The energy demand of Peruvian cement mills has reportedly fallen more than 90 per cent in recent weeks due to lower utilisation rates as a result of the COVID-19 pandemic.
"They have temporarily suspended their operations and that of their subsidiaries. Plants are running to a minimum, just a few furnace maintenance issues," said Flor Felices, analyst at Intéligo SAB.
The impact of the coronavirus on the construction industry has reduced cement demand. As a result, Unacem has projected a drop of up to 27 per cent in revenue this year, PEN536m (US$1257.36m) less than 2019. However, it hopes to limit these losses to one per cent of its annual sales and maintain borrowing levels.
