Cement News tagged under: West China Cement

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Italcementi: June '12

06 July 2012, Published under Cement News

A reduction in the use of clinker, which has fallen back to a level last seen in the early 1970s, has led Italcementi to eliminate three of its Italian cement works. The Pontassieve works near Florence is being sold to Colacem, the third largest Italian cement producer, as this works is very much on the periphery of Italcementi's areas of operation. Furthermore, two other integrated Italcementi cement works are to be closed permanently during the third quarter of this year. The sale of I...

West China Cement profit warning

15 June 2012, Published under Cement News

West China Cement (WCC) warned that its net profit in the first half of this year is expected to plunge more than 50% on-year due to a drop in cement price. This follows a warning from industry peer, Anhui Conch Cement who last week also issued 1H profit warnings. DBS Vickers expects WCC's earnings are bottoming out as cement prices are recovering. It keeps the stock at Buy with a target price of HK$2.27 but says WCC's shares have rallied 35% year-to-date, significantly outperforming peers ...

West China acquisition of Fuping Cement positive – Moody’s

10 May 2012, Published under Cement News

Moody's commented that West China Cement's (WCC) acquisition of Fuping Cement is credit positive for WCC (Ba3, negative). Fuping Cement owns a 2Mt cement production plant in Zhuangli town in Shaanxiand a 35% interest in Shifeng Cement which has a 2Mt plant in Caocun town, also in Shaanxi. WCC is also still completing the acquisition of a 65% interest in ShifengCement, which began in March 2012. Moody's said the issuance of HK$620m worth of new shares to acquire capacity will enhance its...

Italcementi to become strategic partner of West China Cement

04 May 2012, Published under Cement News

Italian cement maker Italcementi said it has agreed to acquire a stake in West China Cement (WCC) as the group moves to strengthen its position in the world's largest building materials market. In a statement Italcementi said that when the deal is complete it will own a stake of around 6.25% in WCC to become the company's third-largest shareholder. Under the agreement Italcementi will sell to WCC Shaanxi Fuping Cement Company, which also owns 35% of Shifeng Cement, against the subscript...

Fitch Ratings downgrades West China Cement

23 March 2012, Published under Cement News

Fitch Ratings has downgraded West China Cement's (WCC) Long-Term Foreign Currency Issuer Default Rating (IDR) and Senior Unsecured debt rating to 'BB-' from 'BB'. The Outlook on the IDR is Stable. The rating action is driven by Fitch's view that the deterioration in WCC's gross profits and the increase in its financial leverage in H211 will persist through 2012. WCC's gross profit dropped to CNY76/t n in 2011 from CNY120/t in 2010, due to the weak average selling prices (ASP) in WCC's c...

West China net profit down, acquisition announced

20 March 2012, Published under Cement News

West China Cement said its net profit for the year ended 31 December 2011 declined by 28.43 per cent YoY to CNY662m (US104.7m). Meanwhile, basic earnings per share were about CNY0.16. Meanwhile, the Hong Kong-listed cement producer said its wholly-owned subsidiary has inked an agreement to buy a 55 per cent stake in Shaanxi Province-based cement company Shaanxi Shifeng Cement for CNY402m. According to the agreement, West China Cement has been granted an option to acquire another 10 per c...

West China Cement buys stake in Shifeng Cement

16 March 2012, Published under Cement News

West China Cement has agreed to acquire a 55% interest in Shaanxi Shifeng Cement at CNY401.5m. The company has been granted an option to acquire a 10 per cent interest in Shifeng Cement for CNY73m. Shifeng Cement operates a 4500tpd clinker line with an annual capacity of 2Mta.