Global Cement Newsletter

Issue: GCW415 / 24 July 2019

Headlines


India: Kumar Mangalam Birla has been elected as the chairman of Century Textiles and Industries. The appointment follows the death of his grandfather Basant Kumar Birla early in July 2019. Kumar Mangalam Birla is the head of Aditya Birla Group, the owner of UltraTech Cement amongst other subsidiaries.


Mexico: Williams Crusher has appointed Alfredo Martinez as sales representative for the Mexico region. He holds 20 years of experience with the Williams line of equipment and its markets in Mexico. Williams Patent Crusher & Pulverizer Company supplies equipment for the crushing and pulverising industry. Its headquarters is in St. Louis, Missouri.


Two new stories from Algeria this week highlight a changing industry. Firstly, Groupe Industriel des Ciments d’Algérie (GICA) started marketing cement from its new Sigus integrated plant. The unit was commissioned earlier in the year. Secondly, clinker export figures for the sector show 10-fold growth year-on-year to a value of US$30m for the first five months of 2019.

 Graph 1: Cement production and capacity in Algeria, 2012 - 2018.

Graph 1: Cement production and capacity in Algeria, 2012 - 2018. Source: Algerian National Office of Statistics, United States Geological Survey, Global Cement Directory 2013 - 2019. Estimates supplied for 2017 and 2018.

Graph 1 above depicts the moment that lots of new production capacity started to be ordered and then commissioned in 2017. The Global Cement Directory lists new plant projects as they are announced so the trend from 2016 to 2017 may not be as pronounced as it seems but the general destination remains the same. A Ministry of Industry and Mining report estimated that production capacity would reach 40Mt/yr in 2020. Consumption was reported at 26Mt in 2016.

To cope with this the cement industry in Algeria has been moving towards an export model over the last few years. Industry and government figures started to warn of an end to imports in 2016. This quickly flipped to prognostications of production overcapacity in 2017. This then became a stream of news stories about export operations from the local industries to places like West Africa. One consequence of this were problems for foreign exporters in Tunisia and Spain, for example, as the Algerian market was shut off. Indeed, it must have been satisfying for state-producer and market leader GICA to announce that it was exporting cement to Europe in 2018!

Notably the local market has no cement grinding plants, yet this too has started to change. In May 2019 Algematco Steel ordered a modular Ready2Grind MVR vertical roller mill from Germany’s Gebr. Pfeiffer. Target markets for the exports identified by the Ministry of Industry and Mining included neighbouring Mali, Libya, Mauritania and Niger. However, only two of these countries are accessible by sea. Unfortunately, Libya’s resurgence in violence since April 2019 is unlikely to help the export market. The other countries share land borders with Algeria but no rail links. An overland export operation to Niger from a plant near Adrar was reported in early 2019 but feasibility on a large scale seems unlikely given the distances involved.

LafargeHolcim said in its 2018 financial report that its net sales were down in its Middle East and African region due to price pressure and lower volumes in oversupplied markets, particularly in Algeria, Iraq and Jordan. Bloomberg reported in February 2019 that LafargeHolcim was considering divesting assets in the region. However, LafargeHolcim’s exit from Southeast Asia may have since bought it some financial breathing room.

With Algeria facing a production capacity gap of at least 10Mt/yr it seems likely that foreign-backed producers like LafargeHolcim will suffer despite potential in the local economy. Nationally, the race is on to see if the industry can bring its cement to the sea and find new export markets.


UAE: Ahmed Abdullah Al Noman, the chairman of Sharjah Cement & Industrial, has died. He had been in the position since 1993, according to Bloomberg. He was also the chairman of the Bank of Sharjah. The company operates an integrated cement plant as well as paper sack and synthetic rope businesses.


Netherlands: Bulk Handling Systems (BHS) has appointed Remi Le Grand as Regional Sales Director for Max-AI. He will be responsible for the product sales team and business development in Europe. Previously, Le Grand spent six years in sales with BHS-subsidiary Nihot Recycling Technology based in Amsterdam.


Uzbekistan: UTD Cement has increased the size of a new integrated cement plant it plans to build in the Farish district of Jizzakh region to 5Mt/yr from 4Mt/yr. The decision to increase the size of the upgrade has followed access to a new limestone quarry at Almaz, according to the Trend News Agency. Once completed the plant will produce 4Mt/yr of Ordinary Portland Cement (OPC) and 1Mt/yr of white cement. UTD Holding is planning invest over Euro400m in the project. It is working with German companies Phoenix Consulting and MN Medianet.


Romania: Holcim Romania plans to spend Euro10m on automation and digitisation upgrades to its plants. The project will focus on its integrated plants at Alesd and Compulung, according to the Ziarul Financiar newspaper. The subsidiary of LafargeHolcim operates three cement plants in the country.


Japan: UBE Machinery Corporation has signed a license agreement for the design, manufacture and commissioning of vertical roller mills for cement plants and related applications on exclusive basis with India’s AMCL Machinery for markets in India, Nepal, Bangladesh and Bhutan. The deal was signed in late May 2019. This license agreement has been signed to explore ‘mutual cooperation and opportunities’ between UBE Machinery Corporation and AMCL Machinery.

AMCL Machinery is part of Hindusthan National Glass & Industries. It manufactures vertical roller pre-grinding mills for cement plants in India and the Middle East. It also produces rubber and tyre building machines for the local tyre industry.


Germany: HeidelbergCement’s specific CO2 net emissions per tonne of cementitious material fell by 1.4% year-on-year to 599kg CO2/t in 2018 from 608kg CO2/t in 2017. Despite this its absolute gross CO2 emissions increased by 3% to 76.7Mt from 74.2Mt as clinker, cement, aggregate and concrete sales volumes all grew in 2018. The group has published the data in its Sustainability Report for the 2018 financial year.

“Cutting our CO2 emissions and handling natural resources considerately are priorities for all our business lines,” says Bernd Scheifele, chairman of the managing board of HeidelbergCement. "We focus primarily on the development of sustainable products and the implementation of concrete measures at plant level in order to achieve our sustainability goals.” The company has set itself the target of a 30% reduction in its specific net CO2 emissions per tonne of cement by 2030, compared with 1990. HeidelbergCement says it intends to realise its vision of CO2-neutral concrete by 2050 at the latest.

Other figures of note in the report include an alternative fuels substitution rate of 21.7% in 2018 compared in 20.8% in 2017. NOx, SOx and particulate matter emissions all fell. However, total water withdrawal rose by 8% to 65.4Mm3 from 60.4Mm3 although water consumption fell.


Argentina: Holcim Argentina has signed a deal with YPF Luz for the supply of wind power to its cement plants. The supply agreement is planned for the start of 2020. It is intended to provide 35% of the company’s emergy requriements by the end of the first half. YPF Luz will provide eletectricity from its Los Teros Wind Farm at Azul in Buenos Aires province. The contracted supply is for 142GWh from a 30MW installed base.


Saudi Arabia: Tabuk Cement’s sales revenue grew by 29% year-on-year to US$30.4m in the first half of 2019 from US$23.5m in the same period in 2018. It attributed the sales growth to improved prices despite poor sales volumes. It reported a net profit after Zakat and tax of US$3.4m for the half, after a loss of US$0.27m in the first half of 2018.


Bosnia & Herzegovina: Tvornica Cementa Kakanj’s sales revenue fell by 9.7% year-on-year to Euro16.4m in the first half of 2019 from Euro18.3m in the same period in 2018. Its net profit dropped by 42% to Euro3m from Euro4.7m. The subsidiary of Germany’s HeidelbergCement operates an integrated cement plant at Kakanj.


Nepal: The Nepal Bureau of Standards and Metrology has imposed a range of quality control and certification measures upon the local cement sector. The changes are intended to improve the quality local products, according to the Kathmandu Post newspaper. The new rules include making it mandatory to include expiry dates on cement packaging. This should not be more than three months after the date of manufacture. A date for the implementation of the new rule has not been set yet.

The standards bureau has set up changes to allow domestic cement to be labelled under 33, 43 and 53 grades under government-set criteria. Previously, cement producers were free to label their own products. It has also requested that manufacturers laminate cement sacks according to new regulations.


Bangladesh: Bashundhara Industrial Complex will supply up to 45,000t of cement for the construction of a dual fuel-fired combined cycle power station at Meghnaghat in Narayanganj. It has signed a deal with China Energy Engineering Group Northeast No 1 Electric Power (NEPC) for the project. The power plant will have a net generation capacity of 590MW using regasified liquid natural gas or 541MW using high-speed diesel.


Germany: Holcim Deutschland has opened a new 110,000Mm3 ready-mixed concrete plant at Weil am Rhein in Baden-Württemberg. The unit was biult in nine months. It had an investment of around Euro4m. Lars Essert willl manage the plant.


US: Keystone Cement plans to convert its Bath cement plant in Pennsylvania to gas firing from coal. The project will cost US$2.2m, with a US$0.32m grant from the Pennsylvania Department of Community and Economic Development, according to the Express-Times newspaper. Gas supplier UGI Utilities will work with Keystone to install a new underground gas line from an existing substation to a new substation at the plant. The project is scheduled for competition by mid-2020.


Argentina: Sergio Faifman, the chief executive officer (CEO) of Loma Negra has said that his company does not export cement because it is ‘not competitive’ with other countries. He cited logistical issues with transporting clinker and cement to ports, in an interview with the Ámbito Financiero newspaper. He also mentioned that the costs per tonne of cement in Brazil and Egypt were 30% and 50% respectively cheaper than in Argentina. In a ranging interview Faifman also discussed the cement producer’s labour problems at its Baker plant , its on-going upgrade at its L'Amali plant and negative effects from the local currency devaluation in 2018.


Algeria: Société des Ciments de Sigus, part of Groupe Industriel des Ciments d’Algérie (GICA), has started marketing Ordinary Portland Cement (OPC) from its 2Mt/yr integrated plant at Sigus, Oum El Bouaghi. The unit started producing cement in the first quarter of 2019, according to the L'Expression newspaper. The project had an investment of around US$427m. Germany’s ThyssenKrupp Industrial Solutions was awarded the contract to build the plant in early 2017.


Pakistan: Data from the Pakistan Bureau of Statistics shows that cement exports grew by 40% year-on-year to 6.41Mt in the financial year to the end of June 2019 from 4.56Mt in the same period in 2018. The value of the exports rose by 22% to US$272m from US$223m.


Italy: The Italian Competition Authority (AGCM) has reduced a fine against Cementi Rossi by 20% to Euro4.6m. The fine relates to a penalty of Euro184m levied against a number of cement producers and the Italian Cement Association (AITEC), according to the Il Sole 24 Ore newspaper. The original fine of Euro5.8m was reduced following an appeal to the AGCM.


US: Mississippi Lime says that Midwestern flood levels have receded sufficiently enough to enable it to resume normal barge and rail loading and shipping. Previously, the lime producer reported that flooding by the Mississippi River reduced its distribution and supply capabilities in May 2019. Barge loading facilities were affected and flood gates near its Ste Genevieve, Missouri plant were closed forcing it to use an alternate rail route, which reduced shipment capacity and increased costs.


China: Cement production volumes grew by 6.8% year-on-year to 1.05Bnt in the first half of 2019. Profits from the sector rose by around 20% to US$11.6bn, according to the China Securities Journal and the Xinhua News Agency. This growth has been attributed to buoyant real estate and infrastructure markets. The trend is expected to continue into the second half of the year with even greater profits anticipated. In 2018 the sector reported a record high profit of US$22.5Bn.


UK: The Institutional Investors Group on Climate Change (IIGCC) has called on European building materials companies to take steps to fight climate change or face commercial extinction. Recommended changes from its new ‘Investor Expectations of Companies in the Construction Materials Sector’ report have been sent to the heads of LafargeHolcim, HeidelbergCement, CRH and Saint-Gobain. The report informs investor engagement with other construction material firms on the initiative’s global list of 161 focus companies. Investment bodies in the group represent US$2Tn in assets, assets under management and under advice.

“The cement sector needs to dramatically reduce the contribution it makes to climate change. Delaying or avoiding this challenge is not an option. This is ultimately a business-critical issue for the sector,” said Stephanie Pfeifer, the chief executive officer (CEO) of the IIGCC. “Major economies such as the UK and France are increasingly adopting economy-wide net zero emission targets. The cement sector needs to get ahead of the profound transformation their sector faces by addressing barriers to decarbonisation in the short- to medium-term if companies are to secure their future.”

Key details set out in the ‘Investor Expectations’ report include becoming carbon neutral by 2050. Companies are expected to set short, medium and long-term science-based targets to reach this goal. Building material companies should be public policy transparent and advocate for the Paris Agreement, they should implement a ‘strong’ governance framework assigning specific responsibility for climate change to a board committee or board member and they should provide enhanced corporate disclosure in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

The IIGCC recognised the steps HeidelbergCement in particular has taken in already having committed to meeting key aspects of the investor expectations it has outlined. CRH, LafargeHolcim and Saint-Gobain have been encouraged to follow suit, given the ‘significant’ role they play as European-based multinationals. The group also praised the ambitious targets set by India’s Dalmia Cement to become carbon negative by 2040.


UAE: Al Ain Cement and National Cement have signed a clinker offtake deal. Al Ain Cement, a subsidiary of Arkan Building Materials, will supply clinker to National Cement’s grinding plant in Abu Dabi, according to Gulf Today. The agreement is also intended to help both companies reduce production and logistics costs. The two companies have a combined production capacity of 3.1Mt/yr of clinker and 6.6Mt/yr of cement.


Nepal: The parliamentary Public Accounts Committee (PAC) has accused the Huaxin Cement Narayani plant being built at Benighat Rorang Rural Municipality in Dhading of ignoring the project’s Environment Impact Assessment (EIA) report. Members of the committee visited the site two months ago following complaints, according to the Republica newspaper.

It found that an 11km access road to the site had encroached upon a river. The company had used sand and stones from the river and used the materials to build the road. The road’s construction has also disrupted local agricultural irrigation canals. A flood at the site of the cement plant was reported in July 2019. An irregular deal to lease land to the joint venture was also reported.


Algeria: The value of clinker exports grew to US$30m in the first five months of 2019 from US$3.2m in the same period in 2018. The country is hoping to increase its exports of cement and clinker to around US$500m/yr by the mid-2020s, according to Télévision Algérienne. It is facing a significant production overcapacity with the manufacturing base expected to reach 40.6Mt/yr in 2020. Consumption was 26Mt in 2016.


Jamaica: Caribbean Cement has commissioned an automatic palletiser. The project cost around US$66,500, according to the Gleaner newspaper. It is part of a US$9m investment on capital projects in 2019. The cement producer is planning to increase its output to 1.2Mt/yr by December 2020 compared to 0.95Mt/yr at present. The subsidiary of Mexico’s Cemex operates an integrated plant in Kingston.


US: The Japan Coal Energy Center (JCOAL), GreenOre Clean Tech, Columbia University and Wyoming Infrastructure Authority (WIA) have entered into a memorandum of understanding (MOU) to test carbon utilisation and recycling technology. GreenOre Clean Tech, using technology under license from Columbia University, will use testing space at the Integrated Test Center (ITC) near the Dry Fork Station coal-fired power station in Gillette, Wyoming. Calcium carbonate produced through CO2 mineralisation could then potentially be used for aggregates, concrete production or in paper production. The test will be funded by JCOAL with additional support from project partners.

The State of Wyoming and JCOAL have been working together since 2016, when they signed an initial MOU committing to cooperation in coal research and development of technologies and coal trade. JCOAL operates under the supervision of the Ministry of Economy, Trade and Industry of Japan and is supported by more than 120 member coal-related businesses, including Kawasaki Heavy Industries, Mitsubishi Hitachi Power Systems, Nippon Steel and Toshiba. Kawasaki is scheduled to test its solid sorbent capture technology at the ITC beginning in 2021.


India: UltraTech Cement plans to complete its merger with Century Cement by September 2019. Chairman Kumar Mangalam Birla said the company has approval from shareholders, the Competition Commission and stock exchanges, according to the Mint newspaper. However, it still needs permission from the National Company Law Tribunal (NCLT).

The merger, which was first announced in May 2018, is a long running reorganisation of assets belonging to the Birla family. Once complete it is expected to give UltraTech Cement dominance in all regional markets with the addition of 13.4Mt/yr of production capacity in Madhya Pradesh, Chhattisgarh and Maharashtra.


India: ACC’s net sales grew by 8% year-on-year to US$1.15bn in the first half of 2019 from US$1.06bn in the same period in 2018. Its operating earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 18% to US$191m from US$162m. Its cement sales volumes rose by 2% to 14.7Mt from 14.4Mt and its ready-mixed concrete (RMX) sales volumes jumped by 15% to 1.79Mm3 from 1.56Mm3.

“I am pleased that EBITDA improved significantly on account of better realisations, operational efficiencies and supply chain efficiency improvement. Despite subdued cement demand, our strong customer relationships, loyal channel network and range of innovative products have helped us deliver a robust quarter,” said Neeraj Akhoury, the managing director and chief executive officer (CEO) of ACC. He added that the company’s concrete business grew ‘strongly’ due to eight new RMX plants it added in the second quarter. Altogether the company operates 82 operational.


India: Zuari Cement’s integrated cement plant at Sitapuram, Telangana has been issued a show cause notice by the Central Pollution Control Board (CPCB) for exceeding particulate matter emissions. During an inspection it has found to be emitting 40.6mg/Nm3 from the kiln and 78mg/Nm3 from the cement mill, according to the Times of India newspaper. The limit is 30mg/Nm3. CPCB officials also found other violations including an alleged deliberate attempt show reduced levels of sulphur dioxide and nitrogen oxide. The plant has been asked to calibrate its dust monitors properly and submit a compliance report by late July 2019.


Peru: Cementos Pacasmayo’s sales grew by 5.3% year-on-year to US$193m in the first half of 2019 from US$183m in the same period in 2018. Its consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 5% to US$57.1m from US$54.5m. Cement production at its three plants rose by 10.6% to 1.2Mt from 1.08Mt. The cement producer attributed the growth in sales to higher sales in the public sector, El Niño reconstruction spending and a revival of infrastructure projects.


Kenya: Pradeep Paunrana, the former chief executive officer (CEO) of ARM Cement, has challenged the sale of his former company’s assets in Kenya to National Cement. Lawyers acting on behalf of Paunrana, who remains a major shareholder, have filed a petition at the Kenyan High Court, according to the Business Daily newspaper.

ARM Cement was place in administration in mid-2018. Administrator PricewaterhouseCoopers (PwC) later decided to sell the cement producer’s assets in Kenya to National Cement for US$48m. However, a consortium of investors led by Paunrana offered US$63m for the assets but this bid was declined due to a lack of proof of funds and its late submission.


Syria: Parts of the Arab Cement Company’s integrated plant in Aleppo are being renovated. Ayman Nabhan, the Director General of the General Establishment for Cement and Building Materials, said that the unit had suffered ‘heavy’ damage from terrorists, according to the Syrian Arab News Agency. The government says that industrial plants in the region are being repaired and returned to production. It took back control of the city from opposition forces in late 2016.


Greece: Titan Group has successfully completed a share exchange exercise between its subsidiaries. The voluntary share exchange tender offer was submitted by Τitan Cement International to the shareholders of Titan. Following the transaction Titan Group will be listed, through Titan Cement International, on Euronext Brussels, the Athens Exchange and Euronext Paris, on 23 July 2019. The company said the move would strengthen its international growth path and future outlook.


Sri Lanka: The Sri Lankan Navy has rescued nine sailors from the ‘Sri Lanka Glory,’ a barge that transports clinker to the Rugunu cement grinding plant in Galle. The barge was forced off course by gale-force winds off the coast of Rumassala, according to the Daily Mirror newspaper. A previous attempt to retrieve the seamen from the damaged vessel by tug had failed.


China: The government is considering introducing a rating scheme for companies in 15 key industries, including steel, coal and cement. Those with the highest emissions will be subject to the strictest production limits, according to the Economic Information Daily newspaper. Those with an A-rating, the highest, will be required to suspend production only in extreme weather, while the C-rated companies will be subject to additional bans during the winter heating season, when pollution is the most severe. The scheme is intended to incentivise companies to upgrade their equipment.


Canada: McInnis Cement has closed a US$380m refinancing deal. US$230m will be provided by an increase McInnis Cement’s senior loan from a syndicate of 11 Canadian and international banks and the remaining US$150m comes in the form of a loan by the Caisse de dépôt et placement du Québec (CDPQ) and Beaudier. This refinancing also makes it possible to repay a bridge loan granted by BlackRock in 2016.

The cement producer also provided details on various projects it is undertaking. Two new cement silos will be built at the company’s integrated cement plant at Port-Daniel–Gascons. Nearly 200 workers will be mobilized on the site during the peak construction period of the two silos, during the autumn of 2019.

Its Bronx Terminal in New York, US has doubled its loading capacity for customers. A second truck-loading lane is now fully operational. A new 40,000t warehouse is currently under construction at its Providence Terminal in Rhode Island, US bringing the total storage capacity to 75,000t. A new truck-loading lane will also be added and commissioned in time for the 2020 spring construction season. McInnis Cement has also confirmed the charter of the NACC New Yorker, a 24,000t self-unloading vessel, in conjunction with Nova Marina Carriers. It will join other vessels in its fleet including the NACC Quebec (14,000t), the Cielo di Gaspesie (35,000t) and the Resolute unloading barge.


US: Companies comprising the informal Port of Alaska Users Group at Anchorage have requested that the local government delay plans for a US$220m petroleum and cement import terminal. The group, that includes fuel companies, are concerned that the project will incur tariffs that could damage their businesses, according to the Alaska Journal of Commerce newspaper. Costs for the proposed marine terminal have become uncertain due to damage caused to the site by an earthquake in late 2018. The group is made up of eight companies including Alaska Basic Industries, a cement distributor.


Cuba: The Ministry of Finance and Prices has published a list of prices for a range of products, including cement, that are sold in state-run stores and agricultural markets. The ministry says that the initiative is intended to evaluate the local market at the municipal level in response to concerns about inflation following a government-mandated salary increases, according to 14ymedio. Shops that violate the regulated price lists may face sanctions.


India: Chettinad Cement’s Karikkali plant in Tamil Nadu has been issued a show cause notice by the Central Pollution Control Board (CPCB) for exceeding particulate matter emissions by more than three times the limit. An inspection following Online Continuous Emission Monitoring Systems (OCEMS) data found emissions of 91.2mg/Nm3, according to the New Indian Express. The limit is 30mg/Nm3. The CPCB also found discrepancies with the OCEMS data due to poor instrument calibration.


Rwanda: The Rwandan government has extended the sale of its stake in Cimerwa to 19 July 2019 to give potential investors more time. The initial deadline was 5 July 2019, according to the New Times newspaper. The government and its related shareholders own a 49% stake in the cement producer. The controlling share in the company is owned by South Africa’s PPC.


Azerbaijan: Data from the State Statistics Committee shows that cement production in Azerbaijan dropped by 5.2% year-on-year to 1.6Mt in the first half of 2019. This has been blamed on a poor market, according to the Turan Information Agency. Despite this, concrete mix sales increased by 20.5% to 0.78Mt.


Taiwan: Asia Cement’s union has taken out advertisements in major local newspapers protesting against a ruling by the Taipei High Administrative Court blocking its right to operate a cement quarry located in the Taroko National Park. It says that the cement producer applied for the permit extension in line with the Mining Act in 2016, according to the Taipei Times newspaper. It added that the court’s decision could negatively affect industrial operations, labour rights as well as the government’s credibility for boosting the economy. Environmental groups have called on the company to negotiate with local people living near the quarry.


China: CNBM and France’s Fives have signed a cooperation agreement related to the Paris Agreement regarding climate change and the modernisation of CNBM’s plants. CNBM was represented by both Ma Mingliang, vice-president of China Building Materials Engineering Group and Wang Kedong, chief executive officer’s (CEO) assistant of Zhonglian Cement, and Fives was represented by Didier Bourbon, Sales Vice-President (Asia) of Fives FCB. This agreement includes the supply of the FCB Horomill grinding technology developed by Fives FCB for both CNBM’s overseas projects and domestic projects such as Zhonglian Cement and Southwest Cement projects. The signing ceremony took place at the 7th Sino-French Industrial Cooperation Forum held in Chongqing. The agreement follows a similar deal struck in April 2019 in Paris.


France: The Ministry of Culture has refused a sponsorship of Euro0.2m from Lafarge intended for the Musée de Cluny in Paris. The ministry said that the sponsorship was paid in 2015 and then returned in 2018, according to the Agence France Presse. However, the ministry did not say why the money has been rejected. In 2017 the Paris City Council ended a partnership with Lafarge for the supply of sand for an urban beach project due to allegations of the building material manufacturer’s conduct in Syria during the civil war. A legal case examining Lafarge’s conduct in Syria between 2011 and 2014 is on-going.