Displaying items by tag: GCW647
Cemex to issue US$322m in sustainable bonds
19 February 2024Mexico: Cemex will issue US$322m-worth of long-term sustainability-linked bonds on 20 February 2024. Noticias Financieras News has reported that the issuance will take place in two series: one of US$117.3m, with a 2.6-year floating rate, and one of US$205.3m, with a 6.6-year floating rate. HSBC will act as the intermediary.
Cemex said “The net proceeds from the reopening of the issues will be used to repay debt, seeking to accelerate the path to an investment grade credit rating."
Lafarge Canada producing 100% Portland limestone cement at St-Constant cement plant
19 February 2024Canada: Lafarge Canada has transitioned its St-Constant, Quebec, cement plant to the production of OneCem Portland limestone cement (PLC). The producer expects the transition to reduce the St-Constant cement plant’s CO2 emissions by 60,000t in 2024 alone.
Lafarge Canada (East) president and CEO David Redfern said "We are excited to take another crucial step in our sustainability journey. The transition to OneCem production at our St-Constant plant indicates Lafarge Canada's nonstop commitment to driving positive change within our construction industry. Our teams have been engaged in reducing our products’ environmental impact by embracing greener practices and materials."
Summit Materials raises full-year sales in 2023
16 February 2024US: Summit Materials has published its financial results for 2023, its last full year prior to its merger with Argos North America on 15 January 2024. The building materials producer’s sales rose by 10% year-on-year to US$2.4bn, while its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 18% to US$578m. Cement contributed 16% of sales revenue, at US$383m, up by 7%. This was despite a 7% decline in sales volumes.
President and chief executive officer Anne Noonan said "Summit is at an exciting and pivotal point in our company’s history. Our team has effectively capitalised on dynamic yet constructive market conditions to drive record revenue and profitability.” She continued “We're building on our record-setting performance by swiftly and safely advancing our Argos integration – a move that we expect will only strengthen our materials-led business. For 2024, with an improved footprint and increased scale, we anticipate delivering another year of strong growth and returns. Our positive outlook is supported by robust commercial conditions, an improving demand backdrop and a full set of growth opportunities that are unique to Summit Materials. Crucially, our high-quality execution, financial performance and strategic focus has afforded us the balance sheet flexibility to continue our pursuit of value-accretive capital allocation priorities. Today and moving forward, we firmly believe Summit is very well-positioned to generate superior value creation for our shareholders."
India: JSW Group plans to build a US$7.83bn steel complex in Jagatsinghpur district, Odisha. The complex will include a cement grinding plant. The Business Standard newspaper has reported that JSW Group's expansion plans in Odisha also include an electric vehicle and battery plant, at a cost of US$4.82bn. The group said that the investments reflect its commitment to diversifying its capabilities and contributing to the economic growth of Odisha.
Canada: Heidelberg Materials North America has awarded Technip Energies a front-end engineering and design (FEED) contract for its carbon capture project at the Edmonton cement plant in Alberta. The project will deploy Shell’s Cansolv CO2 capture system to remove 1Mt/yr from the plant’s flue gases. Carbon capture will commence in late 2026, subject to funding finalisation.
Heidelberg Materials North America’s Northwest regional vice president, cement operations, Joerg Nixdorf said “We are excited to take this latest step in our journey to produce the world’s first net-zero cement.” Nixdorf added “With each milestone we come closer to realising our vision of leading the decarbonisation of the cement industry.”
Technip Energies’ senior vice president of decarbonization solutions Christophe Malaurie said “We are pleased to have been selected by Heidelberg Materials North America to provide the FEED of this groundbreaking project in Canada. Leveraging our carbon capture solution powered by the Shell Cansolv CO2 capture system, we are committed to supporting the decarbonisation of the cement industry and Heidelberg towards the production of net-zero cement.”
Buzzi Unicem USA collaborates in Electrified Thermal Solutions’ thermal battery pilot
16 February 2024US: Buzzi Unicem USA is among industrial partners collaborating with Electrified Thermal Solutions in the development of its Joule Hive Thermal Battery for industrial heat decarbonisation. The partners plan to launch a commercial-scale pilot of the battery in San Antonio, Texas, in association with the Southwest Research Institute. The project is supported by US$171m in funding from the US Department of Energy. The battery delivers heat of up to 1800°C from energy from renewable sources.
Buzzi Unicem USA president and chief executive officer Massimo Toso said “Cement production is known as a hard to abate industrial sector in large part because of the high temperatures required. Electrified Thermal Solutions’ Joule Hive Thermal Battery is the first industrial heat decarbonisation solution we have identified that could potentially enable us to cost-effectively and completely eliminate the use of fossil fuels in our heating processes and achieve our corporate decarbonisation goals.”
Electrified Thermal Solutions chief executive officer Daniel Stack said “We believe the breadth and depth of involvement from our industrial partners like Buzzi Unicem USA was critical to demonstrate to the Department of Energy just how valuable the Joule Hive Thermal Battery will be for industrial decarbonisation, and we are grateful for their partnership.” Stack added “Southwest Research Institute’s engineering support and world-class industrial demonstration facilities signalled to the Department of Energy that our technology will be developed, built, operated, tested and evaluated to the highest standards.”
EU: The World Cement Association (WCA) has lent its voice to cross-industry support for the roll-out of the European Union's Carbon Border Adjustment Mechanism (CBAM). The mechanism taxes carbon-intensive imports, including cement, in order to prevent carbon leakage under the Emissions Trading Scheme. It first entered force on 1 October 2023, and will conclude its transitional period on 31 December 2025. Through its involvement, the WCA aims to inform and facilitate understanding of CBAM's reporting requirements, emission calculation methodologies and the workings of the CBAM Transitional Registry. WCA members and other stakeholders can access up-to-date CBAM information via a dedicated page on the association’s website.
WCA chief executive officer Ian Riley said "I'm pleased to announce our commitment to supporting our members in addressing the challenges and opportunities of this crucial initiative. The WCA is committed to supporting solutions that promote environmental responsibility and sustainability within the cement industry. We aim to work closely with our members and other stakeholders to navigate the challenges and opportunities presented by the CBAM regulation, ultimately contributing to a greener and more resilient global economy."
Peru: Cementos Pacasmayo recorded an 8% year-on-year drop in its full-year sales in 2023. Group sales volumes of cement and concrete fell by 14%. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) also dropped, by 2% to US$125m, influenced by a US$9.47m impairment due to the replacement of its former vertical kilns with a new kiln. The producer further attributed the decline to low construction activity in the private and public sectors, as well the effects of Cyclone Yaku in early 2023.
France: Hoffmann Green Cement Technologies recorded a turnover of Euro6m in 2023, more than double the figure for 2022. The company sold 21,378t of its clinker-free alternative cement, up by 78% year-on-year, but under its target of 24,000t. It strengthened its order book by 8% to 260,000t.
The company confirmed its existing financial objectives, namely: to achieve positive earnings before interest, taxation, depreciation and amortisation (EBITDA) in 2024; an operating profit in 2025; and a turnover of Euro130m by 2026.
Aker Solutions secures contract for Oslo CO2 terminal
15 February 2024Norway: Aker Solutions has won a front-end engineering and design (FEED) contract to develop Hafslund Oslo Celsio’s Port of Oslo CO2 terminal. The unit will facilitate the transport of CO2 to the Øygarden Northern Lights site under the Longship carbon capture and storage (CCS) initiative. The initiative involves Heidelberg Materials Northern Europe’s Brevik cement plant.
Aker Solutions’ executive vice president, new energies, Henrik Inadomi said “At Aker Solutions, we have a growing track record in supporting our customers across the entire CCS value chain. From capture and transportation to permanent storage, we provide innovative solutions and work with leading partners to support CCS developments across the globe. We are committed to building on this expertise and further strengthening our relationship with Celsio. We are proud to have engineered a cost efficient and effective layout which enabled Celsio to proceed with the next phase of this landmark development.”