14 January 2025

US: Titan America, the US subsidiary of Titan Cement, has filed a registration statement for its proposed initial public offering (IPO) with the Securities and Exchange Commission. The company plans to list shares on the New York Stock Exchange (NYSE), including both primary and secondary sales, aiming to raise up to an estimated US$500m, subject to market conditions.

India: JSW Cement has received regulatory approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO) after a four-month hold-up since September 2024. The IPO includes a fresh issue of shares worth US$230m and an offer for sale by three shareholders, Apollo Global Management, Synergy Capital and State Bank of India (SBI), worth US$230m combined.

Proceeds from the fresh issue will include US$92.3m for a new cement unit in Nagaur, Rajasthan, and US$83m for debt repayment.

Switzerland: Cement deliveries declined by 4.6% year-on-year to 3.6Mt in 2024, impacted by slow economic recovery, uncertainty and high energy prices, according to industry association Cemsuisse.

However, the fourth quarter of 2024 showed a 2.1% year-on-year increase in deliveries to 0.89Mt, reportedly driven by declining inflation and low interest rates, with Cemsuisse stating that it is ‘cautiously optimistic’ about 2025. The proportion of cement types with reduced clinker content rose to almost 97% from just under 96% in 2023. The proportion of cement transported by rail fell slightly to 37.4% from 37.6% in 2023.

Iraq: Iraq’s largest cement plant in Kirkuk has resumed operations after a shutdown in November 2024 due to environmental non-compliance and an issued fine of US$343,000. Upgrades include a new dust control system and pollution monitoring equipment. Residents of nearby Lailan have previously protested against the plant, stating that the pollution caused adverse health effects and poisoned local crops, according to Intellinews. Following inspections, the factory now reportedly meets relevant pollutant standards.

Cambodia: The government has cancelled over 460 hectares of cement projects in Kampong Trach district, Kampot, to preserve the region's ecotourism and cultural heritage, according to Construction & Property Magazine. The decision will affect a project licensed to BYRICH Construction Material Company.

Its project spans 463 hectares across six limestone-rich mountainous sites, with a license valid from March 2020 to March 2035.