07 August 2014
Ultratech allocates cash for expansion drive 07 August 2014
India: Ultratech Cement has announced that it has earmarked US$1.14bn of capital expenditure (capex) towards expansion projects over the next three years.
"Our capex for the 2015 fiscal year is expected to be US$618m, for the 2016 fiscal year we will spend US$497m and for the 2017 fiscal year we will spend US$33.3m," said UltraTech Cement's Chairman Kumar Mangalam Birla at the company's recent Annual General Meeting. The producer currently claims a total cement capacity of 62Mt/yr. "By early 2016, we expect this to scale up to 70Mt/yr when all ongoing projects will be fully commissioned. A judicious mix of internal accruals and borrowings have been used for funding the projects," Birla said.
Speaking about recent acquisitions, Birla said, "The acquisition of the 4.8Mt/yr Gujarat Cement Units from Jaypee Cement Corporation at a cost of US$620m represents a milestone in UltraTech's growth strategy, strengthening its foothold in the growing western market and bolstering its coastal footprint."
Saudi firms collective profits down in first half of 2014 07 August 2014
Saudi Arabia: The first-half net profits of Saudi Arabia's listed cement companies dropped by 6% collectively to US$910m compared with US$970m in the corresponding period of 2013, according to the Al-Riyadh daily newspaper. The companies' combined sales in the second quarter of 2014 came to US$980m.
Lafarge plant on environment watch-list 07 August 2014
Slovenia: The Lafarge Trbovlje cement plant is among several industrial sites and facilities in Slovenia that have been added to the Global Atlas of Environmental Justice, an interactive online mapping platform detailing environmental conflicts around the world. Its originators seek to highlight incidences of water and land competition as well as air, water and other pollution.
"The Atlas illustrates how ecological conflicts are increasing around the world, driven by material demands fed primarily by the rich and middle class subsections of the global population," said project coordinator Joan Martinez-Alier of the Autonomous University of Barcelona.