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News Taiwan Cement Corporation

Displaying items by tag: Taiwan Cement Corporation

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Atlante secures Euro49.9m grant for European vehicle charging network

12 September 2023

Europe: The EU has awarded a Euro49.9m grant under its Alternative Fuel Infrastructure Facility (AFIF) to Taiwan Cement subsidiary Atlante. The cement group said that Atlante will use the funds to building a fast and ultra-fast electric vehicle charging network in Europe.

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Update on cement diversification, June 2023

07 June 2023

Taiwan Cement said this week that it is aiming for cement to account for less than half of its sales by 2025. At the annual shareholders’ meeting chair Nelson Chang defended the cement sector as a core business but said that the company was expanding more into the green energy sector through its energy storage and vehicle charging lines. Chang directly linked the strategy to growing carbon taxes around the world, such as the European Union Emissions Trading Scheme, where the carbon price has been occasionally close to pushing past Euro100/t since early 2022. Taiwan Cement formed a joint venture with Türkiye-based Oyak Group in 2018 that runs Cimpor in Portugal.

Company

Cement share of business

Other main sectors

CNBM

45%

Aggregates, concrete, gypsum, wind turbines, batteries, engineering

Anhui Conch

78%

Aggregates, concrete, sand, trading

Holcim

51%

Aggregates, concrete, lightweight building materials

Heidelberg Materials

44%

Aggregates, concrete, asphalt

UltraTech Cement

95%

Concrete

Taiwan Cement

68%

Power supply, rechargeable lithium-ion battery, sea and land transportation

Taiheiyo Cement

70%

Aggregates, concrete

Table 1: Cement business share by revenue of selected cement producers. Source: Corporate annual reports.

Taiwan Cement’s plan to decrease its reliance on cement is becoming a familiar one. Holcim notably revealed in 2021 that it was growing its light building materials division. Its cement division represented 60% of sales in 2020 with concrete and aggregates making up most of the rest to 92% and the remaining 8% on other products including light building materials. This started to change with the acquisition of roofing and building envelope producer Firestone Building Products in 2021. Other similar acquisitions have followed. Holcim’s current target is to grow the Solutions & Products division to around 30% by 2025, with cement reduced to somewhere between a third and half of sales. Earlier this year Japan-based Taiheiyo Cement said it was doing a similar thing as part of its medium-term strategy to 2035. In its case cement represented 70% of its sales in 2022 but it is now aiming to reduce this to 65% by 2025 and 50% by 2035.

A common pattern for the business composition of European cement companies is a mixture of heavy building materials made up of cement, concrete and aggregate. However, not every cement company follows the same route. Some cement companies are simply parts of larger conglomerates. UltraTech Cement, for example, is mostly just a cement company. However, it is also part of Aditya Birla Group, which runs a wide range of industries including chemicals, textiles, financial services, telecoms, mining and more. Depending on how one looks at it, UltraTech Cement’s cement business ratio is large or Aditya Birla Group’s ratio is small. Siam Cement Group (SCG) in Thailand is another example of a cement producer operated by a conglomerate with other major businesses.

A different approach that some cement producers take is to mix cement production with complimentary businesses outside of heavy building materials. A good example of this is Votorantim Cement in Brazil, which manufactures cement and steel. Companhia Siderúrgica Nacional (CSN) is another Brazil-based cement producer that is also well known for steel production. Adani Group in India, meanwhile, was well known for logistics, power generation and airports before it purchased Ambuja Cements and ACC from Holcim in 2022.

The driver for cement companies looking to reduce cement as a proportion of their businesses has varied between the three examples presented above. Holcim’s approach has been in response to growing European carbon costs but it also fits with a general desire to broaden its business as the company has sought to reshape itself following the merger between Lafarge and Holcim. Taiheiyo Cement’s plans also have a sustainability angle but the Japanese market has been in slow decline since the 1990s and this has been made worse by the spike in energy prices since 2022. Investing in new businesses makes sense for either of these reasons. Lastly, Taiwan Cement says it is taking action in response to carbon prices around the world. However, its proximity to many other large-scale producers in the Far East may also be a factor. Whether more companies follow suit and also start to reduce the ratio of their cement businesses remains to be seen. Yet, mounting carbon taxes and global production overcapacity look set to make more of the larger cement producers consider their options in certain places.

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Taiwan Cement Corporation to diversify towards 50% non-cement sales in 2025

02 June 2023

Taiwan: Taiwan Cement Corporation aims to diversify its business away from cement by increasing its sales from energy storage and vehicle charging. It aims to derive over 50% of its revenues from other activities besides cement by 2025. The Taipei Times newspaper has reported that the producer will continue to produce 80Mt/yr of cement. The company said that the reason behind its planned diversification is its responsibility to help reduce global net CO2 emissions.

Chair Nelson Chang said “Carbon reductions must be fast and efficient, and the use of solar and other green energy resources in producing cement is not enough to offset carbon emissions. That means Taiwan Cement has to press ahead and develop carbon capture techniques that would help mitigate the negative impact of cement production on the environment.”

Published in Global Cement News
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18 companies in Taoyuan fined US$7m for fixing concrete prices

20 February 2023

Taiwan: The Taiwanese Fair Trade Commission (FTC) has fined 18 companies a total of US$7m for participation in a ready-mix concrete price-fixing cartel. The companies, including Taiwan Cement, all participate in the ready-mix concrete industry in Taoyuan Special Municipality. The FTC said that the companies have colluded both in person and via messaging apps in order to raise the price of concrete in Taoyuan, since 'as early as November 2018.' Other recipients of fines include Goldsun Building Materials, Ya Tung Ready Mixed Concrete and 15 companies based in Taoyuan. Fines range from US$16.5m up to US$329m for larger participants.

CNA News has reported that Taiwan Cement denies involvement in any cartel.

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OYAK Çimento/Taiwan Cement Company joint venture restarts one cement plant after Türkiye earthquake

08 February 2023

Türkiye: OYAK Çimento and Taiwan Cement Company (TCC)s’ joint venture says that it has successfully restarted one of its Turkish cement plants following an earthquake on 6 February. The Netherlands-based joint venture said that two further plants remained at a standstill due to a regional power outage.

Two major tremors, of magnitudes 7.8 and 7.5 on the Richter scale, originated near Gaziantep in Türkiye’s Southeastern Anatolia Region. TCC immediately activated its Employee Care Plan to assist and arrange aid for employees and their families, dispatching 100 emergency kits by courier.

On 8 February 2023, rescuers had reported that 9460 people had died in the catastrophe, 6960 in Türkiye and 2500 in Syria.

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Kataoka Corporation supplies US$43.4m-worth of equipment to Taiwan Cement Corporation

01 December 2022

Taiwan: Japan-based Kataoka Corporation has successfully carried out an order for US$43.4m-worth of equipment for Taiwan Cement Corporation. Reuters News has reported that the order consists of cement plant machinery.

Kataoka Corporation is a developer and producer of laser processing systems and rechargeable battery inspection systems.

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Taiwan Cement orders US$33.4m-worth of equipment from Hana Technology

02 November 2022

Taiwan: South Korea-based Hana Technology has won a contract to supply US$33.4m-worth of equipment to Taiwan Cement. Local press has reported that the order will supply a cement plant upgrade by the producer.

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Update on China, August 2022

31 August 2022

The larger cement producers in China have published their half-year financial results and the numbers are looking grim. Starting with data from the National Bureau of Statistics of China, cement output in the country fell by 14.5% year-on-year to 979Mt in the first half of 2022 from 1.14Bnt in the same period in 2021. This is the lowest first half output figure since 2012. The decline on a monthly basis started in May 2021 and has carried on consistently since then. Rolling cumulative annual output hit a low of 2.18Bnt in July 2022, the lowest figure since at least the start of 2019 and well before the coronavirus pandemic started.

Graph 1: Cement output in China, 2018 to 2022. Source: National Bureau of Statistics of China.

Graph 1: Cement output in China, 2018 to 2022. Source: National Bureau of Statistics of China.

The financial figures from the cement producers have mostly followed this trend. Of the companies covered here, Anhui Conch’s drop in sales revenue was the most distinct at 30% year-on-year to US$8.14bn. However, Jidong Cement actually managed to increase its revenue and Huaxin Cement’s decrease was fairly small, possibly due to its growing stable of overseas projects. None of these companies could avoid falling cement and clinkers sales volumes though. Again, Anhui Conch is the outlier here with a larger fall in sales volumes proportionally at nearly 40% compared to around 20% for the rest. Chen Bolin, the deputy secretary-general of China Cement Association (CCA), told the 21st Century Business Herald newspaper that of the 20 or so listed cement companies that have published their half-year reports by the end of August 2022, more than half had reported falling sales revenue and net profit and only one company had managed to increase its net profit.

Graph 2: Sales revenue from selected Chinese cement producers. Source: Company financial reports. Note: Cement revenue shown only for CNBM & Taiwan Cement.

Graph 2: Sales revenue from selected Chinese cement producers. Source: Company financial reports. Note: Cement revenue shown only for CNBM & Taiwan Cement.

Graph 3: Sales volumes of cement and clinker from selected Chinese cement producers. Source: Company financial reports.

Graph 3: Sales volumes of cement and clinker from selected Chinese cement producers. Source: Company financial reports.

The financial reports from the Chinese cement companies detailed here have been fairly light on the reasons for the current state of the sector. Repeated coronavirus outbreaks, instability in the real estate market, a lack of funding for infrastructure projects, growing energy and raw materials costs, pressure on prices and a generally weak economy have all been blamed for the situation. Media channels outside of China have continued to scan the country’s real estate sector for signs of collapse following Evergrande’s problems in 2021. However Chen Bolin diplomatically held back by describing the real estate market as not yet stabilised and a drag on cement demand. Instead he hoped that large-scale infrastructure projects would offer some form of relief.

One last point to note, that both the CCA has made and could be seen in some of the company reports, is that some of the Chinese cement companies are already starting to diversify their businesses. This is in parallel to what some of the larger western-based multinational cement producers have also been doing in recent years with forays into concrete, light building materials and construction chemicals. CNBM already has large concrete, light building materials and engineering subsidiaries. However, Huaxin Cement and Anhui Conch have also started to branch out recently into aggregates, concrete and new energy generation, in the case of the latter company. Things may get worse before they get better, especially depending when or if the Chinese government decides to act on the real estate market. However, whatever kind of adjustment the cement sector may face, there are some signs present already of what some of the companies may do next.

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Taiwan Cement's sales grow in first half of 2022

19 August 2022

Taiwan: Taiwan Cement recorded sales of US$1.67bn in the first half of 2022, up by 2.5% year-on-year from US$1.62bn in the first half of 2021. The group's cement segment increased its sales revenues during the half by 8.2% to US$1.42bn from US$1.31bn. Cement thus contributed 86% of revenues during the period. Net income attributable to the company's shareholders during the half totaled US$251m, down by 5.1% US$264m.

Published in Global Cement News
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An-Ping Chan adds president to duties at Taiwan Cement

17 August 2022

Taiwan: An-Ping Chan has become the president of Taiwan Cement in addition to his current roles as the group’s chief executive officer and the company’s chair. The concurrent appointment follows the resignation of previous president Jong-Peir Li due to personal health reasons.

Published in People
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