Displaying items by tag: US
US: OGCI Climate Investments has made in an investment in Solidia Technologies to support the adoption of Solidia’s patented cement and concrete technology using CO2.
The Oil and Gas Climate Initiative (OGCI) is a chief executive officer (CEO) led initiative of 10 oil and gas companies that collaborate on action to lead the industry response to climate change. OGCI Climate Investments, its investment arm, supports the development, deployment and scale up of new technologies that are intended to reduce greenhouse gas emissions.
“We believe that Solidia Technologies’ product and process can provide a step change in lowering the greenhouse gas and water footprint of the cement and concrete industry,” said OGCI Climate Investments CEO Pratima Rangarajan.
Solidia Cement is a non-hydraulic cement composed primarily of low-lime-containing calcium silicate phases, such as wollastonite and pseudowollastonite (CaO·SiO2) and rankinite (3CaO·2SiO2). The setting and hardening characteristics of Solidia Cement are derived from a reaction between CO2 and the calcium silicates. The company uses a patented process called reactive hydrothermal liquid phase densification (rHLPD) to do this. Solidia Cement is intended to be a sustainable replacement for Ordinary Portland Cement (OPC). It uses the same manufacturing process, equipment and raw materials used by the cement industry while consuming less energy and generating less greenhouse gases.
Portland Cement Association downgrades US consumption forecast due to weather and infrastructure budget
30 October 2017US: The Portland Cement Association (PCA) has downgraded its forecast for cement consumption in 2017 and 2018 due to bad weather and lower anticipated budgets for the public construction sector. The association now expects cement consumption to rise by 2.6% in 2017 and 2.8% in 2018. It previously anticipated a 3.5% growth rate for both years in a statement made in May 2017.
“Once infrastructure and tax reform initiatives take hold and affect economic and construction activity, then we can expect growth in cement consumption to accelerate to higher levels,” said Ed Sullivan, PCA senior vice president and chief economist.
Sullivan noted the updated forecast assumes tax reform and a US$250bn national infrastructure program spearheaded by the Trump Administration and the House of Congress. However these initiatives are unlikely to begin until mid-2019. He added that the dual fiscal stimuli would accelerate GDP growth, construction spending and cement consumption. Lowering unemployment rates are also expected to add to inflationary pressures alongside these fiscal programs.
The PCA said that rising inflation would necessitate a stronger Federal Reserve reaction and is expected to result in a rapid and perhaps larger-than-expected increase in interest rates. This, in turn, could cause a slowdown in the construction industry leading to a potential decline in activity from the end of 2021.
Cemex grows profit in third quarter of 2017
26 October 2017Mexico: Cemex has increased its profit in the third quarter of 2017 due to growing sales and low costs. Its net profit rose by 1% year-on-year to US$289m in the third quarter of 2017 from US$286m in the same period in 2016, according to Dow Jones. Sales increased by 2% to U$3.5bn due to higher cement sales volumes in several markets and higher prices in Mexico and the US.
The group’s overall cement sales volumes remained unchanged at 17.5Mt. Sales by volume fell in Mexico due to earthquakes, bad weather and lower government spending on infrastructure. Cement sales volumes in the US rose on a like-for-like basis.
Eagle Materials’ sales revenue rises by 18% to US$742m in six months to September 2017
25 October 2017US: Eagle Materials’ sales revenue rose by 18% year-on-year to US$742m in the six months to September 2017 from US$630m in the same period of 2016. The revenue from its wholly owned cement business rose by 24% to US$311m. Overall cement sales volumes rose by 14% to 3.08Mt from 2.7Mt. The cement and gypsum wallboard producer benefitted from the acquisition of a cement plant in Fairborn, Ohio as well as increased net sales prices across most of its businesses.
"Eagle Materials' quarterly results reflect hurricane and other weather-related operational and demand interruptions. We were more fortunate than many, as our employees remained safe and our operations incurred no damage. Eagle is poised to serve our customers' additional needs as they meet the challenges of rebuilding over the coming quarters," said Dave Powers, president and chief executive officer (CEO) of Eagle Materials.
Mexico: Grupo Cementos de Chihuahua’s (GCC) sales revenue and earnings have benefitted from the integration of operations that it acquired in Texas and New Mexico in late 2016, favorable pricing environments in both the US and Mexico and the company’s growth strategy. Its net sales rose by 24.3% year-on-year to US$666m in the first nine months of 2017, from US$536m in the same period of 2016. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 25.1% to US$172m from US$137m.
"We continue to be on track in terms of executing our business strategy. Our EBITDA margin in Mexico reached 40.8%, the highest in the last decade, and our US margins reached 25.3%, the second highest since the Great Recession. We have completed the initial integration of the Odessa, Texas plant and other operations in Texas and New Mexico acquired last November. In addition, the expansion of the South Dakota plant is proceeding on schedule and GCC is continuing to make improvements in all our operations," said Enrique Escalante, the chief executive officer (CEO) of GCC.
Ash Grove Cement stockholders approve acquisition by CRH
23 October 2017US: The shareholders of Ash Grove Cement have approved its merger agreement with Ireland’s CRH. The decision follows a period of uncertainty about the sale to CRH when Summit Materials made a counter-bid for the company. Ash Grove subsequently extended its so-called ‘shop window’ consideration period to 20 October 2017. Following the shareholder approval, no further action is required by any Ash Grove shareholder to approve the merger agreement. The transaction is currently expected to close in late 2017 or early 2018, subject to regulatory approval.
Loma Negra aims to raise US$800m in initial public offering
16 October 2017Argentina/US: Loma Negra aims to generate up to US$800m in an initial public offering in Argentina and the US. Around US$700m of the money raised will go to its parent company Brazil’s InterCement, according to Reuters. InterCement is selling a 32% stake in the company to pay its debts. Subsequently it will hold a 57% stake in the Argentine cement producer. No schedule for the transaction has been disclosed.
Summit Materials makes US$3.8bn counter bid for Ash Grove Cement
06 October 2017US: Summit Materials has offered US$3.8bn to buy Ash Grove Cement, according to Reuters. The board of Ash Grove Cement has described the proposal as ‘superior’ to the US$3.5bn bid made by Ireland’s CRH in September 2017. It has extended its so-called ‘shop window’ consideration period with CRH to 20 October 2017.
Siam Cement Group signs US coal import deal
05 October 2017Thailand: Siam Cement Group (SCG) has signed a deal to import 155,000t of coal from the US for its cement plants in Thailand and elsewhere in the Association of Southeast Asian Nations (ASEAN). Kalin Sarasin, a senior SCG executive and chairman of the Thai Chamber of Commerce and Board of Trade, made the announcement following an official visit to the US by Prime Minister Prayut Chan-o-cha, according to the Nation newspaper.
SCG will buy 100,000t of US coal in the first contract and a second contract will be for 55,000t to test the quality. Subsequently, the cement producer may buy more coal. At present, SCG imports around 6Mt/yr coal from Indonesia and Australia. The US coal will be used to substitute some of the Indonesian supply, which has been imported due to a higher demand for coal for power stations.
US: Douglas C Rauh has resigned as the Executive Vice President and Chief Operating Officer of Summit Materials with effect from 30 December 2017. Tom Hill, the company’s President and Chief Executive Officer, will act as Interim Chief Operating Officer while the building materials company searches for a replacement. During the recruitment period, the three Executive Vice Presidents of the company’s operating segments Tom Beck (Cement Segment), Shane Evans (West Segment) and Damian Murphy (East Segment) will report directly to Hill.