH and HeidelbergCement. The sell-off, valued at... |