Displaying items by tag: Americas

US: Titan Cement subsidiary Titan America has closed its initial public offering (IPO) of 24 million common shares at US$16 per share. The producer sold 9 million new shares, while Titan Cement sold 15 million existing shares.

Titan America received US$137m in net proceeds, to be used for capital expenditure and investments in technology as well as pursuing acquisitions. Titan Cement received US$228m. Titan Cement retains an 87% stake in Titan America with 160 million shares.

Argentina: Cement despatches rose by 9% year-on-year to 0.84Mt in January 2025, the Association of Portland Cement Manufacturers (AFCP) has reported. This marks the first increase following 21 consecutive months of decline. The country recorded its lowest volume of cement despatches in 15 years in 2024 due to government capital expenditure cuts. In December 2024, despatches fell by 5% year-on-year, following 12 months of declines exceeding 40%.

Canada: Lithium Universe has signed a memorandum of understanding with Lafarge Canada for the supply of aluminosilicate product (ACSR) from its Bécancour lithium refinery for use in Lafarge Canada’s cement.

The parties will work towards a definitive supply agreement, which would see Lafarge sourcing all ACSR from the facility in a bid to reduce waste and support a circular economy.

Lithium Universe chair Iggy Tan said “This is great news for Lithium Universe as we partner with Lafarge Canada to enhance the North American battery materials supply chain and promote sustainable innovation in Canada’s cement industry. This collaboration will not only advance our focus on building Bécancour Lithium Refinery’s secondary product supply chain but also strengthen local supply chains, foster a more circular economy in Québec, and contribute to greener construction materials.”

Mexico: Cemex has embarked upon a cost cutting exercise following a drop of sales volumes in 2024. Sales volumes of cement, ready-mixed concrete (RMX) and aggregates all fell in 2024. This in turn reduced sales revenue, despite higher prices and earnings. The group’s sales volumes of cement decreased by 2% year-on-year to 44.3Mt in 2024 from 45.2Mt in 2023. RMX sales volumes dropped by 6% to 44Mm³ from 46.8Mm³. Sales revenue and operating earnings before interest, taxation, depreciation and amortisation (EBITDA) dipped by 2% to US$16.2Bn and by 2% to US$3.08Bn respectively.

Sales and earnings rose on a like-for-like basis in Mexico and South, Central America and the Caribbean but fell elsewhere. In Mexico the group noted a strong first half of 2024 followed by a poor second half. In the US it reported a number of ‘extreme’ weather events. In Europe, Middle East, and Africa it said a recovery trend in earnings was observed in the second half of the year.

In response the company has launched ‘Project Cutting Edge,’ a three-year, US$350m saving programme intended to streamline operations, improve efficiency and further use of digital technology throughout the business. The initiative is anticipated to deliver US$150m in incremental EBITDA in 2025 and expected to reach a run-rate of US$350m by 2027.

Fernando A González, CEO of Cemex, said “With the recovery of our investment grade ratings, improved free cash flow generation and the execution of US$2.2bn in asset divestments, we can now pursue more aggressively our capital allocation priorities of growth through small to medium-sized acquisitions, primarily in the US, additional deleveraging, and building further on our shareholder return programs.”

US: Titan Group expects to generate US$365m from the initial public offering (IPO) of its subsidiary Titan America. The latter company has priced its IPO of 24 million common shares at US$16/share. The IPO is expected to close on 10 February 2025, subject to customary closing conditions.

Titan America expects to receive net proceeds of approximately US$137m from the IPO. Some of these funds will be used to support investments in technologies, the company’s growth strategy and acquisitions. Parent company Titan Cement International expects to generate US$228m. Following completion, Titan Cement will retain a 87% share of Titan America.

US: Summit Materials says that it has obtained the stockholder approval required for its proposed acquisition by Quikrete. The transaction is expected to close within the first quarter of 2025, subject to any remaining customary conditions. Once complete, Summit Materials will become a privately-held subsidiary of Quikrete.

Quikrete entered into a definitive agreement to buy Summit Materials for a total enterprise value of US$11.5bn in November 2024. The deal will add Summit Materials’ aggregates, cement and ready-mixed concrete business to Quikrete’s concrete and cement-based products business to create a vertically integrated business in North America.

US: The Portland Cement Association (PCA) has issued a statement following the US government’s announcement of proposed 25% tariffs on imports of cement from Canada and Mexico. The association lauded President Donald Trump’s stated goal of protecting the US cement industry, while also calling for careful consideration of measures to be taken.

President and CEO Mike Ireland said “While the US cement industry agrees with the President’s objectives of bolstering American manufacturing, increasing border security, and advancing the country’s energy independence, the industry believes 25% tariffs on cement imported from Canada and Mexico could adversely affect energy and national security while delaying infrastructure projects and raising their costs.” Ireland continued “The availability of affordable cement and concrete is vital to meet our country’s infrastructure needs and for the oil and gas sector’s expansion. Mexico and Canada play a crucial role in stabilizing US supply, so we appreciate that the administration is open to negotiations and taking a flexible approach to implementing trade policy.”

Mexico: The Mexican National Chamber of Cement (CANACEM) has warned that the US government’s proposed reimposition of a 25% tariff on imports of cement from Mexico may trigger a ‘competitiveness crisis’ in the US, with dire consequences for North America as a whole. Mexico exported 1.5Mt of cement to the US in 2024. This corresponds to 7% of US cement imports and 1.4% of the country’s total consumption. The El Norte newspaper has reported that CANACEM sees the current situation as an opportunity for Mexican and US policymakers and stakeholders to increase their mutually beneficial initiatives, citing the example of a proposed Carbon Border Adjustment Mechanism (CBAM) on a region-wide scale.

CANACEM president José María Barroso said "In addition to incentivising more sustainable production, this would promote greater integration and strengthen the regional market. The Mexican cement industry is ready to work with our government and our trade partners to find solutions that promote greater regional integration."

Canada: St Marys Cement, Votorantim Cimentos’ North American subsidiary, has ordered SpectraFlow Analytics’ Airslide analyser for its Bowmanville cement plant in Ontario. The analyser will replace the plant’s existing XRF Atline system installed at the back end of the plant’s 450t/hr raw materials mill. It will provide continuous one-minute sampling results, without the need to prepare samples separately. This in turn will facilitate real-time adjustments to the line’s additive weight feeders.

SpectraFlow Analytics says that its equipment will now be installed at plants across 30 countries globally.

US: Holcim’s CEO Miljan Gutovic says he does not expect any effects of proposed US tariffs upon his company. "I don't really see any impact, because our business is a local business (in the US)," said Gutovic in an interview with Reuters. "We are producing locally, we are sourcing the equipment, the spare parts locally, so how is this going to affect us? I do not see it." He added that the proposed tariffs were also unlikely to pose any problems to the group’s planned spin-off of its business in the US. The listing of its North America-based business is remains scheduled for the first half of 2025.

The US government proposed tariffs upon imported goods from Canada and Mexico in early February 2025 but these have been paused for one month. Tariffs on China are set to start on 4 February 2025. US President Donald Trump has also spoken about implementing tariffs on the EU.