September 2025

Pakistan: The Punjab government has approved the construction of a new Gharibwal Cement plant in Chakwal. The Punjab Finance Minister Mujtaba Shuja-ur-Rehman described the approval of a new cement plant in Chakwal as a milestone for industrial growth that would support the construction sector and stabilise the local economy.

India: The groundbreaking of UltraTech Cement’s US$42.2m expansion project at its Cuttack plant took place on 15 September 2025 at the project site in Khamar Nuagaon and Kolathpangi village, Athagarh tehsil. The expansion will double the unit’s capacity from 3Mt/yr to 6Mt/yr. Ardhendu Mohapatra, head of Aditya Birla group in Odisha, and Abhinash Rath, plant head of Ultratech Cement Cuttack, were present at the event.

Pakistan: Cement exports almost doubled in the first two months of the 2026 financial year compared with the same period in the 2025 financial year, according to provisional trade data from the Trade Development Authority of Pakistan (TDAP).

Exports of cement were valued at US$73m in July - August 2025, up by 98% year-on-year from US$37m in July - August 2024. In August 2025 alone, cement exports reached US$38m, compared with US$22m in 2024, reflecting an increase of about 70% year-on-year.

Peru: National cement dispatches reached 1.15Mt in August 2025, up by 4.4% year-on-year, according to the Asociación de Productores de Cemento (ASOCEM). On a 12-month rolling basis, dispatches grew by 3% year-on-year. Cement production stood at 1.04Mt, a 2% increase compared to August 2024 and 1% higher over the 12-month cumulative period. In contrast, clinker production dropped to 630,000t, down by 20% year-on-year and 12% lower on a 12-month basis.

Cement exports fell by 6% to 10,962t compared to August 2024, though they rose 10% over the 12 months. Clinker exports reached 72,006t, down by 3% and 11% lower across the 12-month cumulative period. Imports of cement saw a significant 565% increase to 10,763t, up by 109% over the 12-month period. Clinker imports stood at 35,396t, falling by 56% from August 2024 but still 43% higher in the 12-month comparison.

India: The Meghalaya government has confirmed that it has no plans to revive the defunct state-owned Mawmluh Cherra Cements (MCCL) plant and is instead exploring options to transform the site into a tourist attraction. Deputy Chief Minister Sniawbhalang Dhar told the Assembly that after years of failed attempts, the state had concluded that MCCL’s revival was no longer feasible. MCCL, originally established as Assam Cement in the 1950s, ceased production in 2020 after mounting losses left it unable to compete with private manufacturers, according to local press. A final attempt in 2022 to secure a joint venture partner also collapsed after three interested firms either withdrew, were disqualified, or declined to proceed. The government has since rolled out a US$11m compensation plan for employees, contractors, suppliers and former workers. The third and final US$3m tranche is reportedly due by 2026 - 2027.

The government is focusing on repurposing the site with revival plans now ruled out. The Sohra area, already a popular tourist destination, is being considered for new projects. Chief Minister Conrad K Sangma previously confirmed that he had been in talks with the Hima of Sohra, a local community group, in August 2023 and that it had ‘expressed enthusiasm’ about working with the government to develop tourism opportunities that would benefit the local economy.

Carmeuse announced this week that it has acquired a controlling stake in Chile-based Cbb. It said that the transaction strengthened its presence in South America, building on its existing operations in Colombia and Brazil. The move marks a diversification for the Belgium-based lime company. Cbb, formerly Cementos Bío Bío, is a vertically integrated heavy building materials producer with cement and concrete plants, in addition to limestone mines and plants.

The transaction sees Carmeuse take over a 97% share of Cbb for around US$490m. The deal was made public in early August 2025. A public tender offer, as part of the acquisition process, then completed on 11 September 2025. The settlement date, when the share ownership changes and the payment is made, will take place on 23 September 2025. The takeover was able to proceed once the main family-based shareholders of Cbb, who owned around 65%, agreed to the deal. Peru-based cement company Yura, which owned around another 20%, also consented. It sold its share for around US$100m.

The takeover of Cbb has been a while in the making and has involved different parties. It first became apparent to the public in late 2024 that Peru-based Grupo Gloria, the owner of Yura, had launched a bid to buy an additional 20% share. The board of Cbb rejected the offer, which appraised the full company at just under US$400m, as undervalued. Around the same time, Cbb revealed that US-based Mississippi Lime Company (MLC) had made its own takeover bid in May 2024 for around US$500m. However, MLC then withdrew its offer. Both Yura and MLC reportedly made their approaches in conjunction with some of the local family-based major shareholders. Also, note the interest by another lime company in Cbb.

Jump forward nine months and the deal appears done. Yet, as mentioned above, Carmeuse is buying more than just a lime producer. Cbb operates three integrated cement plants and one grinding plant in Chile. It also runs a grinding plant at Matarani, in the south of Peru. Global Cement Directory data suggests that the plants in Chile have a cement production capacity of over 3Mt/yr. This places the clinker capacity cost at around US$160/t. However, the capacity utilisation rate is likely to be low at present given that the company reported cement despatches of 1.2Mt in 2024. In addition, Cbb runs 27 ready-mixed concrete plants, two lime plants and three limestone mines in Chile. In Argentina it operates a lime plant and a lime mine. The company reported lime despatches of 0.83Mt in 2024.

Cbb recorded sales revenue of US$204m for cement and US$174m for lime. Pertinently, it noted a profit of US$2.26m for the cement division but one of US$35m for the lime one. Although, to be fair, sales revenue and profit grew year-on-year for both divisions. For the cement sector, the company said that the industry had experienced one of the “most severe crises in 2024 in the last 30 years.” It reported a decline in new construction projects due to rising material costs, higher credit requirements, low business confidence and a poor general economy. Ratings agency Humphreys noted, in a report on the cement sector in Chile in December 2024, that Cbb had improved its earnings margin in recent years due to the performance of its lime division.

Carmeuse’s acquisition of Cbb is a major change for the cement sector in Chile following declining cement despatches since 2021. From here one question is whether Carmeuse wants to run a cement and concrete business in Chile. The current state of the cement market in Chile, Carmeuse’s expertise in lime and the profitability of Cbb’s lime division, are three reasons why it might decide to divest this part of the business at a later date. On the other hand, Carmeuse’s expertise running rotary lime kilns could certainly feed into a new cement division if it chose to. MLC’s earlier interest in Cbb and a lack of many other cement companies being linked to the divestment also suggest that the focus has firmly been on the lime side of Cbb’s business. The one cement company that was interested, Yura, has links to lime too. Sister company Cal & Cemento Sur runs a lime plant in Puno Region in Peru, with US$100m plans for a new lime plant in Lima also in the works. The future of the cement division of Cbb is likely to be watched closely.

The FICEM Technical Congress 2025 has been taking place this week in Lima, Peru

Spain: Titan Group has appointed Juan Moreno as Investment and Business Development Manager. Moreno previously worked as a Venture Architect for Cemex Ventures from 2017 to 2025. Before this he was a consultant as the Boston Consulting Group. He holds a master’s degree in civil engineering from the Universidad Politécnica de Madrid and a master’s of business administration qualification from INSEAD.

Algeria: Interim Prime Minister Sifi Ghrieb, who came to power on 14 September 2025, has chaired an inter-ministerial meeting on the topic of cement and clinker exports, according to a press release from the Prime Minister's office. Those present included the ministers of finance, foreign trade and export promotion, public works and transport, the Governor of the Bank of Algeria, and economic operators active in the cement export sector. The meeting was reportedly prompted by a request from the Algerian President Abdelmadjid Tebboune.

The meeting provided Interim Prime Minister Ghrieb the opportunity to receive presentations on the state of infrastructure at the ports involved in export operations and to listen to the concerns and proposals of the economic operators present. It agreed a series of immediate and short-term measures by streamlining the operation of current infrastructure. Medium-term proposals to target a greater proportion of cement and clinker towards export markets, including investment in new infrastructure, were also discussed.

Kenya: On 16 September 2025, the Kenyan government directed the East African Portland Cement Company (EAPCC) to pursue a share buyback of a 29.2% stake owned by Switzerland’s Holcim, in what looks set to derail the sale of the shares to a Tanzanian tycoon.

The planned sale of the EAPCC shares to the Tanzanian investor Edhah Abdallah Munif had raised concerns in Parliament over the discounted cost of the deal, which had been set to take place at just half of the company’s stock price. Legislators have queried why shares in the asset-rich firm were being sold at a knock-down price.

Under the terms of the Tanzanian deal, Munif had been set to buy 26.32 million EAPCC shares from Holcim using an investment firm known as Kalahari Cement for a total of US$5.6m, which values the company at US$19.2m. Its share price on 17 September 2025 suggested a value of around US$38.5m.

To proceed with the share buyback, EAPCC must get approval from the Capital Markets Authority (CMA). The maximum share buyback price is 10% more than the average price over a month, while the minimum is the prevailing price on the Nairobi Stock Exchange.

Italy: Rising sales volumes and declining energy prices have combined to boost the financial results of Umbria-based Cementerie Aldo Barbetti in 2024. It closed with a slight year-on-year profit increase from €23.0m to €23.7m. Year-on-year revenues increased by 5.2% from €174m to €183m.