Cement News tagged under: egypt
Cement makers hit by infrastructure slump in emerging markets20 August 2013, Published under Cement NewsCement producers have been sliding on the financial stock exchanges as emerging market bonds and equities tumble, according to the Financial Times. Many of the region’s building materials groups have invested heavily in the emerging markets and fears that falling foreign investment will negatively impact state spending on large projects has underpinned stock market losses. Swiss major Holcim last week warned that slowing infrastructure spending in India – its biggest market – would dampen p... |
Suez Cement six-month net profit ahead, Egypt12 August 2013, Published under Cement NewsSuez Cement has reported a 34 per cent increase in first-half net profit thanks to cost reduction and efficiency improvement efforts. In the second quarter of 2013, net sales of Suez Cement Group of Companies reached EGP1302m (US$, up 11 per cent YoY while recurring EBITDA rose 18 per cent YoY to EGP315m. Net profit increased to EGP168m. Grey cement sales were down by four per cent to “close to 26Mt”, the company said. The industry suffered from continuing energy shortages and steep en... |
Italcementi subsidiary signs wind farm agreement, Egypt24 June 2013, Published under Cement NewsThe Egyptian Electricity Transmission Company signed a contract with Italgen, a subsidiary of Italcementi Group, to build a wind farm to help meet Suez Cement's energy requirements. The contract authorises Italgen, which has been studying the possibility of incorporating wind technology since 2008, to become the first private investor to enter the Egyptian National Grid, and build a wind energy park in the area of Gulf El-Zeit, according to a statement issued on Sunday. Electrical energy g... |
Egypt's cement production drops 20% because of gas shortages11 June 2013, Published under Cement NewsA shortage of natural gas in Egypt and subsequent constraints in electricity supply over the last four months has forced the country's cement industry to reduce production by 20 per cent. Peaking electricity use in the summer months is expected to aggravate the decline. An even steeper drop in production capacity of 25 per cent was incurred by Arabian Cement Company (ACC)'s Suez plant after the operator was struggled to come to terms with unforeseen gas and power shortages. The cement comp... |
Cemex plans US$100m Egyptian investment04 June 2013, Published under Cement NewsCemex announced today that it expects to invest approximately US$100m (approximately EGP700m) to significantly improve its operations in Egypt and continue supporting the country’s housing, commercial and infrastructure development. Yehia Hamed (left), Egyptian Minister of Investment and Sergio Menendez, President of Cemex Egypt The planned investments were discussed in a meeting between Sergio Menendez, President of Cemex in Egypt, and Yehia Hamed, Egyptian Minister of Inves... |
ACC ready to make the switch from gas, Egypt31 May 2013, Published under Cement NewsArabian Cement Company (ACC) has taken all the steps needed to make the switch from gas to coal and refuse derived fuel, according to the company's chief. Jose Maria Magrina, CEO of Egypt-based ACC, told local press: "ACC is ready to substitute 100 per cent of the amounts of gas required to operate its plant and has applied for the necessary government permits to do so on 14 March 2013. However until now no answer has been received from the government, even though this is something that w... |
ASEC Minya launches clinker production at 2Mta plant, Egypt30 May 2013, Published under Cement NewsCitadel Capital announced that ASEC Minya (formerly the Arab National Cement Company), a key subsidiary of portfolio company ASEC Cement, has started the production of clinker at its 2Mta cement plant in Minya. Cement production is expected to commence within one month. Located 200km south of Cairo and 50km north of the city of Minya, ASEC Minya is the second greenfield cement plant to be launched by ASEC Cement in five years. The first was Takamol Cement in Sudan, a 1.6Mta plant that bega... |
Titan recovers in the USA15 May 2013, Published under Cement NewsTitan's first-quarter turnover showed a 7.8 per cent improvement to €243m while the EBITDA fell by 29.4 per cent, in line with the 29.3 per cent reduction seen this time last year, to €24.3m. The pre-tax loss rose by 33.5 per cent to €23.5m and the net attributable loss rose by 39.7 per cent to €27.1m. Net debt at the end of March, however, declined by 20.1 per cent to €630m, giving a gearing level of 41.6 per cent, compared with 48.6 per cent a year earlier. Group cement shipments ro... |
Lafarge sales down on 1Q weather effect, confirms 2013 goals07 May 2013, Published under Cement NewsLafarge reported a six per cent decline in sales in the three months to the end of March as it was impacted by harsh winter weather conditions and production issues in Algeria and Egypt. However, the group said its performance and innovations targets remain on track and the company is on course to achieve its net reduction goal of less than EUR10bn this year. First-quarter volumes were notably affected by a particularly long winter in Europe and North America, together with a high 2012 co... |
OCI to settle tax dispute with Lafarge02 May 2013, Published under Cement NewsOCI has agreed to pay about EGP7bn (US$1bn) over five years to settle a tax dispute on the sale of its cement unit to Lafarge back in 2007, Bloomberg has reported. The payments will start in May this year and end in 2017, OCI said. The Egyptian Tax Authority determined that "there was no tax evasion by the company and is exonerating management and the company from any wrongdoing related to the transaction," the company said. |