Cement News tagged: Corporate
Fitch Ratings upgrades Cemex to BB+
Fitch Ratings has upgraded the foreign and local currency Issuer Default Ratings (IDRs) of Cemex to 'BB+' from 'BB', its senior unsecured notes to 'BB+' from 'BB' and its subordinated hybrid issuance to 'BB-' from 'B+'. Cemex's national long-term rating is being upgraded to 'AA-(mex)' from 'A+(mex)', and its national short-term rating is affirmed at 'F1'. The rating outlook is stable. The...
Vassiliko Cement fire caused by shredder
Vassiliko Cement suffered a fire over the weekend beause a tyre shredder ignited at the Cypriot cement plant. The director of the environment department, Costas Hadjipanayiotou, who was at the scene on Saturday afternoon said it appeared the fire was caused by a malfunction in a tyre shredder that ignited the spark. The fire broke out on Saturday afternoon in an open area filled with old...
Adani Group in discussions to raise US$4.5bn
Following its acquisition of Holcim’s business in India, the Adani Group is in discussions with more than a dozen foreign banks in a bid to raise US$4.5bn. According to The Economic Times, this marks one of the largest loan-based fundraisings in foreign currency by an Indian corporate entity. The proposed loan structures include mezzanine financing, stock-backed bridge loans to be repaid in...
Steppe Cement increases capex for 2022-23
Kazahstan’s Steppe Cement plans to invest US$7m in capex in 2022 and the first half of 2023. Among the projects outlined is the completion of the new separator for cement mill 1 to increase slag content and cement production, and reduce electricity consumption, as well as starting the new separator for cement mill 2. The raw mill 3 separator will be revamped to increase production on Line 6, a...
Court ruling favours Arabian Cement in Emaar Economic City case
Arabian Cement Co reports that it has received a Jeddah commercial court order in its favour, ordering Emaar The Economic City to supply to the company 4.57Mt of limestone based on the agreement signed by the two parties on 28 April 2012. The ruling will be deemed final if no appeal is filed within 30 days. In September 2021 Arabian Cement filed a lawsuit before Jeddah Commercial Court ag...
Taiwan cement producers sees dent in revenues in May
Taiwan’s cement producers reported mostly a decrease in revenues in May. Lucky Cement posted a 6.9 per cent YoY drop in May revenue to TWD332.258m (US$11.23m) from TWD357.039m in May 2021. In the first five months of 2022, revenue declined by 11.4 per cent to TWD1548.687m from TWD1748.555m in the January-May period. For Chia Hsin Cement Co the month proved more challenging as it saw reve...
Dalmia Bharat Ltd announced INR90,000m capex spending
Dalmia Bharat Ltd has said that the government's continued focus on the infrastructure and housing sectors builds ‘optimism’ for the cement industry and the company has committed to a capex of over INR90,000m to expand its manufacturing capacity over the next few years to meet the growing demand. "Aligned with the government's vision of building a stronger India, we committed a...
Ramco Cements announces capex and price rise
Ramco Cements has announced capex of INR12-13bn (US$154-167m) to expand its production capacity over the next two years. At its Kurnool plant, trial production of clinker is now underway and with this, clinker capacity has expanded to 13.65Mta. The cement grinding facility, 6MW waste heat recovery system (WHRS), and an 18MW thermal power plant (TPP) are due to be commissioned during 2QFY23, ...
UltraTech explores electrification to reduce CO2 emissions
UltraTech Cement Ltd has signed a Memorandum of Understanding (MoU) with Coolbrook to explore how electrification of the cement kiln heating process can help reduce CO 2 emissions. Coolbrook, a transformational technology and engineering company, will be looking at how its Roto Dynamic Heater (RDH) can be used to deliver temperatures of up to 1700˚C with high energy efficiency, thereby enabli...
Boral announces new CEO
Boral has named Vik Bansal as its new chief executive officer (CEO) effective from December 2022. Mr Bansal, who is currently CEO of InfraBuild, will succeed Zlatko Todorcevski, who will remain in the role of CEO at Boral until the handover to Mr Bansal is completed. Mr Bansal also previously held the position of chief executive of Cleanaway Waste Management Ltd, according to Dow Jones Newswir...
Lafarge Zimbabwe sells majority stake in its operations
Lafarge Zimbabwe is selling 76.45 per cent of its business to Fossil Mines Pvt Ltd. The Holcim group member announced on Monday that it was selling the majority stake in its business. This is a further sale for Holcim following recent divestments decisions taken in India for ACC Ltd and Ambuja Cements. The Manresa cement plant has a cement capacity of 0.45Mta and employees 800 people di...
UltraTech Cement to invest INR128,860m for 22.6Mta capacity expansion
The Board of Directors at UltraTech Cement (Aditya Birla group) has approved capex of INR128,860m (US$1659m) to raise cement capacity by 22.6Mta with a mix of brownfield and greenfield projects. This will be achieved by setting-up integrated and grinding units as well as bulk terminals. The additional capacity will be created across the country. Kumar Mangalam Birla, chairman, Aditya ...
Tokyo Cement reports 31% jump in turnover
Tokyo Cement has reported a 31 per cent YoY increase in turnover to LKR16,158m (US$45m) in the fourth quarter of its financial year, ending 31 March 2022. Compared to the same period a year earlier, sales volumes declined by 11 per cent due to a breakdown at one of the company's grinding mills and the lack of availability of raw materials. For the current financial year as a whole, the compa...
Al-Ahlia Cement launches tender for lime factory modernisation
Libya’s state Al-Ahlia Cement company ( National Cement Co Group ) is offering a tender to restart its lime factory in the Souq Al-Khamis complex. The company explained that the planned restart of its lime factory will be on a joint venture (JV) basis in accordance with the Libyan Investment Law number 10 of 2010 and its executive regulations. The tender is for the renovation, operation and...
Star Cement invests in new capacity
Star Cement is planning to invest INR17,000-18,000m (US$218.9m-231.8m) over the next two years, in response to robust demand from the infrastructure and real estate sectors. The company currently operates two clinker units in Meghalaya with a total capacity of around 2.75Mta. A new clinker unit, costing INR10,000m, will add a further 3Mta of clinker capacity taking total production capacity...
Beumer Group welcomes new CEO
Rudolf Hausladen has been appointed CEO of Beumer Group, effective immediately. He succeeds Dr Christoph Beumer who has held the role of CEO since 2000 and will remain on the Management Board until the end of 2022 before moving to the Advisory Board. Mr Hausladen has served on the Management Board at Beumer since October 2020. Prior to that he held a number of management positions with i...