Cement News tagged under: West China Cement
The battle begins for the control of Mozambique's cement market27 September 2024, Published under Cement NewsMozambique is in the midst of a cement capacity rise. The country's oldest cement producer, Cimentos de Mocambique is looking to consolidate its lead by expanding its Dondo and Nacala plants. These projects will soon be commissioned. However, there is a new Chinese player on the scene that may have ambitions of taking the number one spot. According to the Mozambique Competition Regulatory Authority (ARC), the domestic scene currently involves 16 cement producers, but there are only five pla... |
China leads cement revolution in Africa09 July 2024, Published under Cement NewsCement demand in China continues to collapse, and profits are pitiful, leading to some Chinese cement companies accelerating an already aggressive drive into Africa. By Tony Hadley African Advisory Ltd, Cyprus. China leads the rush into the African cement industry: Huaxin Cement completes Maweni plant in Tanzania (© Embassy of China – Tanzania) S o firstly, to China. Cement demand had fallen from its 2014 peak by ~17 per cent in 2023 (see Figure 1), of no surprise to indu... |
West China Cement welcomes new CEO17 April 2024, Published under Cement NewsWest China Cement has announced the resignation of Mr Wang Fayin as an executive director of the company, effective from 16 April 2024. It has also named Ms Wang Rui as the new executive director and chief executive officer, also with effect from 16 April 2024. Ms Wang is vice-chair and party secretary of the general branch of Yaobai Special Cement Group Co Ltd, a wholly-owned subsidiary of West China Cement. She has held that role since January 2023 and is responsible for overseeing t... |
Lemi National Cement expected to see inauguration in March 202429 November 2023, Published under Cement NewsConstruction of Lemi National Cement Factory in Ethiopia is 70 per cent completed and the plant is expected to be inaugurated in March 2024. Owned by a joint venture of West International Holding, the African business of West China Cement and East African Holding Co, the 8Mta cement plant is being built at Lemi Building Materials Industrial Park, some 150km north of Addis Ababa. The project represents an investment of US$600m. Buzuayehu Adele, chairman of East African Holding Co, announc... |
Fitch downgrades West China Cement04 September 2023, Published under Cement NewsFitch Ratings has downgraded West China Cement Ltd ’s (WCC) long-term issuer default rating (IDR) and its senior unsecured debt rating from BB to BB- due to the cement producer's aggressive capex, primarily outside China. The outlook on the IDR is negative. According to Fitch, WCC has been investing heavily since 2021 with a focus on overseas markets, resulting in higher leverage and persistently negative free cash flow. In 2022 West China spent CNY3bn (US$412.7m) in capex, 84 per cent of... |
West China Cement Ltd: new appointments03 February 2023, Published under Cement NewsDr Ma Weiping has resigned as executive director and chief executive officer of West China Cement Ltd , effective from 2 February 2023. According to the company, Dr Ma has chosen to leave “to devote more time to his other personal endeavours”. The board thanks Dr Ma for his valuable contributions to the company during his time at West China Cement Ltd. Effective immediately, Cao Jianshun has been appointed executive director and chief executive officer. Mr Cao has extensive experience i... |
West China Cement issues profit warning16 August 2022, Published under Cement NewsWest China Cement has issued a profit warning for the six months ended 30 June 2022. According to the company, net profit attributable to shareholders is expected to fall by 40-45 per cent compared to the same period a year earlier. One of the reasons for the decline is the group’s foreign exchange gain which came in at CNY27.5m (US$4.05m) in the first six months of 2022, compared to a gain of CNY347.3m in the same period in 2021. This is due to the exchange rate difference incurred on int... |
West China Cement signs MoU for four projects worth US$800m06 October 2021, Published under Cement NewsThe government of Mozambique and West China Cement have reportedly signed a memorandum of understanding regarding four industrial investment and development projects, with a total value of US$800m. The projects include a cement plant, a thermal energy generation facility and two glass factories. "The group of West China Cement intends to continue its investments in Mozambique, attentive to the good business environment and to one of the government’s five-year goals, which is to generate mo... |
West China Cement sees profit rise 40% YoY31 August 2021, Published under Cement NewsWest China Cement has posted a 40.4 per cent YoY rise in attributable profit to CNY1.06bn (US$163.5m) for the first half of 2021, compared to CNY752.3m in the 1H20. Revenue also advanced 40.7 per cent YoY to CNY4.23bn from CNY3bn in the first half of 2020. |
Fitch rates West China Cement's proposed US$ notes as 'BB'28 June 2021, Published under Cement NewsFitch Ratings has assigned West China Cement's (WCC) proposed US dollar senior unsecured notes a rating of 'BB'. The proposed notes will be issued by WCC and guaranteed by WCC's existing subsidiaries, other than those organised under the laws of China. WCC plans to use the proceeds of the proposed notes for refinancing and general corporate purposes, including potential investments. Fitch highlights that WCC maintains a strong position in Shaanxi province, with a market share of around 25 ... |