Steppe Cement sees volumes fall 24% in 1Q23

Kazakhstan-based Steppe Cement has reported sales of KZT4.94bn (US$10.96m) in the opening quarter of 2023, compared to KZT6.3bn in the same period a year earlier, representing a 21 per cent YoY decline. According to the Morning Star, in terms of cement volumes, over the same period sales fell from 281,968t to 214,832t, down 24 per cent YoY. The company’s market share has also slipped from 14 to 13 per cent.

Cement demand in Kazakhstan is expected to come in at around 10-10.5Mt in 2023, although this is against a backdrop of geopolitical uncertainty and rising interest rates.