07 July 2020

Germany: Following a comprehensive review of its assets HeidelbergCement has announced a Euro3.4bn impairment to its company value compared to the figure from a precious valuation prior to the second quarter of 2020. The company gave the reasons for the impairment as: the demand impacts of the coronavirus pandemic; economic effects on operations in individual countries; notably in the UK post-Brexit; and an increase in the market risk premium used by the Institut für Wirtschaftsprüfer (German public auditing body) for valuation to 7% from 6%. The largest regional impairment was Euro2.7bn, in Western and Southern Europe. Euro2.3bn of the total impairment, “relates to the Hanson acquisition” by HeidelbergCement in 2007.

Tanzania: Huaxin Cement subsidiary African Tanzanian Maweni Limestone has ignited the kiln and begun trial production of clinker at its newly upgraded 0.75Mt/yr Maweni Limestone clinker plant. Huaxin Cement acquired the subsidiary in May 2020 and begun upgrading the kiln line on 1 June 2020, in spite of the fact that only 14 Huaxin Cement management team colleagues remained in the country due to the company withdrawing staff to China prior to the coronavirus lockdown.

Huaxin Cement says that it will not upgrade the plant’s grinding unit “for various reasons.” The company said, “subject to the epidemic prevention and control situation, the company will send an excellent management team to implement advanced cement process technology and management. We are committed to turning Maweni Limestone into a benchmark industrial enterprise in Tanzania and promoting the local cement industry to achieve quality.”

US: Air Products has shared details of a partnership with ThyssenKrupp Industrial Solutions subsidiary ThyssenKrupp Uhde Chlorine Engineers (TUCE). Under the partnership, Air Products will build and operate water electrolysis plants for hydrogen production using TUCE’s equipment, engineering and technical services. TUCE chief executive officer (CEO) Denis Krude said, “We are set to supply one 1GW of water electrolysis plants per year, and we are prepared to ramp up the capacity in this rapidly evolving market.” The engineering company has to date realised a total rating of 10GW across 600 electrochemical plants for customers globally.