Cement News tagged under: corporate
S&P upgrades credit rating of Buzzi Unicem01 July 2021, Published under Cement NewsThe Standard and Poor (S&P) credit rating agency has upgraded the creditworthiness of Buzzi Unicem, as of 30 June 2021. It has now raised its long-term rating from ‘BBB-’ to ‘BBB’. The short-term rating has also been upgraded to ‘A-2’ from ‘A-3’, while its outlook has been classed as stable. |
Gujarat Sidhee Cement posts 28% rise in profit01 July 2021, Published under Cement NewsIndia’s Gujarat Sidhee Cement Ltd has reported a 27.8 per cent YoY rise in consolidated profit to INR207.9m (US$2.79m) in the 4QFY20-21, up from INR162.7m in the year-ago period. Revenue also increased 17.5 per cent YoY to INR1.94bn from INR1.65bn. In the full-year FY21 period, the company’s profit declined 31.9 per cent to INR305.4m from INR448.3m. Revenue also slipped 3.3 per cent YoY to INR5.66bn from INR5.85bn in the FY19-20. |
Votorantim Cimentos set to acquire Cementos Balboa30 June 2021, Published under Cement NewsVotorantim Cimentos, through its Spanish subsidiary Corporación Noroeste, has entered into an agreement for the full acquisition of Cementos Balboa. Cementos Balboa has an integrated plant in Alconera, southwest Spain, with an installed production capacity of 1.6Mta. "This transaction, which I am pleased to announce today, exemplifies our growth and positioning strategy in Spain, strengthening our current footprint in the country", said Marcelo Castelli, Global CEO of Votorantim Cimentos.... |
Fancesa changes sales policy30 June 2021, Published under Cement NewsBolivian cement producer Fancesa is changing its sales policy. The company will no longer sell exclusively through its authorised agencies, according to Correo del Sur. At present, almost all of the company’s sales in Sucre, Potosí and Tarija are made through authorised agencies. In Santa Cruz, Fancesa cement is sold through the company, agencies and hardware stores while in La Paz, El Alto and Oruro sales are made directly by the cement company. In the so-called “free sale of ceme... |
CRH continues share buyback programme30 June 2021, Published under Cement NewsCRH is continuing its share buyback programme by entering into an arrangement with Societe Generale, which will repurchase ordinary shares on the group’s behalf for a value up to US$300m. The buyback will begin today and is expected to complete by 1 October 2021. The programme is intended to reduce the share capital of CRH. |
Mangalam Cement completes capacity upgrade at Morak29 June 2021, Published under Cement NewsIndia’s Mangalam Cement has completed a trial run of an expansion project at its Morak plant in Rajasthan. As a result, clinker capacity at the plant has been improved by 300,000tpa and cement by 400,000tpa. Following the upgrades to Morak’s Line I, overall capacity of the company now stands at 4.4Mta. |
Improving outlook for Indian producer profitability29 June 2021, Published under Cement NewsRecent price hikes undertaken by cement manufacturers in India are expected to aid margin growth in the FY22, according to projections by brokerage house CLSA. Local producers have implemented consecutive price increases in March, April and May, and CLSA believes the sector's profitability outlook has improved, stated a report by Indian business news publication Mint. CLSA expects industry EBITDA/t to increase by three per cent YoY in the FY22. However, CLSA cautions that some of the discr... |
Cemex achieves investment-grade capital structure28 June 2021, Published under Cement NewsCemex has announced that it is executing its strategic objectives under its Operation Resilience programme faster than previously anticipated, as a result of decisive management decisions combined with solid market performance. The company is confident that it will achieve an investment-grade capital structure of 3x leverage by the end of this month. As a result, it has established a new leverage target within its Operation Resilience goals that consists of regaining an investment-grade cre... |
Panyam Cement prepares to restart operations28 June 2021, Published under Cement NewsIndia’s Panyam Cement, based in Andhra Pradesh, has received approval from the National Company Law Tribunal (NCLT) to begin operations once more. The NCLT approved the resolution plan for the defunct company, while its new management (RV Consulting Services Company and Sagar Power Ltd) are set to invest INR1bn (US$13.47m) to clear the loans of the previous management and a further INR1.5bn for fresh capital. |
Fitch rates West China Cement's proposed US$ 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 ... |