14 October 2016
India: JK Cement’s Chief Financial Officer AK Saraogi has forecast that cement demand will rise by 8% in the 2017 – 2018 financial year due to government spending on infrastructure. JK Cement Special Executive Madhavkrishna Singhania said that demand in the current financial year is likely to be aided by ‘good’ monsoons that will boost spending particular in rural areas, according to the Press Trust of India. The forecasts follow several years of poor demand for cement in the country. Ratings agency ICRA also predicts similar increases in demand.
China Machinery Engineering to build cement plant in Iraq 14 October 2016
Iraq: China Machinery Engineering Corporation has signed a US$250m deal to build a cement plant at Qarachog. Once operational the unit will produce 6000t/day of clinker. The scope of the contract includes project design, supply, civil construction, installation, training and commissioning. Once construction starts the project will take 22 months to complete.
Uzbekistan: Ahangarancement has increased its cement production by 6% year-on-year to 1.42Mt in the first nine months of 2016. Clinker production grew by 3.8% to 1.02Mt and cement sales volumes grew by 6.1% to 1.42Mt, according to the Trend News Agency. Ahangarancement, based at Ahagaran in Tashkent, is the second largest cement producer in the country. It is owned outright by Russia’s Eurocement.
Elementia to buy 55% stake in Giant Cement Holding 14 October 2016
US: Elementia has signed a letter of intent with Cementos Portland Valderrivas to buy 55% of Giant Cement Holding for an undisclosed value. Giant Cement Holding is a US cement producer with operations on the east coast that includes three cement plants, three limestone quarries, two aggregate quarries, six terminals and four waste handling facilities.
In a statement Elementia said that the acquisition would grant it access to the third-largest cement market in the world. The acquisition is subject to obtaining all applicable regulatory approvals and the completion of the internal processes by both companies.