Cement News tagged: Corporate
HeidelbergCement completes sale of US assets to Cementos Argos
HeidelbergCement has completed the US$660m sale of the Martinsburg cement plant and eight terminals to Cementos Argos. HeidelbergCement had been required to sell the West Virginia plant to comply with regulators following the acquisition of Italcementi. It is expected that the company will use the proceeds of the sale to pay down some of debt it took on to finance the acquisition process. ...
Kazakhstan: Steppe Cement refinances US$15m loans
Steppe Cement has announced that it has refinanced two loans worth a combined US$15.3m, StockMarketWire reports. A loan of US$5.5m due this month has split into three tranches, the last of which now falls due in November 2018. A US$9.8m loan contracted in 2014 will now be repaid in equal monthly instalments until November 2021. "The refinancing exercise allows Steppe Cement to spread the...
Tanzania: rising costs bring Dangote plant to a standstill
Production at Dangote’s Mtwara plant in Tanzania was brought to a halt last week as the company has found itself embroiled in a political battle over the payment of incentives by the Tanzanian government, the Citizen newspaper reports. The 3Mta plant was commissioned in October 2015 and Dangote has claimed to have made ‘strong market share gains’ according to its trading update for the firs...
Chile: Cementos Bío-Bío sees 8.6% profit slip in 9M2016
Chilean cement producer Cementos Bío-Bío reported a 3.3 per cent rise in profits to CLP221.5bn (US$329m) in the January-September 2016 period from CLP214.5bn in 10M15. However, a rise in the cost of sales and financing as well as a foreign exchange loss saw the company with sharply reduced profits. Net profits reached CLP13.847m in the 10-month period, down 8.6 per cent when compared with C...
Sinai Cement swings into EGP7.7m 3Q profit
Egypt’s Sinai Cement reported a profit of EGP7.65m in 3Q16 vs a 3Q15 loss of 24.47m. In the first nine months of 2016, the company turned a profit of EGP23.02m (US$426,111), a significantly better result than the previous year when the company reported a loss of EGP53.16m, taking into account minority rights.
HeidelbergCement issues EUR1bn
HeidelbergCement has priced a Eurobond issue under its EUR10bn EMTN programme with an issuance volume of EUR1bn and a maturity date of 7 February 2025. Demand was very high and the bond was oversubscribed several times, reported HeidelbergCement. With this issue, HeidelbergCement tapped the capital market for the first time following the recent investment grade classification. The eight-yea...
India Cements receives stay on CCI fine
India Cements received a stay order following its appeal of the decision made by the Competition Commission of India (CCI) to impose a INR1.87m fine on it for unfair pricing practices. On 31 August, CCI imposed penalties of around INR67bn on 10 cement companies and the Cement Manufacturers’ Association for cartelisation. COMPAT imposed a condition that India Cements would have to deposit 10...
Canada: McInnis Cement appoints new President and CEO
Hervé Mallet jhas been appointed as the new President and CEO of McInnes Cement. Mr Mallet has considerable experience in sales, marketing and operations and is a graduate of the University of Wolverhampton and Brunel University, UK. Until recently Mr Mallet was executive vice-president of North America for Dynacast, a manufacturing company with 23 plants and 6000 employees worldwide. As ...
Pakistan: Dewan Cement to sell its North cement plant
Dewan Cement Ltd has appointed Next Capital Ltd as the financial advisor for sale of its North cement plant, Kamilpur, near Hattar in Khyber Pakhtunkhwa, Pakistan. Next Capital Ltd will explore the possibility of sale of the North plant which has a production capacity of 3800tpd. The Board announced that this plant sale would be run in parallel with the potential sale of 51 per cent of ...
Canada: first shipment at McInnis Cement
McInnis Cement has taken delivery of its first shipment of raw materials for its 2.5Mta Port-Daniel-Gascon plant. The vessel Algoma Mariner delivered to the Port-Daniel terminal, Canada, 19,000t of gypsum from National Gypsum at Halifax, Nova Scotia. The terminal is scheduled receive an additional four shipments of raw materials and fuel for the new cement plant by mid-December. Construc...
Morocco: Cemos announces plans for Tarfaya plant
Morocco’s Challenger magazine has reported that Jersey-based Cemos Group plans to construct a MAD3bn (US$296m) cement plant in Tarfaya in the country’s southwest. The 1.6Mta integrated plant will utilise local deposits of oil shale as an energy source. In this way, Cemos – which is a portmanteau of Cement from Oil Shale – hopes to keep costs down, paving the way to allowing it to export som...
HeidelbergCement submits EIA for Kaspi
HeidelbergCement has submitted an environmental impact assessment for its US$100m Kaspi modernisation in Georgia. The report will be discussed on 17 January 2017 after interested entities have submitted their comments. The new dry-process line will be able to produce 3000tpd of clinker. The modernisation project aims to reduce fuel consumption as well as provide the opportunity to use alter...
Pakistan: Kohat Cement Co sees 5% profit rise in 1QFY17
Kohat Cement Company Ltd (KOHC) has recently announced its 1QFY17 financial result. It declared a profit after tax (PAT) of PKR991.8m during 1QFY17 against a PAT of PKR945.7m during 1QFY16, up five per cent YoY. As against trends, KOHC declared dividend per share (DPS) of PKR4/‐ during 1QFY17. During the first quarter of FY17, KOHC reported a one per cent YoY drop in sales as revenues slipp...
Birla 2Q16 net profit more than doubles
Birla Corporation have reported a net profit of INR584m (US$8.49m) for the quarter ended 30 September 2016 compared to INR232m for the same period last year. Total income declined 4.3 per cent to INR8.86bn in the July-September quarter from INR9.27bn in the previous year. Total expenses also fell, registering at INR8.43bn versus INR8.99bn in the corresponding quarter last year. In the sa...
Cementos Argos hit by Colombia’s infrastructure slowdown
In a trading update for the third quarter of 2016, Cementos Argos announced that its profits were down by 22.7 per cent YoY, with cement volumes falling by 7.4 per cent to 3.557Mt. Figures for the nine months to the end of September 2016 were more positive, with the company’s net income rising by 18.7 per cent YoY to COP393bn (US$125m). The third-quarter figures were negatively impacted ...
India: COMPAT stays UltraTech’s CCI penalty
The Competition Appellate Tribunal (COMPAT) has granted a stay on an order passed by the Competition Commmission of India (CCI) against UltraTech Cement on deposit of 10 per cent of the penalty amount. CCI handed UltraTech a INR11.75bn (US$171.6m) penalty in August 2016 for supporting cartelisation. In total the CCI handed out penalties amounting to over INR67bn to 11 cement firms for this ...