Global Cement Newsletter

Issue: GCW716 / 02 July 2025

Headlines


It’s been a busy period at FLSmidth in Denmark with the announced sale of its Air Pollution Control business this week. This has followed the divestment of its cement business and its headquarters in Valby in late June 2025.

The Denmark-based company has moved towards mining over the last decade. In the mid-2010s, revenue from its cement business was higher than its mining division. This started to change in 2017 when it acquired part of Sandvik Mining Systems. The purchase of ThyssenKrupp Industrial Solutions’ mining business followed in 2021. The focus on mining then became more overt with the announcement of so-called “pure play strategies” for its mining and cement divisions in 2023. The public decision to sell the cement business came in early 2024. That year the cement division contributed about one fifth of group order intake, revenue and earnings. For more on the background to the decision to divest read Global Cement Weekly’s commentary in January 2024.

US-based private equity company Pacific Avenue Capital Partners was revealed as the buyer for the cement division on 20 June 2025. The value of the deal was presented as a total initial consideration of €75m and a further conditional deferred cash consideration of up to €75m. This latter payment appears to be based on undisclosed criteria. The cement division reported revenue of €596m and adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of €54m in 2024. The divestment is expected to close in the second half of 2025 subject to the regulatory approval and so on.

However, other sales connected to FLSmidth’s cement business have also been occurring. A deal to sell its Non-Core Activities segment to KOCH Solutions was announced in June 2023. This includes a mixture of intellectual property for port and terminal equipment, stockyard systems and pipe conveyors. It also covers order backlog, employees and facilities. No purchase price has been revealed. Completion was originally planned for the end of 2024 but it has been put back to the end of 2025. In July 2023 the sale of its Advanced Filtration Technologies (AFT) filter media business to Micronics was declared. No price for the divestment was disclosed but a net gain of around €13m was reported in the company’s annual report.

Jump forward to 2024 and the divestment of MAAG gears and drives was swiftly announced and then completed in the first quarter to Sweden-based investment company Solix Group. As before no price was publicised but a net gain of around €3.75m was reported. Now, in 2025, the group signed a deal to sell its headquarters at Valby in Denmark for around €98m. The company has been based in the town since 1899 and the building in question at Vigerslev Allé was inaugurated in 1956. The company is planning to move to a new headquarters in Copenhagen later in 2025. This week the sale of its Air Pollution Control business to UK-based investors Rubicon Partners has been announced. It said that since 2020 the company has gradually been divesting businesses related to air pollution control. This latest sale is the last part of that process.

So that appears to be it for FLSmidth’s involvement in the cement sector beyond the quarry gates. The divestments have occurred in a piecemeal fashion rather than one single outright transaction. The Non-Core Activities and Advanced Filtration Technologies (AFT) segments are being sold to manufacturers. By contrast MAAG gears and drives, the Air Pollution Control business and the remainder of the cement business are being sold to investment companies. We’ll have to wait a few years to work out the implications of all of this.


Spain: Votorantim Cimentos España has appointed Rubén Sánchez as the director of its Niebla plant.

Sánchez has worked for Votorantim Cimentos España in a variety of production roles since 2012. He became the director of the Oural plant in 2022. Before this, he held production roles at Cimpor from 2001 to 2012. He holds a degree in chemical engineering from the University of Santiago de Compostela and a master’s in business administration qualification from the European Institute of Business Studies.


Switzerland: Holcim has appointed Vicente Camacho Molero as Head of Operational Technology.

Camacho Molero has worked for Holcim in Switzerland for nearly a decade. He moved to the company at group level in 2014 as Senior Automation Engineer. Before this he held process and project management jobs with Holcim España from 2000 to 2014. He holds an undergraduate degree in engineering from the University of Jaén, a master’s degree in industrial automation from the University of Almería and a master’s in business administration qualification from the Open University of Catalonia.


Poland: Holcim Polska has appointed Marek Michalski as Chief Operating Officer for Industry.

Michalski has worked for Holcim and related companies since 2000. He worked as the plant manager of Lafarge Canada’s Richmond cement plant from 2023 to 2025. Before this he was the plant manager of Holcim Polska’s Kujawy cement plant from 2018 to 2023. Michalski worked for Geocycle in 2017 and 2018. Prior to this he held positions with Lafarge, mostly in Poland, from 2000 to 2014. He notably became the plant manager of the Lwów cement plant in Ukraine in 2012 and 2013. Michalski holds a master’s degree in electrical and electronic engineering from the Bydgoszcz University of Science and Technology and a master’s in business administration qualification from the Warsaw University of Technology.


US: Fortera has appointed Sandy Clancy as Chief Projects Officer and John Dotson as General Counsel.

Clancy previously worked as General Manager of Project Delivery at JERA Americas. He has also held roles in the US, Canada and Singapore with Ormat Technologies, Wood, PTTEP, Coogee Chemicals, Canadian Natural Resources and Husky Energy.

Dotson holds over 25 years of corporate legal experience. He recently worked as Senior Vice President, General Counsel & Secretary at HDT Global, and previously held roles at Chevron and Raytheon.

US-based Fortera is a low-carbon cement manufacturer with a plant in Redding, California. Its ReCarb technology turns industrial CO2 into cement.


Iraq: Delta Cement Company and Suzhou Sinoma have celebrated the completion of a 6000t/day clinker production line. The two partners completed construction, commissioning and production over a period of 16 months. The plant’s cement grinding equipment was commissioned on 24 December 2024, and the clinker line was commissioned on 30 June 2025.


China/Russia: Jinyu Jidong Cement has despatched its first batch of cement products to Russia, following final quality inspection and packaging. The company, part of the Jinyu Group, aims to strengthen Sino-Russian Far East cooperation and expand into international markets. According to local press, it has passed the Russian GOST certification audit, becoming one of the first cement producers in Heilongjiang Province to be approved for the export of building materials to Russia.


Pakistan: Local cement despatches are expected to fall by 28% month-on-month and 15% year-on-year to 2.63Mt in June 2025, primarily due to reduced working days over the Eid holidays. Daily average sales dropped to 88,000t from 118,000t in May 2025. Provisional data covering 22 days of the month showed 1.75Mt of cement sold, with full-month estimates at 2.5Mt, below the 11-month average of 3.06Mt.

Total sales for June 2025 are forecast at 3.54Mt, flat year-on-year but down 24% from May 2025. Sector capacity utilisation is projected at 52%, down from 68% in May 2025. For the 2024–25 fiscal year, total cement sales are expected to remain flat, with a 5% drop in local sales and a 30% rise in exports. Analysts anticipate recovery in the 2026 financial year, supported by improved macroeconomic conditions and lower interest rates.


Colombia: National grey cement production rose by 9% year-on-year to 1.2Mt in May 2025. Domestic shipments also increased, up by 8% to 1.08Mt. In the first five months of the year, grey cement production totalled 5.44Mt, down by 0.3% from the same period in 2024. Shipments to the domestic market during this period rose by 0.8% year-on-year to 5Mt.


Morocco: Votorantim Cimentos has completed the full sale of its partnership and all associated assets in Morocco to Heidelberg Materials. The transaction followed regulatory approval and clearance in Morocco, with the delivery of assets and financial settlement finalised. The commercial terms of the transaction were not disclosed.


UK: Holcim UK has completed all civil engineering works at its new Tilbury Cement Terminal on the River Thames, marking the transition to structural and mechanical installation.

The three-year project has now progressed beyond excavation, foundations, utilities and site roads. Wright Brothers Industrial Services will lead the next phase, installing materials handling and processing systems. Collinson Construction is installing the storage hall superstructure, while Dome Technology begins work on the dome silo, which will hold up to 30,000t of cement.


Nigeria: Ebonyi State Governor Francis Nwifuru has established a 15-member committee to reactivate NIGERCEM, the country’s first locally-owned cement manufacturing company, located in Nkalagu.

He directed the committee to work with investors and shareholders to devise a plan for the immediate resumption of operations at the plant, which has been shut down for decades, and to submit its report within two weeks.

“Restoring the company was part of my campaign promise when I visited the area. I assured that the factory will be revived within my first tenure in office,” Nwifuru said.


Japan: Mitsubishi UBE Cement’s joint project with the city of Kitakyushu to pilot carbon recycled materials in public infrastructure has been selected for the Ministry of Economy, Trade and Industry’s 2024 grant programme.

Centred around the producer’s Kyushu plant in Kurosaki, Kitakyushu, the project will recycle CO₂ and waste cement from local sources for use in municipal construction. Mitsubishi UBE Cement said it aims to establish a model for resource circulation that can be expanded nationwide.


Togo: Cement producers in Togo have committed to reduce CO₂ emissions by 2050 by lowering the clinker factor and increasing the use of alternative fuels. At a meeting in Lomé on 30 June 2025, manufacturers set out a roadmap that includes large-scale adoption of limestone calcined clay cement (LC3) to reduce clinker content from 65% to 40%, potentially cutting emissions by up to 40% without sacrificing performance, according to the Togo First newspaper.

The strategy also involves replacing coal with agricultural or municipal waste. Industry data shows that cement production generated 0.9Mt of CO₂ in 2023, which could rise to 1.8Mt by 2050 without intervention. Manufacturers are seeking regulatory support to help deliver the roadmap, which aligns with Togo’s Paris Agreement commitments.


Jamaica: TCL Group subsidiary Caribbean Cement has commissioned its US$42m debottlenecking project at its Rockfort plant in East Kingston. The capacity of the expanded kiln was not disclosed.

During a ribbon cutting ceremony, Prime Minister of Jamaica Andrew Holness said “When we invest in our factories, we invest in our families. When we strengthen our production capacity, we strengthen our national development. This project does more than support housing. It supports jobs. The expanded kiln will enable higher throughput, greater efficiencies, and potentially more stable employment for hundreds of workers.’

He added “Instead of importing, we will be exporting. Instead of consuming value-added goods, we will be producing them. This is the shift from dependency to self-determination.”

Minister of Industry, Investment and Commerce Aubyn Hill said “Everywhere you go, cement is being used, and Caribbean Cement is doing a great job! We want every bag of cement used in Jamaica to be made here because, for every bag that we import, we send jobs overseas. Our job in Jamaica is to keep jobs here.”


Greece: Titan Cement International, the parent company of Titan Group, has changed its legal name to Titan, following shareholder approval. The ticker symbol TITC remains unchanged on Euronext and the Athens Exchange. The company said that the simplified name reflects a ‘unified, forward-looking identity’ aligned with the group’s global presence, purpose and strategic priorities. The company has also adopted a new domain, www.titanmaterials.com.

Chair of the group executive committee Marcel Cobuz said “Our evolution into a truly diversified building and infrastructure materials company and our ongoing commitment to sustainability and innovation are embodied in this identity update. The new name and web domain presence better communicate our capabilities and ambition, as we shape the future of building materials everywhere we operate.”


India: UltraTech Cement has commissioned its second cement grinding mill at the Maihar unit in Madhya Pradesh, adding 1.8Mt/yr to its domestic production capacity. The first mill at the site began operations in March 2025.

The expansion raises UltraTech’s total grey cement capacity in India to 186.86Mt/yr and 192.26Mt/yr globally. The company said the move forms ‘part of its larger strategy.’


Armenia: The government will extend restrictions on cement and clinker imports from Iran and ‘other countries’ for another six months, from 21 July 2025 to 21 January 2026. The measure aims to support local producers, who reportedly face falling competitiveness and reduced production volumes, according to local press.

Armenian cement output declined by 7% year-on-year to 1.05Mt in 2024, despite a domestic capacity of 2.5Mt/yr and market demand of around 1.4–1.5Mt/yr. Imports from Iran rose by 72% year-on-year to 436,000t in 2024, following a 3.5-fold increase in 2023.

The Ministry of Economy said the restrictions ensure sufficient market supply while maintaining fair competition between domestic manufacturers and importers.


Greece: Titan Group has been named by Time Magazine as one of the most sustainable companies in the world, rising 158 positions to 150th in the annual list of 500 companies. Titan Group said that it is the highest-ranked building materials company and one of only a handful on the list. Time Magazine and data firm Statista assessed companies based on external ratings, commitments and various environmental and social Key performance indicators (KPIs) disclosed in externally-assured reports.

Leonidas Canellopoulos, Chief Innovation and Sustainability Officer at Titan Group, said "Being named one of the world’s most sustainable companies by Time for the second year in a row is a powerful endorsement of our growth strategy in action. Sustainability is woven into every decision we make – from bold innovation in new products and decarbonised processes to transparent execution.”

 


Pakistan: Lebanese investment company Pharaoh Investment Group Ltd (PIGL) is considering the possibility of selling a stake in its subsidiary Attock Cement Pakistan Ltd (ACPL) amid a revaluation of its assets in the cement sector. PIGL, which is the majority shareholder of ACPL with an 84% stake, has received proposals from investors to acquire the entire stake, subject to regulatory approval.

The list of applicants includes joint proposals from the Fauji Foundation and Kotaku Power Company, as well as from Cherat Cement and Shirazi Investments. Separate applications were sent by Alpha Cement and Bestway Cement. ACPL holds a leading position in the cement market in Southern Pakistan, with a 24% market share, thanks to its 4.3Mt/yr capacity.


Zambia: President Hakainde Hichilema has urged investors to capitalise on Zambia's favourable business environment, citing a recent upgrade of Chilanga Cement's plant in Ndola as proof of government support. Speaking via Minister of Mines Paul Kabuswe during the plant’s commissioning, the President highlighted that its daily cement capacity tripled from 500t/day to 1500t/day. The US$25m upgrade, its first since 1969, also included a new lime production line with an annual capacity of 100,000t/yr.


Italy: France-headquartered nuclear reactor developer Newcleo has signed a memorandum of understanding (MoU) with Federbeton, the Italian cement association, to explore the company's technologies and potential synergies with the cement industry.

Newcleo says the lead-cooled advanced modular reactors (AMRs) that it is developing will offer carbon-free energy and could play a strategic role in helping heavy industries to achieve carbon neutrality. Through the MoU, Newcleo and Federbeton will also explore opportunities for research and development in the field of high-performance construction materials, designed to meet the requirements of next-generation nuclear technologies.

"The agreement between Newcleo and Federbeton confirms the construction materials industry's strong commitment to achieving climate neutrality," the partners said in a joint statement. "This collaboration addresses the dual challenge of decarbonisation and energy efficiency."
The agreement with Federbeton follows other partnerships that Newcleo has signed with key players in hard-to-abate sectors, including Danieli (for green steel production), Maire (for green chemical plants), Fincantieri (for naval propulsion), and Saipem (for offshore nuclear platforms).


Taiwan: Taiwan Cement has a secured a US$592m green loan that will support its carbon-cutting and renewable energy projects. Credit Agricole CIB served as the green structuring advisor for the deal, while BNP Paribas, MUFG Bank, DBS Bank (Taiwan) and Taipei Fubon Bank joined as underwriters.

The loan carries an interest premium of only 100 basis points, around half the rate seen on similar Euro-denominated green bonds issued by other large investment-grade corporations. The funds will be used for repaying debt and for recycling and emissions-reducing projects. The company said that it will leverage finance tools to support its green transition and boost competitiveness on the global stage.


China: West China Cement will sell Yili Yaobai Cement, Huocheng County Nangang Xixin Mining Industry and Xinjiang Baihang Environmental Protection Technology to Anhui Conch Cement and Conch (Shaanxi) for US$55m via its subsidiary Yaobai Special Cement Group, according to MT Newswires. It will also divest three additional assets for US$22.5m, US$128m and US$23.7m under separate agreements. The sales remain subject to board approval and other conditions.


France: 80 FNSCBA-CGT (National Federation of Construction, Wood and Furniture Workers) members protested outside CRH subsidiary Eqiom’s Lumbres cement plant in northern France to denounce the ‘outrageous’ working and living conditions of Chinese workers employed there, according to construction union BWI.

Eqiom signed a contract with China-based firm CBMI, which employed 250 Chinese workers to upgrade the plant by building a low-carbon kiln to reduce CO2 emissions and energy consumption, which reportedly cost more than €200m. However, there are claims that the workers live in a campsite near the cement plant, sleeping in ‘overcrowded’ tents and working 12 hours a day, six days a week. The protesters have called for the full enforcement of French labour legislation and transparency regarding the Chinese workers’ wages and working conditions.

FNSCBA-CGT general secretary Mathieu Dougoud said “We cannot remain silent on the exploitation of foreign workers. It is important to stand up to defend these workers, their jobs and our national collective agreements. We only urge Eqiom to provide the documents certifying that these Chinese workers are indeed under the aegis of the French labour code.”

In a statement sent to Global Cement Eqiom said "The K6 project is carried out in strict compliance with all applicable French legislation, including labour law, and in line with the values of our company. The latest checks carried out by the competent authorities attest that the project is in full compliance with French law."


Kazakhstan: Steppe Cement reported a net profit of US$1m for the year ending 31 December 2024, down by 78% from US$4.5m in 2023, due to rising input costs, particularly a 42% increase in electricity tariffs and a one-off VAT charge. Sales rose by 4% to US$84.9m, while earnings before interest, taxation, depreciation and amortisation (EBITDA) fell to US$7.5m from US$12.4m in 2023. The producer retained a 14.5% market share in a growing national cement market, where consumption increased t 11.9Mt, from 11.3Mt in 2023. A completed upgrade to Line 6 raised clinker output to 1.47Mt.


China: NovaAlgoma Cement Carriers (NACC) has placed another order for a HeatPower 300 waste heat recovery system from Climeon on a second cement carrier, to be built at Zhejiang Xinle Shipbuilding Co. and delivered in 2027.

The 38,000t vessel will run exclusively on green methanol and is expected to cut CO₂ emissions by over 60% compared to conventional vessels, reportedly avoiding around 180,000t of CO₂ emissions over 10 years. The HeatPower 300 will generate up to 300kW of carbon-free electricity from engine cooling water and exhaust gases.


Pakistan: The Supreme Court has granted a two-week stay to cement producers, suspending a recent ruling that required higher royalty payments on limestone. Earlier, the Lahore High Court had ordered producers to pay royalties based on 6% of the ex-factory price of cement or clinker. Producers argue that the levy is ‘disproportionate’ and intend to contest the case fully in the next hearing.