
Displaying items by tag: China
China: Anhui Conch Cement and Xinjiang Tianshan Cement plan to launch a joint venture. Reuters News has reported that the companies will inject the joint venture with registered capital of US$297m.
Italy: Cementir Holding’s sales rose by 22% year-on-year to Euro811m in the first half of 2022 from Euro665m in the first half of 2021. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 7.7% to Euro144m from Euro134m. Its net profit grew by 39% to Euro66.6m from Euro47.9m. During the half year the group sold 5.41Mt of cement and clinker, down by 0.8% from 5.46Mt. The group attributed this to local sales declines in China, Denmark and Turkey.
Chair and chief executive officer Francesco Caltagirone said, “The first-half 2022 results are aligned with our forecasts. Despite the severe geopolitical tensions and the significant increase in raw materials, energy and logistic costs, the group is showing great resilience thanks to an increased geographical and product diversification and a focused cost management.”
Cheetah Cement workers strike
25 July 2022Namibia: 200 Cheetah Cement employees have gone on strike to protest low wages and lack of pensions and medical aid. The Namibia Press Agency has reported that salaries have fallen behind inflation, having remained level for four years.
Cheetah Cement general manager Kevin Lee called strikers’ demands ‘unrealistic’ and said that the producer had done everything in its power, but now ended in a ‘deadlock’ with workers.
Tangshan Jidong Cement to issue US$148m in bonds
22 July 2022China: Tangshan Jidong Cement plans to raise US$148m through an issuance of bonds. Reuters News has reported that the producer will use some of the funds to repay its debts, and the remainder to replenish its capital.
China: Italy-based Bedeschi has appointed Michele Gatto as the managing director of its new Hong Kong-based subsidiary Bedeschi Far East. The company is intended to assist local customers and to support the Far East market both commercially and technically.
Gatto was previously the Sales Director East Asia and Asia Pacific for Aumund from 2019 to 2022. Prior to this he worked for Bedeschi in area manager and sales roles with a focus on Asia. He has also worked for Danieli, Brevnini Power Transmission and Carraro.
China: Tangshan Jidong Cement expects to record a 3.9 - 12% drop in its net profit in the first half of 2022. This would result in a figure of US$157 - 171m, compared to US$178m a year earlier.
China: Fitch Ratings expects West China Cement to record a first-half sales decline of 10% in 2022, due to ‘sluggish’ residential construction, on-going Covid-19 restrictions and high coal costs due to the Russian invasion of Ukraine. The rating agency predicted a ‘mid-single digit’ full-year sales decline in 2022, with a gross profit margin for the group of 28%, compared to 30% in 2021. This probability results from higher costs arising from overseas investments during the year.
China: Tianshang Jidong Cement will list and circulate 5% of its shares on 14 July 2022. The producer has the approval of the China Securities Regulatory Commission to raise funds of US$298m from the sale to support its merger with BBMG East Cement.
China: Conch Cement has explained that neither its subsidiary Xuancheng Conch, nor any officers of the company, are subject to investigation or penalties for tax evasion. The producer said that a local media outlet had reported false allegations to this effect.
Conch Cement said "Xuancheng Conch has met all payment obligations for taxation in strict compliance with the relevant laws and regulations of the People's Republic of China."
Mudajaya Group Berhad to acquire Real Jade Limited
04 July 2022China: Mudajaya Group Berhad has concluded a deal to acquire Real Jade Limited for US$51m. The deal marks the Malaysia-based conglomerate’s first expansion into the Chinese market. Real Jade Limited operates the 1Mt/yr Shandong integrated cement plant. It employs 50 people in Shandong Province.