Global Cement News
Search Cement News
Votorantim Cimentos raises prices but earnings fall so far in 2022 11 November 2022
Brazil: Votorantim Cimentos’ net revenue grew by 18% year-on-year to US$3.60bn in the first nine months of 2022 from US$3.04bn in the same period in 2021. Its cement sales volumes rose slightly to 27.8Mt. However, its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 16% to US$659m from US$780m.
Domestically the group said that its revenue grew because price rises counteracted falling sales volumes of cement. Outside of Brazil it reported growing revenue, apart from in its Latin American business. Here it blamed the fall on a new competitor entering the Uruguayan market and market issues in Bolivia. Earnings were noted to have decreased in every region mainly due to mounting fuel, raw material and energy costs.
Votorantim launched a new logo in October 2022 and completed its acquisition of Heidelberg Materials' Southern Spanish businesses in November 2022. The purchase included an integrated cement plant located in Málaga, three aggregates quarries and 11 ready-mix concrete plants in the Andalusia region.
Ramco Cements to build second line at Haridaspur grinding plant 11 November 2022
India: Ramco Cements has approved plants to build a second production line at its Haridaspur grinding plant in Jajpur District, Odisha with a capacity of 0.9Mt/yr. Around US$16m has been earmarked for the project. Once commissioned the plant’s total capacity will be 1.8Mt/yr.
The cement producer’s revenue grew by 31% year-on-year to US$442m in the first half of its financial year to 30 September 2022. However, its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 35% to US$61.9m. It blamed the loss in earnings on falling cement prices and mounting fuel costs. The company currently has cement and clinker production capacities of 21Mt/yr and 14Mt/yr respectively. It also reported that a 6MW waste heat recovery unit at its Kurnool plant in Andhra Pradesh will be commissioned in November 2022. An additional 6MW at the same plant is scheduled to start operation in March 2023.
Philippines Department of Trade and Industry backs recommendation to cut import duties on cement 11 November 2022
Philippines: The Department of Trade and Industry (DTI) has backed a recommendation from the Tariff Commission (TC) to repeal import duties on Ordinary Portland Cement and Blended Cement. The so-called safeguard measures were originally introduced in October 2019 for a period of three years, according to the Philippine Star newspaper. The latest investigation by the TC was started due to a request by the Cement Manufacturers Association of the Philippines (CEMAP). However, it found that the domestic cement industry was generally profitable and it said, “There is no existence of an imminent threat of serious injury and significant overall impairment to the position of the domestic cement industry in the near future.” CEMAP said it was saddened by the recommendation of the TC and that it would jeopardise the local sector’s progress.
East African Portland Cement launches sustainable cement product 11 November 2022
Kenya: East African Portland Cement (EAPCC) has launched a sustainable cement product called Green Triangle Cement. Trade and Investments Cabinet Secretary Moses Kuria attended the official launch for the product, according to the Business daily newspaper. The product is a new masonry cement suited for mortar works. It is produced using less clinker. It is certified under the 22.5 standard via the Kenya Bureau of Standards but the company says it has been ‘boosted’ to 28 strength for a wider range of applications. The EAPCC is currently aiming to increase its range of cements to five brands.
Science Based Targets initiative validates Titan’s emission targets 11 November 2022
Greece: Titan Group says that its updated 2030 greenhouse gas (GHG) emissions reduction targets have been validated by the Science Based Targets initiative (SBTi) as consistent with the levels required to limit a global temperature increase to 1.5°C. With the new targets the cement producer intends to tackle direct (Scope 1) emissions, indirect emissions from the generation of purchased electricity (Scope 2), and also other indirect emissions from the supply chain (Scope 3).
The company plans to reduce Scope 1 (gross), 2 and 3 (gross) GHG emissions covering in produced and purchased cement and clinker, by 25.1% per tonne of cementitious product sold by 2030, from a 2020 base year. Within this target it intends to reduce Scope 1 GHG emissions (gross) by 22.8% per tonne of cementitious product and to reduce Scope 2 GHG emissions by 58.1% per tonne of cementitious product from a 2020 base year. It also intends to reduce absolute Scope 3 GHG emissions from the use of sold fossil fuels by 42% from a 2021 base year. A Global Cement estimate suggests that it aims to reduce its specific net Scope 1 CO2 emissions to around 520kgCO2/t of cementitious product in 2030 compared to 654kgCO2/t in 2021.