Cement News tagged: Corporate
Eagle Cement Corp aims to complete Bulacan expansion in 2020
Philippine-based Eagle Cement Corp is now looking to complete its 2Mta Bulacan plant expansion before the year ends, following delays related to the COVID-19 pandemic. "This plant was supposed to have been turned over and commissioned this second quarter of this year. But because of the pandemic, management is committing to deliver this plant by end quarter of this year," said John Paul Ang,...
Oman Cement sees 9% decline in 1H20 profit
Oman Cement Co has reported an 8.7 per cent decline in net profit after tax to OMR2.1m (US$5.46m) for the first half of 2020, compared to OMR2.3m in the 1H19. However, the company’s total revenue edged up 1.1 per cent to OMR26.4m from OMR26.1m.
Cemex confirms decision to close Ferriby plant
Following consultations with employee representatives and Unite the Union, Cemex has confirmed that it will be mothballing its South Ferriby plant in north Lincolnshire, UK. Approximately 110 employees who are currently based at the plant will be affected, with the majority of redundancies said to be taking place in July, according to a statement. However, customers will continue to be supp...
HeidelbergCement's preliminary 2Q20 results above market expectations
In the course of preparing the 1H20 financial report of HeidelbergCement AG, the preliminary 2Q20 financial figures deviate from the capital market expectations, which are based on the average value of the estimates available to the company from financial analysts. Therefore, HeidelbergCement is publishing the following preliminary 2Q20 key figures from the half-year financial 2020 report: • ...
Siberian Cement plants increase 1H output 4%
In the first half of 2020 Siberian Cement (Sibcem) produced 2.2Mt of cement, representing a four per cent YoY increase. Topkinsky Cement’s output rose by one per cent to 1Mt, while Iskitimcement increased its production by eight per cent to 453,800t. Production from Angarskcement was up nine per cent to 288,700t and TimlyuyCement output remained stable at 165,100t. “For the cement industry, ...
Votorantim reduces production at Oural
Votorantim-owned Oural cement plant in Spain will considerably reduce its cement production as a result of falling demand from the construction sector due to the COVID-19 pandemic. The cement producer has seen a significant fall in its sales in Spain and industry sources expect the sector to see a decline of 20 per cent for the full year. The decision will see a reduction in the production of...
Emami Cement sale is completed by Nuvoco Corp
Emami Ltd said on Tuesday that the group has completed sale of Emami Cement to Nuvoco Corp Ltd for an enterprise value of INR55bn (US$724.83m). “The deal was completed with the transfer of 100 per cent shares of Emami Cement shares to Nuvoco Corporation Ltd (NVCL) by Emami Group today,” it said in a stock market notification. Emami Cement has a production capacity of 6.8Mta as well as a 2....
Yanbu Cement appoints new chairman
Yanbu Cement Co has appointed Fahd Bin Soliman Al Rajhi as chairman of the board, reports Reuters. Mr Al Rajhi served since 2017 as deputy chairman of the Saudi-based cement producer and is also vice chairman of Sahara International Petrochemical Co.
Ambuja Cements reports 12% increase in net profit
India’s Ambuja Cements reported a 12 per cent YoY rise in consolidated net profit to INR5.54bn (US$73.73m) for the quarter ending 31 March, with sales volumes falling 10 per cent to 5.77Mt. The company also noted that its greenfield expansion project at Marwar Mundwa, Rajasthan, is on schedule and expected to commence operations by next year. Elsewhere, Ambuja Cements is set to digitise its...
Southern Province Cement names new CEO
Saudi Arabia’s Southern Province Cement has named Aqeel Futis Kadasa as its new CEO, effective from 12 July 2020. The appointment follows the resignation of Safar Mohammad Dhufayer on 11 July. Mr Kadasa began working for Yamama Cement and then the Saudi Electricity Company before joining Southern Province in 1997, where he later became deputy CEO for industrial services.
Solusi Bangun Indonesia reviews its capex after challenging 2Q20
Semen Indonesia-owned Solusi Bangun Indonesia (SBI) is reviewing its capital expenditure plans for 2020 due to the coronavirus pandemic, according to Bisnis. "The current conditions are still very dynamic, which depends on the corona virus which is still ongoing. Many government projects, such as from the Ministry of Public Works and Public Housing (PUPR), have not been running because of it ...
Taiwan's producers report positive June results
Taiwan’s Universal Cement Corp has reported a 28.2 per cent YoY rise in its revenue to TWD453.56m (US$15.39m) for June 2020, compared to TWD353.93m in the year-ago period. In the first half of the year, the company saw revenue increase 8.8 per cent to TWD2.59bn. Elsewhere, Chia Hsin Cement Corp saw a 27.5 per cent advance in revenue to TWD166.77m from TWD130.82m in June 2019. In the 1H20, rev...
SLK Cement unifies assets
Dyckerhoff Korkino Cement has completed its merger with SLK Cement, as part of parent company Buzzi Unicem’s reorganisation of its Russian assets under the unified SLK Cement brand. According to SLK Cement’s CEO, Andrey Immoreev, the company will continue to improve its production process, product and client service. SLK Cement currently includes the subsidiaries of Sukholozhskcement, Omsk...
Tangshan Jidong Cement reports fall in net profit
China’s Tangshan Jidong Cement has reported its results for the first half of 2020. The company saw its net profit fall around 30.3-34.3 per cent YoY to CNY0.98-1.04bn (US$139.82-148.38m) in the 1H20. In the first half of last year, the company announced a net profit of CNY1.49bn.
Competition Commission to hold public consultation on Ohorongo Cement sale
The Namibia Competition Commission has advised that members of the public can contribute their views on the proposed sale of Ohorongo to West China Cement. Members of the public will be invited to a conference on the matter as the acquisition is likely to create a monopoly in the cement industry in Namibia, as West China Cement also has a majority stake ion Cheetah Cement which is the sole co...
Steppe Cement sells 0.76Mt of cement in 1H2020
Steppe Cement of Kazakhstan reports that it sold 764,752t of cement in the 1H20 for KZT13,677m (US$33.24m), down from 780,315t for KZT10,079m in 1H19. This represents a decline of two per cent in volume and three per cent in turnover. The average price of cement in the 1H20 was KZT17,884/t, excluding VAT, compared to KZT18,042/t in the 1H19. The ex-works price declined to KZT14,727/t from KZT...