Cement News tagged under: Mexico
Fitch upgrades GCC’s ratings, outlook to stable23 January 2015, Published under Cement NewsFitch has raised the credit rating of Mexican cement firm Grupo Cementos de Chihuahua (GCC) to BB-, in both local and foreign currency, with a stable outlook. Fitch said in a statement that ratings upgrade reflects GCC's strong operating performance over the past several quarters, its significantly improved credit profile following debt repayments during 2014 and the successful debt refinancing during 2013. The upgrade takes into consideration the improvement in the US cement market and an ... |
Stronger markets in 2015?09 January 2015, Published under Cement NewsWhat does 2015 have in store for the cement sector? After three relatively poor years in terms of global construction expansion, Morgan Stanley (UK) predicts a tentative recovery in world consumption in spite of a significant slowdown in China, according to new analysis published in International Cement Review. Morgan Stanley expects global cement demand, inclusive of China, to rise to 2.8 per cent in 2015, marginally up from the 2.5 per cent growth recorded in 2014, which was the ... |
Cemex06 January 2015, Published under Cement NewsCemex is restarting work on expanding the Tepeaca works in the state of Puebla, Mexico, that was halted in 2008, with a view of completing the expansion in 2017. This will require an additional US$200m to be spent on top of the US$450m spent up to 2008. When the work is completed, it is expected to raise Tepeaca’s capacity from the current 3.2 to 7.6Mta. Cemex is building a new cement works in Colombia for completion in 2017. The equipment for the new Cementera del Magdalena Medio cement ... |
Cementos Argos23 December 2014, Published under Cement NewsCementos Argos has pulled out of the running for any Brazilian assets being sold off following the Lafarge/Holcim merger. According to Cementos Argos, any potential purchase would not “generate the value its investments would expect”. UltraTech Cement has reportedly also followed suit with the Brazilian economy being blamed by many for the u-turn. Brazil has seen its economy shrink by 0.9 per cent in 2Q14 and a further 0.25 per cent in the third quarter. Growth of around 1.4 per cent is p... |
Cemex to resume Tepeaca plant expansion02 December 2014, Published under Cement NewsCemex announced that it is to restart the expansion of its Tepeaca cement plant in Mexico having put the project on hold in 2008. The additional investment involves 4.4Mta of new capacity at a cost of around US$200m, taking the total spend on the Tepeaca plant to US$650m. The company had already spent US$450m on the project by 2008. Upon completion in 2017, total capacity of the plant will reach 7.6Mta. “We are encouraged by our industry’s positive outlook in Mexico. With this investment,... |
Mexico: Elementia IPO in 1Q1527 November 2014, Published under Cement NewsEduardo Musalem, Elementia’s CEO, said the Mexican cement company is looking to list shares during the 1Q15 if market conditions are good. "We are ready to debut in the market," said Mr Musalem. "It could be the end of January, if the posibility exists, or February or March." Elementia agreed to buyout Lafarge’s 47 per cent in the joint venture company in September 2014. Billionaire Carlos Slim is reported to have an about 46 per cent share in Elementia though Grupo Carso. |
Fitch assigns ‘BB+(EXP)’ to Elementia proposed notes, Outlook Stable18 November 2014, Published under Cement NewsFitch Ratings has assigned an expected rating of 'BB+(EXP)' to Elementia, SA de CV’s proposed US$400m notes with a maturity of up to 10 years. Proceeds from the notes issuance will be used for general corporate purposes, including the repayment of existing indebtedness and the purchase of joint venture minority interests. The new notes will rank pari passu with Elementias's existing unsecured debt. The Rating Outlook for Elementia is Stable, reflecting its “strong business profile char... |
Mexican and Colombian imports to help meet Nicaragua project10 October 2014, Published under Cement NewsImports from Mexico and Colombia can ensure the supply of cement for the Gran Canal Interoceanico project in Nicaragua, according to the president of the High Council of Private Enterprise, José Adán Aguerri. He added that steps were being taken to further research supply options in the wider region, including the Caribbean, with the help of the private sector. However, the area faces supply shortages, which are expected to require further capacity building by cement companies. For example... |
Lafarge03 October 2014, Published under Cement NewsLafarge has agreed the sale of its wholly-owned Russian subsidiary Uralcement to Buzzi Unicem for EUR104m and the proceeds will be used to reduce Lafarge's net debt. In May, Lafarge commissioned its Ferzikovo works in Russia, which is better placed for serving the more vibrant Moscow market. Lafarge is selling its 47 per cent stake in its Mexican associate Cementos Fortaleza to the majority shareholder Elementia less than two years after the jointly-owned company was formed. The industria... |
Elementia: Fortaleza brand to register 20% growth in 2014-1524 September 2014, Published under Cement NewsDespite a slow market, Mexico’s Cementos Fortaleza expects to close 2014 and 2015 with growth. Antonio Taracena, director general at Elementia, owner of the Fortaleza brand, attributes the growth due to the new brand. Although sales are forecast to rise by barely one per cent in Mexico this year, Elementia – owned by Carlos Slim and Antonio del Valle – expects to show 20 per cent growth by end-2014, and predicts the same level for 2015. "We will grow another 20 per cent, as in this ye... |