Cement News tagged: Corporate
CSN confirms acquisition of Elizabeth Cimentos
Brazil’s Companhia Siderúrgica Nacional (CSN), the largest steel company in Brazil and Latin America, has reached an agreement to acquire Elizabeth Cimentos for BRL1.08bn (US$214m). The deal has been made through its subsidiary, CSN Cimentos, and will boost its cement capacity in the northeast of the country by 1.3Mta, bringing it to around 6Mta in total.
Saudi Cement announces new board member
Saudi Cement Co has announced the resignation of board member Mohammad Sulaiman Balghonaim and the appointment of Mansour Mohammed Balghonaim as a member of the board to complete the term of his predecessor for the remainder of the current term, which ends on 31 December 2021. Mr Balghonaim has around 16 years of experience in banking and currently serves as head of Business Development for ...
S&P upgrades credit rating of Buzzi Unicem
The Standard and Poor (S&P) credit rating agency has upgraded the creditworthiness of Buzzi Unicem, as of 30 June 2021. It has now raised its long-term rating from ‘BBB-’ to ‘BBB’. The short-term rating has also been upgraded to ‘A-2’ from ‘A-3’, while its outlook has been classed as stable.
Gujarat Sidhee Cement posts 28% rise in profit
India’s Gujarat Sidhee Cement Ltd has reported a 27.8 per cent YoY rise in consolidated profit to INR207.9m (US$2.79m) in the 4QFY20-21, up from INR162.7m in the year-ago period. Revenue also increased 17.5 per cent YoY to INR1.94bn from INR1.65bn. In the full-year FY21 period, the company’s profit declined 31.9 per cent to INR305.4m from INR448.3m. Revenue also slipped 3.3 per cent YoY to IN...
Votorantim Cimentos set to acquire Cementos Balboa
Votorantim Cimentos, through its Spanish subsidiary Corporación Noroeste, has entered into an agreement for the full acquisition of Cementos Balboa. Cementos Balboa has an integrated plant in Alconera, southwest Spain, with an installed production capacity of 1.6Mta. "This transaction, which I am pleased to announce today, exemplifies our growth and positioning strategy in Spain, strengthen...
Fancesa changes sales policy
Bolivian cement producer Fancesa is changing its sales policy. The company will no longer sell exclusively through its authorised agencies, according to Correo del Sur. At present, almost all of the company’s sales in Sucre, Potosí and Tarija are made through authorised agencies. In Santa Cruz, Fancesa cement is sold through the company, agencies and hardware stores while in La Paz, El Alto...
CRH continues share buyback programme
CRH is continuing its share buyback programme by entering into an arrangement with Societe Generale, which will repurchase ordinary shares on the group’s behalf for a value up to US$300m. The buyback will begin today and is expected to complete by 1 October 2021. The programme is intended to reduce the share capital of CRH.
Mangalam Cement completes capacity upgrade at Morak
India’s Mangalam Cement has completed a trial run of an expansion project at its Morak plant in Rajasthan. As a result, clinker capacity at the plant has been improved by 300,000tpa and cement by 400,000tpa. Following the upgrades to Morak’s Line I, overall capacity of the company now stands at 4.4Mta.
Improving outlook for Indian producer profitability
Recent price hikes undertaken by cement manufacturers in India are expected to aid margin growth in the FY22, according to projections by brokerage house CLSA. Local producers have implemented consecutive price increases in March, April and May, and CLSA believes the sector's profitability outlook has improved, stated a report by Indian business news publication Mint. CLSA expects industry E...
Cemex achieves investment-grade capital structure
Cemex has announced that it is executing its strategic objectives under its Operation Resilience programme faster than previously anticipated, as a result of decisive management decisions combined with solid market performance. The company is confident that it will achieve an investment-grade capital structure of 3x leverage by the end of this month. As a result, it has established a new leve...
Panyam Cement prepares to restart operations
India’s Panyam Cement, based in Andhra Pradesh, has received approval from the National Company Law Tribunal (NCLT) to begin operations once more. The NCLT approved the resolution plan for the defunct company, while its new management (RV Consulting Services Company and Sagar Power Ltd) are set to invest INR1bn (US$13.47m) to clear the loans of the previous management and a further INR1.5bn ...
Fitch rates West China Cement's proposed US$ notes as 'BB'
Fitch Ratings has assigned West China Cement's (WCC) proposed US dollar senior unsecured notes a rating of 'BB'. The proposed notes will be issued by WCC and guaranteed by WCC's existing subsidiaries, other than those organised under the laws of China. WCC plans to use the proceeds of the proposed notes for refinancing and general corporate purposes, including potential investments. Fitch hi...
New Guyana cement plant breaks ground
Guyanese-owned energy company, Vas Energy Inc and its subsidiary, Georgetown Cement Co broke ground on a US$100m state-of-the-art cement plant at La Resource, Essequibo Coast, in Region Two. Chief Executive Officer (CEO) of Go-Invest, Dr Peter Ramsaroop, said Guyana's economy is currently booming and there are countless investment opportunities that are available. According to Dr Ramsaroop,...
Cherat Cement Co receives approval for greenfield plant
Cherat Cement Co Ltd (CHCC) has informed the Pakistan Stock Exchange Ltd (PSX) that the Board of Directors of the company, in its meeting held on 24 June 2021, has approved a greenfield cement plant installation at DI Khan, Khyber Pakhtunkhwa Province in Pakistan. According to Azam Faruque, CHCC Chief Executive, the plant will have an installed production capacity of 11,000tpd of clinker...
Argos reaches 25 years of operation in the Dominican Republic
Argos is celebrating 25 years of operation in the Dominican Republic. "Throughout this time, the company has had the chance to contribute to positively transforming the lives of millions of people by being an ally of its clients in the construction of housing, infrastructure and commerce works, creating quality employment, hiring local labour and executing projects for the benefit of the co...
thyssenkrupp Industrial Solutions India appoints a new CEO
Rajesh Kamath will head thyssenkrupp Industrial Solutions India, the plant engineering group company of thyssenkrupp Industrial Solutions AG (BU Uhde) in India. Kamath takes over the reins from the CEO & Managing Director PD Samudra, who superannuates at the end of June 2021, after heading the company from 2014 as the first Indian, since its incorporation as an Indian company in 197...