Global Cement Newsletter

Issue: GCW619 / 02 August 2023

Headlines


The release of the half-year financial results from many of the larger multinational cement producers in Europe and North America gives us the usual opportunity to examine how well the year has gone so far. In summary, each of the companies highlighted here increased its sales and earnings on a like-for-like basis. However, in many cases, but not all, sales volumes of cement fell. Notably, both Holcim and Heidelberg Materials did not appear to release these figures. Heidelberg Materials did say though that its sales volumes declined in all business lines as “a result of the global economic down-turn.” In Holcim’s case, on top of whatever else has been going on over the last six months, the group has continued to divest cement assets as it realigns its portfolio. One more interesting point to note is that, instead, Holcim and Heidelberg Materials highlighted their reductions in CO2 emissions at the start of their half-year reports.

Graph 1: Sales revenue for selected multinational cement producers in the first half of 2023. Source: Company financial reports.

Graph 1: Sales revenue for selected multinational cement producers in the first half of 2023. Source: Company financial reports.

Holcim continued to expand its light building materials business segment in North America as well as picking up some aggregate and ready-mix concrete assets in North America and Europe. Its sales grew fastest in North America, although Europe generated more sales overall. Elsewhere the other geographic business areas all held up. The group’s Solutions & Products division, the one responsible for the light building materials, lost sales and earnings year-on-year. This was blamed on the “normalisation of buying patterns” in the roofing market in North America in late 2022 and carrying into 2023, leading to destocking in various distribution channels. How this might effect the group’s ongoing diversification strategy remains to be seen.

Heidelberg Materials was more upfront about the specifics of its cement business in the first half of 2023. Sales volumes fell in all business lines. For cement, the largest falls were reported in the Western and Southern Europe Group area due to a ‘significant’ decline in residential construction followed by the Africa-Eastern Mediterranean Basin area although a slight increase was recorded in deliveries in Asia-Pacific. That last region benefited from the local subsidiary increasing its cement and clinker deliveries in Indonesia. This was reportedly due to the company leasing the Maros cement plant in September 2022. The plant serves markets in the east of the country. Overall, despite the falls in revenue in many regions, the group pushed up its prices sufficiently to keep net sales revenue and earnings growing well.

Cemex, meanwhile, was keen to shout about its improved earnings in all of its regions. It attributed this to its price strategy, lowering input cost inflation and the growing effects of its investments portfolio and its Urbanisation Solutions business. Each of the group’s main regions – Mexico, the US and Europe – performed well, with Mexico growing sales the fastest, the US driving up earnings the most and Europe, Middle East, Africa and Asia holding growth steady despite demand issues. Pricing was cited as a main issue for the success of each region.

Vicat’s sales and earnings rose due to increased sales volumes of cement and higher prices. At home in France, the company successfully fought off falling cement sales volumes with price rises, particularly due to energy price inflation. North America, the group’s other big market, grew strongly, boosted by the ramp-up of production and sales from the new kiln at the Ragland plant in Alabama. Finally, Titan experienced a similar situation to the other companies featured here, with increasing demand driving sales and further helped by prices. Earnings then grew in turn. Unlike the other companies, the US contributed a much larger share of sales for Titan than Europe or elsewhere. Back home in Greece the company’s sales and earnings benefited from increased sales volumes across all business lines. Both Vicat and Titan had mixed experiences in Egypt and Türkiye, with negative currency exchange effects causing problems in both countries, despite demand mounting in the latter.

On the basis of these financial results, it has been a positive first half for the larger cement companies based in Europe and North America. Cement sales volume growth has been mixed, where known, but price rises have compensated for this, leading to higher earnings. Whether these companies can continue to pull off this trick as or if global inflation starts to slow down is very much an ongoing question. As mentioned at the start, some of the companies also led their half-year reports with emission figures and many of them prominently highlighted forthcoming sustainability projects. These companies may be making most of their money in Europe and North America but there is clearly an awareness that these regions are also leading globally in implementing CO2 emission legislation.


Switzerland: Holcim has appointed Nollaig Forrest appointed as its chief sustainability officer with effect from 1 September 2023. She succeeds Magali Anderson in the post, who has decided to pursue new career opportunities as a board member and supporter of non-government organisations.

Forrest is currently working as the Group Head of Corporate Affairs at Holcim, in charge of Investor Relations, Group Communications, Public Affairs & Branding. Prior to being employed by Holcim, she was the Vice President Corporate Communications at Firmenich and held public affairs roles at Dow, DuPont and the World Economic Forum. Forrest is a member of the MIT Climate and Sustainability Consortium Advisory Council and a member of Bloomberg’s Cities Council for sustainable cities.

Forrest holds a masters degree in International Relations from the Graduate Institute of International Studies in Geneva, Switzerland. She has also completed the Yale-WBCSD Sustainability Leadership and INSEAD International Marketing programs.


Japan: A Taiheiyo Cement plant will be one of two facilities to host carbon capture systems under the Tohoku West Coast carbon capture and storage (CCS) project. The Japan Organisation for Metals and Energy Security selected the project to advance to the feasibility study stage on 2 August 2023. The partners will now investigate technical issues in the entire CCS value chain, as well as commercial and social issues around transporting captured CO2 by ship to temporary storage sites. Identification of permanent underwater storage sites is scheduled for 2024, with the design stage of capture, transport and storage systems scheduled to conclude in 2026. The Tohoku West Coast carbon capture and storage project will commence in 2030.

Taiheiyo Cement is committed to a 20% reduction of its CO2 emissions between 2000 and 2030, while the Japanese government is committed to a 46% reduction between 2013 and 2030.


India: Ambuja Cement recorded revenues of US$1.06bn in the first quarter of the 2024 financial year, up by 9% year-on-year from the previous first quarter. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 55% to US$234m. The producer reported a 17% reduction in its fuel costs, from US$30.16/Mcal to US$27.07/Mcal. Nonetheless, its net profit fell by 38% to US$78.1m from US$127m.

Chief executive officer Ajay Kapur said “Along with the strong demand for our premium cement products, growth was fuelled by our various competences in operational excellence, supply chain management and sales and marketing excellence. Our synergies with the Adani Group companies are lowering input costs, which is boosting EBITDA growth. Furthermore, our blueprint of improvements through group synergies and capital expenditure for efficiency and decarbonisation whilst creating opportunities, will redefine the cement industry landscape. These include lowering the clinker factor, diminishing energy intensity, implementing waste heat recovery (WHR) systems and augmenting renewable energy generation.” He added “Our long-term competitiveness remains robust, ensuring industry-leading profitability as we chase our ambitious growth goals. With a firm belief in our strategic approach, we are poised to continue our trajectory of outstanding performance as we are devoted to sustainable and responsible growth.”


Spain: Cementos Molins’ sales totaled Euro705m in the first half of 2023, up by 16% year-on-year from first-half 2022 levels. The producer said that increased cement volumes and prices across all regions contributed to the growth. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 36% to Euro179m, while its net profit rose by 40% to Euro80m. The company noted the favourable impact of the comparison with the first half of 2023, which was marked by market slowdown, high inflation and supply chain disruptions.
 
Chief executive officer Julio Rodríguez said "We have continued on the path of sustainable and profitable growth throughout the first half of 2023. It has been a truly positive second quarter in terms of our economic results, but also very encouraging thanks to the progress we are making in terms of sustainability. We have achieved important milestones in our Sustainability Roadmap 2030, including the launch of new low-carbon footprint cements and concretes. Furthermore, we inaugurated a new solar park in San Luis, Argentina."


India: Dalmia Bharat has commenced commercial operations at its new Sattur cement plant in Tamil Nadu. The 2Mt/yr grinding plant will serve the growing South Indian market. The new facility raises Dalmia Bharat’s installed production capacity by 4.8% to 43.7Mt/yr


India: Aditya Birla subsidiary UltraTech Cement has more than doubled its Magdalla grinding plant’s capacity to 1.93Mt/yr. The unit is based in Gujarat. The producer now has an installed cement capacity of 132Mt/yr.


Kenya: East African Portland Cement Company (EAPCC) says that it is ready to resume full-scale cement production at its 600,000t/yr Athi River cement plant. The Standard newspaper has reported that the plant is currently operating at 50% capacity, following refurbishment. EAPCC replaced a 16m-long section of kiln shell in the plant's clinker line, at a cost of US$3.5m. Managing director Oliver Kirubai said that the company raised the funds through the sale of land located in Athi River.

Kirubai said "Our employees have cut back a lot, in a situation where we have been struggling even to pay their salaries. We are now back on our feet." He added "A number of companies owed us millions of Shillings. They have been ordered to pay us by the government. If they honour the agreement, the problem we are facing will be a thing of the past.”

EAPCC says that it expects the scale-up of production at the Athi River plant to help lower the cost of cement for its customers.


Nigeria: Lafarge Africa's sales were US$257m during the first half of 2023, up by 5.9% year-on-year from US$242m during the first half of 2022. Costs rose and the company's profit after tax fell by 5.2%.

Lafarge Africa said "Our strategic and cost management initiatives have contributed to improved results, despite the challenges. We remain steadfast in our commitment to driving innovation and accelerating green growth in line with our sustainability ambitions and targets." The company added "The Nigerian infrastructure and construction sector is expected to continue to grow despite inflationary pressure on purchasing power. As a result, we maintain our positive outlook, with market recovery expected for the second half of the year. We will continue to maximise volume opportunities across our markets and actively manage our costs. The company remains committed to its sustainability ambitions and strategy of Accelerating Green Growth.”


Mexico: The Mexican ambassador to the US is due to make US-based Vulcan Materials an offer of US$390m to sell a 2400 hectare parcel of land in Quintana Roo to the government. The land includes a disused limestone quarry and the Riviera Maya cement terminal, which is currently used by Cemex. The government's Ministry of the Environment ordered the closure of the quarry in May 2022, when it also banned Vulcan Materials from despatching limestone.

Mexican President López Obrador said that Vulcan Materials 'shouldn't reject the offer.' He added "We’ll buy everything from them, we’ll pay immediately and we’ll turn 2000 hectares into a natural protected area. They’ll be able to say "We’re contributing to stopping climate change." And we’ll only keep one part, to carry out an ecotourism development with a cruise ship pier.”

Associated Press News has reported that Vulcan Materials has filed a valuation showing the land to be worth US$1.9bn.


Ukraine: CRH subsidiary Cemark completed the 'main stage' of construction of a US$37.3m, 450,000t/yr cement shipping complex in Ukraine in July 2023. The Sunday Independent newspaper has reported that complex will be equipped with an automated packing and palletising line. When operational, the site will provide 80 jobs.

Ireland-based CRH agreed to acquire Italy-based Buzzi's Ukrainian business in June 2023, for US$109m.


Sri Lanka: Tokyo Cement (Lanka) has informed the Colombo Stock Exchange of an upcoming extraordinary general meeting of its shareholders. The meeting will decide whether to approve the sale of 10% of the company's shares.


India: ACC says that it will not carry out an independent investigation into its parent company Adani Group. US-based short-seller Hindenburg Research accused the group of stock manipulation and accounting fraud involving a 'labyrinthine network' of shell companies in January 2023. Prior to making its accusations, Hindenburg Research obtained a short position on Adani Group. An investigation into Adani Group's activities by the Securities and Exchange Board of India will conclude on 14 August 2023. Filings have also been submitted to the Supreme Court of India.

The Business Standard newspaper has reported that ACC said "Pending final outcome of regulatory investigations and related proceedings, the company has decided to not carry out any separate independent investigation in the matter, and the financial results do not carry any adjustments in this regard." It added "The expert committee submitted its report in the matter dated 6 May 2023, finding no regulatory failure."

Adani Group's original rebuttal of the allegations can be read online here.


Nigeria: Dangote Cement sold 13.4Mt of cement during the first half of 2023. Its sales volumes outside Nigeria were 5.4Mt, up by 12% year-on-year from 4.9Mt in the first half of 2022. The producer noted 'robust demand' in Ethiopia, the Republic of Congo, Senegal and Zambia. It reported revenues worth US$1.23bn in the first half of 2023, up by 17% from first-half 2022 levels. KOGI Reports News has reported that the producer's profit after tax rose by 3.8% in the half, to US$232m.

Chief executive officer Arvind Pathak said "Dangote Cement delivered positive results in the first half of the year. Our Nigeria operations achieved a 23% quarter-on-quarter recovery in sales during the second quarter of 2023, which was impacted by the general elections and the 'cash crunch.' However, the steep currency devaluation in mid-June slowed this volume recovery and increased already inflated operating costs." He added “We will continue to focus on our strategic growth priorities, hinged on our vision of transforming Africa and building a sustainable future. I am optimistic that our business remains resilient and well positioned to overcome unforeseen macroeconomic headwinds.”


Nigeria: BUA Cement recorded US$279m in sales in the first half of 2023, up by 17% from US$238m a year earlier. MarketScreener News has reported that the producer's net income rose by 3.7% in the six-month period, from US$77.4m to US$80.3m.


Canada/UK: Carbon Upcycling has raised US$26m in a Series A funding round. The clean tech company says that the funding will support its construction of planned carbon capture systems at CRH's Mississauga cement plant in Canada and Cemex UK's Rugby cement plant in the UK. Carbon Upcycling’s technology injects captured CO2 into industrial byproducts and minerals to produce supplementary cementitious materials. BDC Capital and Climate Investment led the funding round, with strategic investments from Cemex Ventures, CRH and Oxy Low Carbon Ventures.

Carbon Upcycling chief executive officer Apoorv Sinha said "Closing this round is a major milestone on the road to becoming the most impactful carbon tech company of this decade.” He continued “Over the next year, our mission is to demonstrate our technology's versatility, scalability and operational elegance. Significant, cost-effective decarbonisation potential in the cement industry is possible without a green premium.”

Mexico-based Cemex first invested in Carbon Upcycling via its venture capital unit Cemex Ventures in February 2022. Its said “Cemex is committed to supporting decarbonisation for the built environment, and our follow-on investment in Carbon Upcycling demonstrates such ambition. Carbon Upcycling provides a scalable solution that effectively reduces the carbon footprint of cement. Increasing the supply and use of cementitious materials aligns with Cemex’s goals of reducing CO2 emissions and becoming fully net-zero by 2050”

The collaboration between Carbon Upcycling and Cemex dates to early 2020, and work towards a commercial-scale plant at the Rugby cement plant commenced in June 2022. The project will target a capture capacity of 1600t/yr, and has secured US$2.96m in government funding from UK Research and Innovation. Cemex says that it will subsequently roll out further CO2 mitigation projects in partnership with Carbon Upcycling at cement plants across Europe, the Middle East and Africa, Mexico and the US.


India: Shree Cement launched commercial cement production at its new Purulia grinding plant. Dion News Service has reported that that facility, in Digha, West Bengal, has a capacity of 3Mt/yr.

The producer said that its entry into the West Bengal market will help to serve growing demand in the state.


World: Bulgaria-based consultancy firm OneStone Consulting has joined the World Cement Association (WCA) as an associate member. OneStone Consulting provides comprehensive market reporting, strategic advisory and sustainability consulting services for the cement and building material industries.

OneStone Consulting managing director Joe Harder said “We’re very pleased to be joining WCA and look forward to sharing our extensive experience and research methodologies in order to help enhance technical and economical efficiency within organisations, as well as learning from other industry stakeholders across WCA’s network."

WCA chief executive officer Ian Riley said “OneStone Consulting’s wide ranging expertise will be valuable to WCA’s members as they meet the challenges brought about by the multiple global crises. OneStone’s expertise in market intelligence, strategic consulting and sustainability aligns with WCA’s mission to drive sustainable development in the cement industry."


US: The United States Geological Survey has reported that the US consumed 40.5Mt-worth of cement shipments in the first five months of 2023. This corresponds to a 4.3% year-on-year fall from five-month 2022 volumes of 41.5Mt. Blended cement, primarily Type IL Portland limestone cement (PLC), accounted for 37% of shipments, compared to 16% in the corresponding period of 2022. Total demand rose by 4.3% year-on-year and by 19% month-on-month to 10.2Mt in May 2023. Imports of cement and clinker totalled 10.5Mt. The leading source of imported cement and clinker were Türkiye, which supplied 3.34Mt (32%), Canada, which supplied 1.58Mt (15%), and Vietnam, which supplied 1.3Mt (13%).

US production of clinker dropped by 2.1% to 29.5Mt in the first five months of 2023, from 30.1Mt a year earlier.


Vietnam: The General Statistics Office (GSO) recorded national cement production volumes of 69.9Mt during the first seven months of 2023. This corresponds to a decline of 5.8% from seven-month 2022 levels. Việt Nam News has reported that July production was 10Mt, down by 2.9% year-on-year.

Throughout 2022, Vietnam produced 116Mt of cement, and increased its production volumes by 5.8% year-on-year.


France: Vicat's consolidated sales were Euro1.91bn in the first half of 2023, up by 9% year-on-year from Euro1.76bn in the first half of 2022. The group's earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 17% to Euro314m from Euro269m. Vicat said that it recorded generally 'resilient' sales volumes and price rises across most of its markets. Volumes dropped in France and Switzerland. During the half, Vicat's specific CO2 emissions per tonne of cement fell by 3.6% year-on-year to 571kg/t from 591kg/t.

Chair and chief executive officer Guy Sidos said "The group has not yet returned to its pre-crisis margins rates. I’d like to thank all our teams for their unwavering commitment enabling us to reach our industrial, financial and climate targets." He added that Vicat is on track to achieve its CO2 emission target of 497kg/t of cement by 2030.

Regarding its outlook for the current 2023 full year, Vicat said "The group is targeting further significant sales growth, with its markets overall expected to display resilience and reflect the full benefit of the price hikes in selling prices implemented in 2022 and the fresh increases introduced in 2023." It added "The performance in 2023 will reap the benefit of the full impact of the new kiln at the Ragland plant in the US, the elimination of the non-recurring costs incurred in 2022 and the stabilisation in energy costs."


Italy: Cementir Holding, a subsidiary of Caltagirone Group, recorded Euro841m in sales in the first half of 2023. This corresponds to year-on-year growth of 1.1% from Euro832m in the first half of 2022. The producer's earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 40% to Euro201m from Euro144m. Likewise, its net profit rose by 36% to Euro90.3m from Euro66.6m

Cementir Holding said that its cement sales volumes fell by 5.5% year-on-year during the half, to 5.1Mt. Volumes growth of 16% in China and Türkiye, and of 8% in Egypt, failed to offset a drop in Belgium, Denmark, Malaysia and the US. In Türkiye, the group increased its focus on the domestic market, and halved its export volumes. Exports also dropped in Malaysia, by 12%, as well as in Denmark.

Chair and chief executive officer Francesco Caltagirone said “The first half of 2023 closed with encouraging results, with significant increase in EBITDA, earnings before interest and taxation and net profit, thanks to careful management of profitability, which offset the general reduction in sales volumes."


South Africa: PPC has published its Integrated Report for its 2023 financial year, which ended on 31 March 2023. The producer recorded revenues of US$559m, up by 0.2% year-on-year from US$557m in the 2022 financial year. Its cost of sales declined by 0.1% to US$471m from US$472m. As a result, PPC's loss widened by a factor of more than seven, to US$32.5m from US$4.36m.

PPC's cement volumes fell by 5.8% in South Africa and Botswana, where its cement prices rose by 8%. The company noted sustained 'good demand' for cement in coastal South Africa. It said that demand was 'robust' in Zimbabwe, however its local sales volumes fell by 16% on account of an extended kiln shutdown at one of its cement plants during the half. In Rwanda, PPC's subsidiary CIMERWA increased its cement volumes by 1%.


India: ACC recorded sales of US$632m in the first quarter of the 2024 financial year, which began on 1 April 2023. This corresponds to a year-on-year rise of 16% from US$545m. The Economic Times newspaper has reported that ACC increased its cement and clinker sales volumes by 23% to 9.4Mt. The producer reported earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$103m, up by 77% year-on-year. It attributed this to lower costs, including fuel costs, and increased operational efficiencies. Its net profit more than doubled during the quarter, to US$56.6m from US$27.6m in the first quarter of the previous financial year.

ACC said "The cement industry is in positive cycle of demand, as well as cost factors. This comes at the most apposite time, when the company is in a transformation phase, buoyed by synergies with the group. We expect the positive trend of industry to continue in the second quarter of 2023."

Gujarat-based conglomerate Adani Group completed its acquisition of ACC on 16 September 2022. It subsequently began to relocate 'significant roles' from the cement producer's headquarters in Mumbai, Maharashtra.


India: Local press has reported that a 'leading Indian conglomerate' may have concluded a deal to enter the cement industry in the union territory of Jammu and Kashmir. The Kashmir Monitor newspaper has reported the value of the deal as US$30.4m.

At present, the Jammu and Kashmiri cement sector is comprised of state-owned J&K Cements and five private companies. J&K Cements previously ceased production at its 400,000t/yr Khrew cement plant in Pulwama amid 'financial difficulties.' It has since sought a buyer for its business.


Vietnam: The government has directed state-owned businesses, including Vietnam Cement Industry Corporation (Vicem), to take measures to mitigate potential losses of state assets in construction. The Vietnam Investment Review newspaper has reported that a recent audit concluded that companies' equitisation processes created scope for such losses within the sector.


Switzerland: Holcim recorded 7.4% year-on-year growth in its organic sales to US$15.3bn in the first half of 2023. However, in real terms, its sales fell by 11% year-on-year from US$17.1bn during the first half of 2022. Its sales of cement grew by 13.8% on an organic basis to US$7.93bn, down by 21% in real terms from US$10bn. Cement constituted 52% of revenues, compared to 58% in the first half of 2022. Holcim's group share of net income rose by 9% to US$1.47bn from US$1.35bn.

Chair and chief executive officer Jan Jenisch noted 'continued profitable expansion' in the growing North American market and 'accelerated green growth' in the group's Europe and Latin America regions. He said “In line with our Strategy 2025 - Accelerating Green Growth, we reduced our overall CO2/net sales by 18% while building billion-dollar brands with ECOPact and ECOPlanet. It’s exciting to be at the forefront of decarbonising Europe with three additional grants from the EU Innovation Fund for our carbon capture, utilisation and storage projects, making us the first in our sector with five projects supported by the EU. We look forward to finishing the year strong and to further decarbonising building.” Jenisch concluded that the results 'confirm Holcim’s strong positions across all markets, delivering superior profitability and growth with leading sustainable building solutions and brands.'


Germany: Heidelberg Materials' consolidated sales rose by 5.3% year-on-year to Euro10.5bn in the first half of 2022. The producer noted a continuing 'downward trend' in its cement sales volumes in the second quarter of the year. The group recorded a net profit of Euro783m, up by 31% year-on-year from Euro597m.

Chair Dominik von Achten said “We have closed the first half of 2023 with a good result. Even in a weaker market environment, with significant declines in sales volumes in some cases, we performed quite well. We remain confident about the second half of the year, and are once again upgrading our outlook for 2023 significantly." He continued "In the first half of 2023, we achieved a further reduction in our specific net CO₂ emissions through numerous measures. With the large number of our carbon capture, utilisation and storage (CCUS) projects, we are aiming at the full decarbonisation of our products. Just recently, one of our pioneering carbon capture and storage projects in Germany was approved to receive funding from the EU Innovation Fund. The continuous reduction of our carbon footprint and strengthening the circular economy are our most powerful levers to offer our customers climate-friendly products on a large scale."

Chief financial officer René Aldach said that the company will demonstrate its financial strength with a third tranche of its on-going share buyback programme, commencing on 28 July 2023.


Mexico: Cemex recorded first-half 2023 revenues of US$8.6bn, up by 11% year-on-year from US$7.76bn for the first half of 2022. The group's operating earnings before interest, taxation, depreciation and amortisation (EBITDA) totalled US$1.69bn, up by 18% from US$1.4bn. The group said that the results bring it close to achieving its aim of restoring its 2021 EBITDA margins.

Chief executive officer Fernando A González said “The success of our pricing strategy, bolt-on investments and Urbanisation Solutions business, as well as decelerating cost inflation, are driving what is shaping up to be a very strong year for our company." He continued "Beyond our financial results, we continue progressing on the ambitious carbon reduction and circularity commitments of our Future in Action programme, remaining on the path to becoming a net zero CO2 company by 2050.”


Greece: Titan Cement Group reported sales of Euro1.23bn in the first half of 2023, up by 19% year-on-year from Euro1.04bn in the first half of 2022. Its sales rose by 25% to Euro736m in the US, by 21% to Euro197m in Greece and Western Europe and by 16% to Euro195m in Southeast Europe. However, they fell by 11% to Euro101m in the Eastern Mediterranean. The producer noted a cement demand decline in Brazil of 1.6%. Titan Cement Group's consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 77% to Euro241m from Euro136m.

Chair Marcel Cobuz said “An excellent first half of the year with strong pricing over costs and increased percentage of low carbon sales reaching 25% in infrastructure and building projects across the group. We are well on track for a record year of growth and an accelerated roadmap of decarbonisation and digitalisation.”


UK: Heidelberg Materials subsidiary Hanson UK successfully replaced a 130t section of the kiln at its 1Mt/yr Ribblesdale cement plant in Lancashire earlier in 2023. The section was 22m long, 4.6m in diameter and ran at a 4° angle. Contractor Ainscough Crane Hire used its heaviest, 800t lattice boom crane, and brought the project from acceptance to completion in 18 months. Engineering firm Grayton was Hanson's service partner for the upgrade.


Vietnam: State-owned Vietnam Cement Industry Corporation (Vicem) has projected that national full-year cement production will rise by 1.7% to 118Mt. Meanwhile, the cement market leader believes that demand will rise by 5.4% to 68.3Mt in 2023. This corresponds to an oversupply of 73%, compared to 78% in 2022.

Việt Nam News has reported that the government recorded a 7% year-on-year decline in Vietnamese cement production to 43Mt and a 10% drop in demand to 39Mt in the first half of 2023.


Thailand: Siam Cement Group (SCG) says that it expects to invest US$1.17 - 1.47bn in capital expenditure across its operations throughout 2023, Reuters has reported. SCG's activities span cement and other building materials, packaging, chemicals and batteries.


Pakistan: Lucky Cement has won the KCCI Export Trophy for its performance in the cement export market during the 2021 financial year. The News International newspaper has reported that the company relied on its 24,000t-capacity Karachi cement terminal to ship cement to markets across South Asia, Southeast Asia, the Middle East and Africa.

Chief executive officer Muhammed Ali Tabba said "This modern facility allows the company to excel in exporting break bulk and containerised shipments." He continued "Our focus is on implementing advanced manufacturing technologies to enhance technical capabilities and operational efficiencies. A diversified business portfolio has helped us strengthen the country's industrial base, enabling us to develop a larger manufacturing footprint and seize opportunities for growth both in local and international markets."