Displaying items by tag: GCW461

Australia: James Hardie has revised its guidance for the quarter ending 30 June 2020, the fourth quarter of the Australian fiscal year 2020, following “improved housing market activity, particularly in North America.” Australian Associated Press – Financial News has reported that James Hardie has revised its North American fibre cement boards volumes growth estimate to 1% year-on-year from a 3% drop previously. It expects Australian volumes to remain constant year-on-year, as previously predicted, and European volumes in the quarter to fall by 13%, rather than by 16%.

India: Retail investor Radhakishan Damani has announced plans to acquire a majority stake in The India Cements. The deal is subject to the approval of competition authorities.

Thailand: Siam Cement Group (SCG) will participate in a pilot run a of prototype payments system developed by Siam Commercial Bank (SCB) that integrates central bank digital currency (CBDC) into the group’s procurement and financial management systems. CoinDesk News has reported that the Bank of Thailand will launch the project in July 2020 and conclude it by January 2021. The bank said, “The project marks an important step in broadening CBDC’s scope and adoption to wider audiences, starting with large corporates.”

China: Cement companies produced 249Mt of cement in May 2020, up by 8.6% year-on-year from 229Mt in May 2019. Xinhua News Agency has reported that cement production in the first four months of 2020 was 520Mt, down by 18% from 637Mt over the corresponding period of 2019. Four-month sales revenue fell by 13% year-on-year to US$32.9bn from US$37.8bn. Net profit fell by 18% to US$4.99bn from US$6.01bn. April 2020 was the first month of the year in which sales and profit grew, by 4.4% and 0.6% respectively.

Uzbekistan: The government has announced the sale of shares in UzAssets, an investment company founded to privatise its 36% stake in Qizilqumsement. The Information Agency of the Ministry of Foreign Affairs of the Republic of Uzbekistan (DUNYO) has reported that Qizilqumsement is a 51% subsidiary of Uzpromstroymaterialy, with the remainder held by private minority shareholders. Qizilqumsement operates the 3.8Mt/yr Qizilqumsement cement plant in Navoi, Navoiy Region.

Bangladesh: The Bangladesh Cement Manufacturers Association (BCMA) has suggested the removal a 3% non-refundable advance income tax (AIT) and a 3% import duty on raw materials, as well as the reduction of a US$5.88/t import duty on clinker by 40% to US$3.53/t. The Dhaka Tribune newspaper has reported that BCMA members are struggling to pay their dues due to the impacts of the coronavirus lockdown, which caused the sector a loss of US$353m between 21 March 2020 and 21 June 2020.

BCMA President Mohammed Kabir said, “To generate taxes and revenue from this sector, the government should save our businesses and meet our logical demands in the final budget. We are really frustrated that our demands were unaddressed in the proposed budget. Our working capital will dwindle if the government keeps charging the AIT.” He added, “If the government does not remove the 3% non-adjustable AIT, then at least it should be declared as adjustable tax.”

Sri Lanka: Siam City Cement subsidiary Insee Cement says it is ramping up production at its 0.4Mt/yr Galle grinding plant. The unit in Southern Province opened in 2018. The Daily FT newspaper has reported that the grinding plant, along with Insee’s Puttalam integrated plant, will have the production capacity to serve 100% of domestic demand. The producer added that production and supply of its products had returned to normal following disruption caused by coronavirus-related lockdown measures.

Insee Cement sales, marketing and innovation executive vice president Jan Kunigk said, “Our contribution to uplifting the nation’s economy is of immense value in rebuilding Sri Lanka during post-pandemic recovery. Insee Cement’s ability to efficiently deliver our full capacity of high-quality cement needed by individual house builders and concrete business partners has always been ensured.”

US: Hawaiian Cement has announced the relocation of its Kahului Harbour cement terminal to an adjacent facility, previously occupied by a sugar company. The Maui News newspaper has reported the reason for the relocation as a disruption caused by operations at the terminal to a neighbouring company’s unloading operations, which caused “a significant constraint to operations and safety at Pier 2.” The new terminal, adjoining Pier 3, will have two cement silos with a joint capacity of 6000t, up by 88% from 3200t. Hawaiian Cement says that this will enable it to meet 100% of demand on the island of Maui.

Germany: Schwenk Zement has announced plans for the production of sustainable aviation fuel (SAF) from cement kiln CO₂ emissions. The World Ethanol and Biofuels Report has reported that Schwenk Zement’s integrated 1.0Mt/yr Allmendingen, Baden-Württemberg plant will receive a pilot SAF plant in late 2020.

Russia: Sibtsem Holding Company subsidiary Timlyuy Cement has announced the completion of essential upkeep on raw material mills five and ten at its Timlyuy Cement plant. Improvements included the replacement of exhausted plate feeders with bucket feeders for accurate dosing, “improving the quality of the finished product while lowering cost,” according to Timlyuy Cement process control chief expert Vladislav Zarubin. A new conveyor belt with an electric drive, strain gauges and control system was also included under the US$57,500 upgrades.

Timlyuy Cement says that per unit productivity has increased by 37% to 55t/hr from 41t/hr. Managing director Vladimir Klichko said, “For the Timlyuy Cement plant, improving the reliability of process equipment is traditionally one of the primary tasks. The modernisation of raw materials grinding, performed at the proper level, is the key to stable and efficient operation of the enterprise - a guarantee that even at the peak of the construction season, consumers will receive high-quality products on time, and in the right amount.”