29 November 2022

Ireland: Ecocem has announced the launch of ACT, an alternative materials-based cement ingredient capable of reducing the CO₂ emissions of cement production by 70%. The developer says that any existing cement plant can produce ACT at comparatively low cost. The technology is globally scalable, and Ecocem expects to achieve full commercial availability across its Benelux, France, Ireland and UK markets by 2025.

Ecocem managing director Donal O’Riain said “We are eager to work closely with the cement industry and with policymakers to support the scaling and development of a new generation of low-carbon cements. Current policy priorities on decarbonising cement have now been overtaken by technology. Fully effective deployment of ACT requires policymakers to provide effective support well beyond their traditional emphasis on CCUS as the core cement decarbonisation technology.”

Ecocem's investors include France-based building products company Saint-Gobain and US-based Breakthrough Energy Investments.

Kenya: Bamburi Cement says that it expects its full-year earnings before interest, taxation, depreciation and amortisation (EBITDA) to fall by 25% or more year-on-year during 2022. The Kenyan Wall Street newspaper has reported that the producer attributed the anticipated decline to increased energy costs and reduced cement demand.

During 2021, Bamburi Cement recorded a turnover of US$338m and a profit for the period of US$11.3m.

Oman: The Capital Market Authority (CMA) has called on Raysut Cement to urgently address 'material misrepresentations' in its financial results for the second quarter of 2022. The Oman Daily Observer newspaper has reported that the CMA has warned investors that the misrepresentations 'hugely' impacted the report's profit and loss accounts.

The regulator said "CMA emphasises that failure to exercise due diligence in providing timely and accurate financial statements to the investors in fair manner is a breach of the law, and renders the violating entities legally responsible. The CMA announces zero tolerance in this regard."

South Korea: The government ordered 2500 cement truck drivers to return to work on 29 November 2022. The Korea Herald newspaper has reported that drivers in the sector who continue their strike will be subject to criminal sanctions of up to three years in prison or a US$22,600 fine, and will have their truck driving licences suspended. The government explained that the order is justified due to cement truck drivers' failure to present 'good cause' for the industrial action.

President Yoon Suk-Yeol said "Taking the livelihoods of ordinary people and the national economy hostage to look out for their own needs is not justifiable."

Cement truck drivers make up 35% of a total 7080 truck drivers from 200 companies across the South Korean economy participating in the strike, which began on 24 November 2022.

Cuba/Guyana: Guyanese government officials attended a meeting with representatives of Cuba-based Cementos Cienfuegos on 25 November 2022. The Guyana Chronicle newspaper has reported that the Cuban government advised the Guyanese officials of the feasibility of importing Cuban building materials, including cement, into Guyana.