Cement News tagged: Corporate
St Marys Cement modernises kiln
Votorantim-owned St Marys Cement is proposing a US$130m kiln modernisation project at its Charlevoix, Michigan, USA, plant. The project will lead to lower emissions, improved efficiency and increased production. The expansion will see capacity increase from 1.4Mta to 2Mta. At present the cement producer is working through the permitting process, but it expects the upgraded pyroprocessing se...
Ethiopia: Habesha’s new plant project shows steady progress
PPC recently announced that construction at the 1.4Mta works of Habesha Cement, Ethiopia, is well underway with overall project progress estimated at around 52 per cent. Civil construction at the plant, which will serve the Addis Ababa market, is 45 per cent complete and mechanical erection has started. Some 90 per cent of equipment has been manufactured to date and 70 per cent of this has ...
Cementos Cosmos celebrates three accident-free years
Spain’s Cementos Cosmos is celebrating three years without accidents among its workers. The Córdoba works has implemented several preventative measures over this period and its parent company, Votorantim Cimentos, has invested more than EUR1m in equipment and training to improve the company’s health and safety record. Occupational safety and health are a priority for the group, which has im...
Italcementi sells Italgen and BravoSolution to parent
In connection with the agreement between its parent Italmobiliare and HeidelbergCement announced by Italmobiliare on 28 July 2015, the Italcementi Board of Directors today approved the sale to Italmobiliare of a number of non-core assets.These include Italcementi's current equity investments in renewable energy (Italgen) and in e-procurement (BravoSolution), as well as a property located in ce...
Thailand’s SCG to invest US$200m in Cambodia building materials sector
Siam Cement Group (SCG) will invest US$200m to expand its operations in Cambodia between 2016-20. The company will focus on the cement and building materials sectors, which have strong potential to grow amid the Cambodian government's policy of ramping up infrastructure projects, said Kan Trakukhoon, president and CEO of SCG. "SCG sees Cambodia as one of the more interesting Asean members,...
UltraTech appoints K K Maheshwari as MD
UltraTech Cement appoints K K Maheshwari as Managing Director and Additional Director for a period of four with effect from 1 April 2016. Mr Maheshwari is a chartered accountant with over 38 years of experience. He will succeed O P Puranmalka who will step down as MD on 31 March 2016.
Limak plans EUR1bn Africa spending spree
Turkey's Limak Cement is currently in talks to acquire African cement operations to the value of EUR1bn, according to senior executive quoted by Reuters. While there was no certainty that the deal would go ahead, the Turkish cement producer has reportedly signed a confidentiality agreement relating to the acquisition from an international cement company. "A global cement firm is considering ...
Ssangyong Cement creditors reject Taiheiyo offer
The administration responsible for selling South Korea's Ssangyong Cement is likely to reject an offer made by Japan’s Taiheiyo Cement Corp, Ssangyong’s second-largest shareholder, to acquire all its shares. It was based on the judgment that the Japanese cement maker's offer was intended to obstruct the sale. "The offer by Taiheiyo to take over all the Ssangyong Cement stake is equivalent ...
Vietnam: La Hien hits 2015 target
Vietnam’s La Hien Cement Joint Stock Co has reached its 2015 production and sales targets. By 14 December, the company had produced and sold 652,148t of cement, surpassing the 0.65Mt target. By the end of the year, sales are forecast to be around 0.68Mt, generating a revenue of over VND570bn (US$26.6m). Net profit is expected to be around VND32.6bn, or VND5.6bn over the annual target.
UltraTech Cement 2Q net profit up
UltraTech Cement Ltd has reported that net profit after taxes and minority interest for the second quarter ended 30 September 2015 was INR4.27bn (US$64m), or INR15.55 per diluted share, compared to INR4.14bn, or INR15.09 per diluted share, for the same quarter ended 30September 2014. Total income from operations for the second quarter was INR60.13bn, compared to INR57.7 bn for the same quar...
Votorantim's Cubatão plant affected by steel closure
Following the closure of the Usiminas steel works in São Paulo, Votorantim Cimentos' Cubatão cement plant will no longer be supplied with steel slag from the Brazilian steel producer. As a result, the cement works will function as distribution centre for bagged cement, maintaining the distribution for the regional market. The reason for this change is the current Brazilian macroeconomic sc...
India: government prepares CCI revival scheme
The government of India has prepared a revival scheme for the Cement Corporation of India (CCI). Approved by the government and ordered by the Board for Industrial and Financial Reconstruction (BIFR), the scheme envisages the expansion/modernisation of three operating units as well as the closure and sale of seven non-operating units. Of the seven non-operating units, six have been closed sinc...
Saudi: Al Jouf Cement signs financing agreement with Alinma Bank
Al Jouf Cement has signed a Murabaha financing agreement with Alinma Bank at a total value of SAR350m. The financing period extends from 15 December 2015 until 14 December 2022, with a grace period of two years, the cement producer said in a bourse statement. The facility, secured against a promissory note, is aimed at rolling over the company's outstanding loans and financing some of the cu...
Government investigates excessive capacity in northeast China
China's Vice Minister of Industry and Information Technology, Xin Guobin, recently led a delegation to investigate excessive cement capacity in northeast China. Xin urged local governments, industry associations and key enterprises to work together, further reduce excessive capacity, and try to reverse losses in the cement industry in the region. Cement companies with a presence in the nort...
Vice chairman of Vassiliko Cement resigns
The executive vice chairman of Vassiliko Cement Works (VCW), Maurizio Caneppele, resigned last week, according to an official announcement. He was appointed executive vice chairman of the board of Vassiliko Cement Works on June 2013. The announcement did not mention the reasons behind Mr Caneppele’s resignation or any other details. (Source: In-Cyprus)
Moody's places Votorantim Cimentos' Baa3 ratings under review for downgrade
Moody's Investors Service has placed Votorantim Cimentos SA's Baa3 senior unsecured rated debt and issuer rating under review for downgrade. The rating action follows Moody's rating action on 9 December 2015 that placed Brazil's Baa3 government bond rating under review for downgrade. The review will focus on the result of Brazil's government bond rating review process and on Votorantim Ci...