Cement News tagged under: corporate
Ssangyong Cement creditors reject Taiheiyo offer18 December 2015, Published under Cement NewsThe administration responsible for selling South Korea's Ssangyong Cement is likely to reject an offer made by Japan’s Taiheiyo Cement Corp, Ssangyong’s second-largest shareholder, to acquire all its shares. It was based on the judgment that the Japanese cement maker's offer was intended to obstruct the sale. "The offer by Taiheiyo to take over all the Ssangyong Cement stake is equivalent to saying Ssangyong must accept its claims of preemption right currently in dispute in the court," c... |
Vietnam: La Hien hits 2015 target18 December 2015, Published under Cement NewsVietnam’s La Hien Cement Joint Stock Co has reached its 2015 production and sales targets. By 14 December, the company had produced and sold 652,148t of cement, surpassing the 0.65Mt target. By the end of the year, sales are forecast to be around 0.68Mt, generating a revenue of over VND570bn (US$26.6m). Net profit is expected to be around VND32.6bn, or VND5.6bn over the annual target. |
UltraTech Cement 2Q net profit up17 December 2015, Published under Cement NewsUltraTech Cement Ltd has reported that net profit after taxes and minority interest for the second quarter ended 30 September 2015 was INR4.27bn (US$64m), or INR15.55 per diluted share, compared to INR4.14bn, or INR15.09 per diluted share, for the same quarter ended 30September 2014. Total income from operations for the second quarter was INR60.13bn, compared to INR57.7 bn for the same quarter ended 30 September 2014. Net profit after taxes and minority interest for the six months ende... |
Votorantim's Cubatão plant affected by steel closure17 December 2015, Published under Cement NewsFollowing the closure of the Usiminas steel works in São Paulo, Votorantim Cimentos' Cubatão cement plant will no longer be supplied with steel slag from the Brazilian steel producer. As a result, the cement works will function as distribution centre for bagged cement, maintaining the distribution for the regional market. The reason for this change is the current Brazilian macroeconomic scenario coupled with the prospect unavailability of slag in the region. The bulk cement will be provi... |
India: government prepares CCI revival scheme16 December 2015, Published under Cement NewsThe government of India has prepared a revival scheme for the Cement Corporation of India (CCI). Approved by the government and ordered by the Board for Industrial and Financial Reconstruction (BIFR), the scheme envisages the expansion/modernisation of three operating units as well as the closure and sale of seven non-operating units. Of the seven non-operating units, six have been closed since October 2008. (Source: India Info Online). |
Saudi: Al Jouf Cement signs financing agreement with Alinma Bank16 December 2015, Published under Cement NewsAl Jouf Cement has signed a Murabaha financing agreement with Alinma Bank at a total value of SAR350m. The financing period extends from 15 December 2015 until 14 December 2022, with a grace period of two years, the cement producer said in a bourse statement. The facility, secured against a promissory note, is aimed at rolling over the company's outstanding loans and financing some of the current projects. Al Jouf's second production line will help repay this loan, the statement added |
Government investigates excessive capacity in northeast China15 December 2015, Published under Cement NewsChina's Vice Minister of Industry and Information Technology, Xin Guobin, recently led a delegation to investigate excessive cement capacity in northeast China. Xin urged local governments, industry associations and key enterprises to work together, further reduce excessive capacity, and try to reverse losses in the cement industry in the region. Cement companies with a presence in the northeast include Yatai Cement, Liaoning Daying Cement Group, Inner Mongolia Mengxi Cement Co, Ltd, Sunn... |
Vice chairman of Vassiliko Cement resigns15 December 2015, Published under Cement NewsThe executive vice chairman of Vassiliko Cement Works (VCW), Maurizio Caneppele, resigned last week, according to an official announcement. He was appointed executive vice chairman of the board of Vassiliko Cement Works on June 2013. The announcement did not mention the reasons behind Mr Caneppele’s resignation or any other details. (Source: In-Cyprus) |
Moody's places Votorantim Cimentos' Baa3 ratings under review for downgrade14 December 2015, Published under Cement NewsMoody's Investors Service has placed Votorantim Cimentos SA's Baa3 senior unsecured rated debt and issuer rating under review for downgrade. The rating action follows Moody's rating action on 9 December 2015 that placed Brazil's Baa3 government bond rating under review for downgrade. The review will focus on the result of Brazil's government bond rating review process and on Votorantim Cimentos' credit metrics, liquidity, foreign-exchange exposure and its links with the Brazilian econ... |
Competition Appellate Tribunal sets aside penalty on 11 cement companies14 December 2015, Published under Cement NewsThe Competition Appellate Tribunal of India has set aside a US$945m penalty imposed on 11 cement firms by the Competition Commission of India (CCI) on accusations of cartel behaviour and asked the fair trade regulator to hear the matter afresh. The Tribunal also allowed the cement manufacturers to withdraw the 10 per cent penalty amount already deposited with the CCI, according to local press reports. The judgement follows appeals filed by the cement firms and their industry body, th... |