21 November 2025

France/Syria: The former Lafarge CEO Bruno Lafont has taken the witness stand at the start of a hearing that will focus on the alleged financing of the Islamic State in Syria in the early 2010s. Lafont took the stand on 19 November 2025 to face questions from the 16th Criminal Chamber of the Paris Judicial Court, according to the Libération newspaper. He is on trial, along with several former senior executives, for financing terrorism in Syria.

At the heart of the trial is the continued operation of the former French multinational’s assets within Syria, a country embroiled in civil war between 2011 and 2014. Lafarge has since been absorbed into Switzerland’s Holcim.

Bruno Lafont joined Lafarge in 1983 and served as its CEO from 2007 to 2015. He maintains that, on a multinational scale, the Syrian plant, located in the city of Jalabiya, north of Raqqa, was not one of the group's most strategic assets. Lafarge nevertheless aimed to supply 30% of the country's cement needs and employ 1000 people, which Lafont conceded was a ‘significant investment.’ The plant only opened shortly before the onset of hostilities.

Explaining the decision to keep the plant running, Lafont asserted that Lafarge keeping the plant open was “a form of commitment to the local communities.” Lafont said that he and his subordinates were bound by a ‘moral obligation,’ stating “These assets were ours, but they also belong to the country, to the region.”

Questioned by the presiding judge, Isabelle Prévost-Desprez, and pressed further by representatives of the National Anti-Terrorist Prosecutor's Office, Aurélie Valente and Olga Martin-Belliard, the former CEO mostly claimed he hadn't been informed about the situation at the Syrian factory. Prosecutors pointed out that Lafarge had received numerous warnings before the plant was invaded by Islamic State on 19 September 2014. They also pointed out the embassy closures, the mass departure of international companies and the removal of country directors from Syria, asking why these events did not attract the ‘curiosity’ of Lafarge’s CEO. In reply Lafont stated "Before Syria, we had experienced several Arab Springs… and they all stopped.” He also drew parallels to the situation in Egypt, which he described as ‘practically an insurrection.’

In a separate case in the US, Lafarge admitted in 2022 that its Syrian subsidiary paid US$6m to Islamic State and the Nusra Front to allow employees, customers and suppliers to pass through checkpoints after the civil conflict broke out in Syria. The group paid US$778m in forfeiture and fines as part of its plea agreement. Lafarge faces much lower fines in France if it is found guilty, but eight of the 10 individuals on trial face up to 10 years in prison if found guilty.

The trial in Paris continues.

India: Cement producers saw strong sales in the second quarter of the 2026 Fiscal Year (FY2026), due to steady prices and higher sales volumes. Seasonal weakness and maintenance outages did dent performance, but the overall picture remained positive, according to the Business Standard newspaper.

Centrum Broking said that results pointed to 4 - 5% year-on-year demand growth in the second quarter despite weather-related interruptions. Stronger rural activity and ongoing construction kept consumption buoyant. Meanwhile, JM Financial reported that like-for-like cement volumes grew by 7%. Adjusted for acquisitions, consolidated volumes at UltraTech Cement and Ambuja Cements also rose by 7%, while JK Cement saw a 15.1% increase, driven by capacity increases and a higher capacity utilisation rate.

India: Adani-led Adani Enterprises has reportedly beaten Vedanta in the race to take over the debt-laden Jaiprakash Associates, despite Vedanta placing the highest overall bid in an electronic auction, according to local media.

Jaiprakash Associates is the flagship arm of the Jaypee Group, with interests across cement production, power generation, engineering, hospitality, real estate and sports infrastructure. Its creditors unanimously voted in favour of Gautam Adani-led Adani Enterprises’ resolution plan, as it proposed higher upfront payments. Despite voting for Adani’s plan, some creditors did question the pre-bidding process, which reportedly gave Adani a perfect 100% score across a range of factors to assess its suitability.

Spain: Cement consumption grew by 18.5% year-on-year in October 2025 to reach 1.70Mt, 0.27Mt more than in October 2025, according to the latest data from Oficemen. "The sector has not reached a similar level of consumption since August 2011, an encouraging figure that allows us to anticipate a year-end total that exceeds 16Mt,” said Aniceto Zaragoza, CEO of Oficemen. “Even so, it would be necessary to maintain a stable consumption rate in the coming months to consolidate this trend and adequately meet the housing and infrastructure needs of our country.”

Cumulative consumption in the first 10 months of 2025 saw growth of 10.9% to reach 13.7Mt, 1.3Mt more than in the first 10 months of 2024. Cement exports in 2025 grew by 6.3% year-on-year to 403,782t. Over the first 10 months of 2025, exports fell by 7.4% year-on-year to 3.79Mt. Imports, however, grew by 28.6% over the same time interval, with an additional 0.4Mt imported so far in 2025 than in 2024. In light of rising imports and falling exports, Zaragoza insisted that "it is necessary to establish mechanisms to protect European countries from imports from third countries that have laxer environmental regulations that harm the competitiveness of our industry."

Zimbabwe: The government has relaxed regulations so that more cement can be imported into Zimbabwe. This aims to address cement shortages experienced recently due to a national construction boom, according to the Herald Zimbabwe newspaper. Minister of Skills Audit and Development, Professor Paul Mavima, said that cement prices will also decline as a result.

Historically, construction activity peaks between April and November, just ahead of the country’s rainy season, but demand in 2025, driven by both home building and commercial construction, has been described as ‘incomparable’ to previous cycles by dealers.
Zimbabwe’s cement industry has an installed production capacity of about 2.6Mt/yr, although output has been inconsistent due to ageing equipment and fuel shortages. While the country primarily imports cement from neighbouring Zambia, imports have dropped sharply, squeezing external supply just as domestic need accelerated.