Global Cement Newsletter

Issue: GCW727 / 17 September 2025

Headlines


Carmeuse announced this week that it has acquired a controlling stake in Chile-based Cbb. It said that the transaction strengthened its presence in South America, building on its existing operations in Colombia and Brazil. The move marks a diversification for the Belgium-based lime company. Cbb, formerly Cementos Bío Bío, is a vertically integrated heavy building materials producer with cement and concrete plants, in addition to limestone mines and plants.

The transaction sees Carmeuse take over a 97% share of Cbb for around US$490m. The deal was made public in early August 2025. A public tender offer, as part of the acquisition process, then completed on 11 September 2025. The settlement date, when the share ownership changes and the payment is made, will take place on 23 September 2025. The takeover was able to proceed once the main family-based shareholders of Cbb, who owned around 65%, agreed to the deal. Peru-based cement company Yura, which owned around another 20%, also consented. It sold its share for around US$100m.

The takeover of Cbb has been a while in the making and has involved different parties. It first became apparent to the public in late 2024 that Peru-based Grupo Gloria, the owner of Yura, had launched a bid to buy an additional 20% share. The board of Cbb rejected the offer, which appraised the full company at just under US$400m, as undervalued. Around the same time, Cbb revealed that US-based Mississippi Lime Company (MLC) had made its own takeover bid in May 2024 for around US$500m. However, MLC then withdrew its offer. Both Yura and MLC reportedly made their approaches in conjunction with some of the local family-based major shareholders. Also, note the interest by another lime company in Cbb.

Jump forward nine months and the deal appears done. Yet, as mentioned above, Carmeuse is buying more than just a lime producer. Cbb operates three integrated cement plants and one grinding plant in Chile. It also runs a grinding plant at Matarani, in the south of Peru. Global Cement Directory data suggests that the plants in Chile have a cement production capacity of over 3Mt/yr. This places the clinker capacity cost at around US$160/t. However, the capacity utilisation rate is likely to be low at present given that the company reported cement despatches of 1.2Mt in 2024. In addition, Cbb runs 27 ready-mixed concrete plants, two lime plants and three limestone mines in Chile. In Argentina it operates a lime plant and a lime mine. The company reported lime despatches of 0.83Mt in 2024.

Cbb recorded sales revenue of US$204m for cement and US$174m for lime. Pertinently, it noted a profit of US$2.26m for the cement division but one of US$35m for the lime one. Although, to be fair, sales revenue and profit grew year-on-year for both divisions. For the cement sector, the company said that the industry had experienced one of the “most severe crises in 2024 in the last 30 years.” It reported a decline in new construction projects due to rising material costs, higher credit requirements, low business confidence and a poor general economy. Ratings agency Humphreys noted, in a report on the cement sector in Chile in December 2024, that Cbb had improved its earnings margin in recent years due to the performance of its lime division.

Carmeuse’s acquisition of Cbb is a major change for the cement sector in Chile following declining cement despatches since 2021. From here one question is whether Carmeuse wants to run a cement and concrete business in Chile. The current state of the cement market in Chile, Carmeuse’s expertise in lime and the profitability of Cbb’s lime division, are three reasons why it might decide to divest this part of the business at a later date. On the other hand, Carmeuse’s expertise running rotary lime kilns could certainly feed into a new cement division if it chose to. MLC’s earlier interest in Cbb and a lack of many other cement companies being linked to the divestment also suggest that the focus has firmly been on the lime side of Cbb’s business. The one cement company that was interested, Yura, has links to lime too. Sister company Cal & Cemento Sur runs a lime plant in Puno Region in Peru, with US$100m plans for a new lime plant in Lima also in the works. The future of the cement division of Cbb is likely to be watched closely.

The FICEM Technical Congress 2025 has been taking place this week in Lima, Peru


Spain: Titan Group has appointed Juan Moreno as Investment and Business Development Manager. Moreno previously worked as a Venture Architect for Cemex Ventures from 2017 to 2025. Before this he was a consultant as the Boston Consulting Group. He holds a master’s degree in civil engineering from the Universidad Politécnica de Madrid and a master’s of business administration qualification from INSEAD.


Algeria: Interim Prime Minister Sifi Ghrieb, who came to power on 14 September 2025, has chaired an inter-ministerial meeting on the topic of cement and clinker exports, according to a press release from the Prime Minister's office. Those present included the ministers of finance, foreign trade and export promotion, public works and transport, the Governor of the Bank of Algeria, and economic operators active in the cement export sector. The meeting was reportedly prompted by a request from the Algerian President Abdelmadjid Tebboune.

The meeting provided Interim Prime Minister Ghrieb the opportunity to receive presentations on the state of infrastructure at the ports involved in export operations and to listen to the concerns and proposals of the economic operators present. It agreed a series of immediate and short-term measures by streamlining the operation of current infrastructure. Medium-term proposals to target a greater proportion of cement and clinker towards export markets, including investment in new infrastructure, were also discussed.

 


Kenya: On 16 September 2025, the Kenyan government directed the East African Portland Cement Company (EAPCC) to pursue a share buyback of a 29.2% stake owned by Switzerland’s Holcim, in what looks set to derail the sale of the shares to a Tanzanian tycoon.

The planned sale of the EAPCC shares to the Tanzanian investor Edhah Abdallah Munif had raised concerns in Parliament over the discounted cost of the deal, which had been set to take place at just half of the company’s stock price. Legislators have queried why shares in the asset-rich firm were being sold at a knock-down price.

Under the terms of the Tanzanian deal, Munif had been set to buy 26.32 million EAPCC shares from Holcim using an investment firm known as Kalahari Cement for a total of US$5.6m, which values the company at US$19.2m. Its share price on 17 September 2025 suggested a value of around US$38.5m.

To proceed with the share buyback, EAPCC must get approval from the Capital Markets Authority (CMA). The maximum share buyback price is 10% more than the average price over a month, while the minimum is the prevailing price on the Nairobi Stock Exchange.


Italy: Rising sales volumes and declining energy prices have combined to boost the financial results of Umbria-based Cementerie Aldo Barbetti in 2024. It closed with a slight year-on-year profit increase from €23.0m to €23.7m. Year-on-year revenues increased by 5.2% from €174m to €183m.


Philippines: Japan-based Sumitomo Osaka Cement has bought a 15% stake in Philcement, according to a stock exchange disclosure. The agreement, signed on 16 September 2025 between Philcement, its parent company Phinma Corporation, and Sumitomo Osaka, covers the issuance of primary shares. The transaction is expected to close before the end of 2025, subject to standard conditions.

Once the deal is complete, Phinma will remain as Philcement’s majority shareholder, with a 60% stake. Philcement has expanded significantly in the past few years, with a 2Mt/yr integrated plant in Davao del Norte due to be commissioned in 2026.


China: Cement production fell to 148Mt in August 2025, down by 6.2% year-on-year, according to data from the National Bureau of Statistics. From January to August 2025, production reached 1.105Bnt, representing a 5% decrease year-on-year compared to the same period in 2024.

In July 2025, production reached its lowest level since 2009, at 146Mt.  The drop was attributed to the ongoing real estate crisis, weak infrastructure activity and weather disruptions from heatwaves and storms. Producers are shrinking capacity to better align with demand.


India: Birla Corporation plans to raise its cement production capacity from 20Mt/yr to 27.6Mt/yr by 2028 – 2029 by building grinding units and clinker lines, according to The Pioneer newspaper. Chair Harsh Lodha told shareholders at the company’s annual general meeting that the expansion will require a capital expenditure of US$492m.


India: Prism Johnson says that its partner RLJ Cement has completed part of a planned capacity enhancement at the Mirzapur plant in Uttar Pradesh. RLJ Cement has increased its cement production capacity by 0.20Mt/yr to a total of 0.50Mt/yr. Prism Johnson said that the agreement with RLJ is via a non-exclusive supply arrangement, where cement manufactured to Prism Cement’s specifications will be supplied for onward sale.

Following the expansion, Prism Johnson’s outsourced grinding capacity - through supply agreements with multiple units - has increased from 1.17Mt/yr to 1.37Mt/yr. The company said that the Mirzapur plant is now fully operational after the capacity upgrade and forms part of its broader strategy to expand supply tie-ups and scale production to meet rising demand.


South Korea: The Ministry of Environment has announced a pilot project to recycle waste fabric scraps from sewing factories into alternative fuel for the cement industry. The agreement has been signed with: textile companies Pang Rim, Sewang, Sinhan Spinning & Textile; cement companies Ssangyong C&E and Asia Cement; and the Korea Recycling Service Agency (KORA). It expands on an earlier initiative launched in 2024 with four Seoul districts.

Under the project, fabric scraps that were previously incinerated or landfilled will be separated, sorted and processed into intermediate fuel, which cement plants will use in the production process. The Ministry said that KORA will support raw material supply and recycling logistics, while cement firms will adopt the fabric-derived fuel to reduce waste and fossil fuel use.

Kim Go-eung, Director General of the Resources Circulation Bureau, said “The separation, sorting and recycling of waste are essential elements for producing high-quality recycled raw materials. To establish a circular system, we will continue to identify and expand various measures so that the supply of excellent recycled raw materials and the securing of demand sources can be balanced.”


India: Tiruchi Corporation has intensified efforts to manage non-recyclable plastics by diverting them to cement plants for use as alternative fuel. The city generates 400 - 450t/day of waste, of which about 75% is segregated at source. Non-recyclable plastics are collected through door-to-door systems and sent to Dalmia Cements’ and UltraTech Cement’s plants, where they are used as refuse-derived fuel (RDF) in the kilns. Since July 2024, 2384t of plastics have been diverted to cement plants.

An upcoming automated material recovery facility at Ariyamangalam, with a capacity of 250t/day, is expected to further improve segregation, ensuring recyclable, non-recyclable, inert and RDF streams are directed to cement plants for reuse.


Kazakhstan: Steppe Cement narrowed its losses in the first half of 2025 as higher sales volumes and stronger margins offset rising energy costs and inflationary pressures, according to Sharecast. The company reported revenue of US$40.9m for the six months ending 30 June 2025, up by 19% from US$34.4m in 2024, driven by an 18% increase in sales volumes to 850,000t. Net loss fell sharply from US$3.5m to US$0.5m in 2024.

The producer said that production costs remained flat in tenge terms despite higher electricity, diesel and consumable prices. Clinker output rose by 4% in the first six months and remains on track for 8% growth in 2025. The producer has reportedly invested in ecological compliance measures, including new filters, and commissioned a dynamic separator for its third raw mill. It is also exploring ways to boost clinker capacity at its Line 6 and optimise its wider asset base.

Kazakhstan’s cement market grew by 19% in the first half of 2025, supported by favourable weather, economic growth, infrastructure spending, population increases and subsidised mortgage lending. However, Steppe expects growth to slow in the second half of 2025. The company aims to maintain its domestic market share at around 14% for the full year, with total volumes between 1.8Mt and 1.85Mt. Exports fell from 0.45Mt to 0.4Mt in the same period of 2024, while imports increased to 7.7% of the market amid higher supply from Uzbekistan. Steppe Cement reported clinker and cement inventories valued at US$7.3m.


Uzbekistan: Czech Republic-based PSP Engineering will build the Jizzakh cement plant for local company Jizzakh Avantage Plus, with an investment of US$183m, according to Forbes Czech Republic. The turnkey project is scheduled for completion at the start of 2028.

The plant will have a production capacity of 1Mt/yr, covering about 5% of Uzbekistan’s annual cement output once operational. Turkish company SanDeks is participating as a strategic partner, while selected Czech companies will contribute to the supply chain. The project is reportedly financed by an international investment fund. Jaroslav Koutňák, technical director and board member of PSP Engineering, said the Jizzakh Avantage Plus plant represents the company’s largest project in Central Asia and the Middle East.


Pakistan: Lucky Cement commissioned 28.8MW of wind power at its south Karachi plant in the second quarter of the 2025 financial year, bringing its total renewable energy portfolio to 160MW. This includes 74MW of solar and 56MW of waste heat recovery (WHR).

The company said renewable sources now cover more than 55% of its cement operations’ electricity demand, with the remaining 45% supplied by the national grid.

Lucky Cement also reported that cement dispatches rose by 8% year-on-year in the 2025 financial year, driven largely by stronger exports. The company said that it has retained its position as Pakistan’s largest cement exporter, with African markets accounting for the bulk of volumes.


India: Environmental activists and residents of the villages of Ambivli, Atali, and Mohane in Kalyan have raised objections to Ambuja Cement’s proposed 6Mt/yr Ambivli cement grinding unit, citing air pollution and risks to the nearby Kalu and Ulhas rivers, according to local press. A public hearing by the Maharashtra Pollution Control Board is scheduled for 16 September 2025.

The US$159m plant will be located on a 26 hectare site, 9.67 hectares of which have been earmarked for green belt development, while 5.49 hectares will be used for installation of the grinding unit, storage facilities and a packing plant.

Opponents argue that the project violates environmental guidelines requiring a minimum 500m buffer from residential areas.Nitin Nikam of Mi Kalyankar said “The project will affect the health of thousands of commuters travelling from Ambivli station. Hundreds of thousands of residents in Ambivli, Atali and Mohane live just 150–200m away and will be exposed to air pollution from the plant.”

Stalin D, director of Vanashakti, said “The proposed unit will add to the pollution levels of the Ulhas River. As cases related to the river’s pollution are pending at the Supreme Court, the government should not encourage any project that risks worsening the situation.”

Nikam also called for the hearing to be postponed by one month, noting that the notice does not specify the exact venue where the hearing is due to be held.


Ghana: The Chamber of Cement Manufacturers (COCMAG) has raised concerns about a surge of imported bagged cement, mainly from Togo, according to local press.

In a statement to the Ministry of Trade, Agribusiness and Industry, COCMAG CEO George Dawson-Ahmoah said that foreign cement brands, particularly from Togo, are increasingly ‘flooding’ the Ghanaian market without undergoing mandatory product certification by the Ghana Standards Authority. He said that this raises safety concerns for buildings and infrastructure.

Beyond safety, Dawson-Ahmoah said that the influx is distorting market dynamics. “Our local manufacturers have made substantial investments to expand production capacity, create jobs, and contribute meaningfully to Ghana's economic development. As such, the influx of imported cement without any value addition to the local economy risks eroding these gains, weakening investor confidence and destabilising the entire industry.


Iraq: Multipower International (MPI) has announced the successful commissioning of Line 2 at Najmat Al Samawa Cement plant, according to a post on LinkedIn. The commissioning was carried out by MPI’s team, certified by Fives Pillard, with additional remote support from Fives Pillard experts.

Cold commissioning involved testing the fuel handling skids without load, checking instrument functions and resolving hardware and software discrepancies. Hot commissioning included testing the skids under load, burner alignment, flame detection, control valve calibration, automation integration and operation of the full system.


Nigeria: Dangote Cement despatched 481,000t of clinker from Nigeria to its subsidiaries in Cameroon and Ghana in the first half of 2025, according to its latest activity report. While country-specific volumes were not disclosed, the company said that the supply ensured production continuity in these key markets and helped mitigate volatility in international clinker prices.

The group’s 1.5Mt/yr clinker grinding plant in Douala, Cameroon, sold 687,000t of cement in the first half of 2025, down by 3% from 710,000t in the same period of 2024. Dangote Cement attributed the decline to a temporary slowdown in demand.

Despite this, the outlook remains positive, supported by major infrastructure projects such as the Douala–Yaoundé highway and nationwide road rehabilitation. “These initiatives should maintain sustained cement demand in the medium term, despite uncertainties linked to the general elections scheduled for October 2025,” the report stated.

In Congo, however, sales stagnated at 446,000t in the first half of 2025 due to logistical challenges that limited exports, despite the resumption of public projects.

Looking ahead, Dangote Cement is moving forward with its long-delayed expansion in Cameroon. Bertrand Mbouck, General Manager of Dangote Cement Cameroon, confirmed that construction of a second plant had officially commenced after receiving government approval. The project, first announced in 2015 by Group CEO Aliko Dangote, was originally given a 20-month duration.


Pakistan: Thatta Cement has approved the issuance of a US$19.5m Sukuk, a type of financial bond that complies with Sharia law, to finance the expansion of its production capacity or to acquire an operational company.

In a notice to the Pakistan Stock Exchange, the company said that the Sukuk includes a green shoe option of US$1.8m. The funds, along with internally generated resources, will be used to expand existing production capacity or acquire an operational company.

Thatta Cement said the initiative is designed to accelerate growth, diversify revenue streams, strengthen its competitive position and generate sustainable returns for shareholders.


Gabon: The Council of Ministers, chaired by Head of State Brice Clotaire Oligui Nguema, has announced a ban on the import of clinker from 1 January 2027, according to Gabon Actu news. Local clinker production ceased in 2014, leaving Gabon dependent on imports to supply cement for construction projects. The president said that the reliance on foreign clinker has placed a burden on the trade balance and hindered infrastructure development.

Authorities said that the decision is part of a broader strategy to promote economic autonomy and revive national industry. The government expects clinker production to restart within a year, with support from industrial partners and available domestic resources.


France: Axians IAS has successfully implemented its VAS Yard Management software at its 1000th plant. The system is designed to digitise and optimise loading and logistics in the bulk materials industry. It went live across all 14 Heidelberg Materials France cement facilities, including nine production plants and five terminals. The 1000th site is Heidelberg’s Bruneseau terminal in Paris, where the software now manages fully automated truck loading without requiring on-site personnel. In the first week following the rollout, the 14 plants processed more than 3000 delivery notes involving both trucks and full trains.

Jean-Luc Degrange, project manager at Heidelberg Materials France, said “Planning and executing the rollout of this large-scale project across 14 plants was a unique challenge for our team and Axians. Together, we successfully completed this project. We congratulate Axians IAS on its 1000th implementation and wish them continued success with the next 1000 deployments.”


Spain: IKN is progressing with its satellite replacement project at Grupo Cementos Portland Valderrivas’ Fábrica Els Monjos plant. The project includes the replacement of a cooler with an IKN grate cooler, with a new cooler building, burner and a complete vent air dedusting system. On pier two, IKN is fitting a new shell section and replacing the equipment on the pier, including a new base frame, rollers with bearings and CFU.

The company reported two major milestones: the new kiln section, including the tyre, was successfully lifted into place as one piece, shortening installation time; and the pre-assembly and positioning of the cooler, which was moved into its final position.


Brazil: Cement sales in August 2025 fell to 6Mt, a 2.5% decline compared to 6.15Mt in August 2024 and down 2.5% from July 2025, when sales stood at 6.16Mt, according to preliminary figures from the National Cement Industry Union (SNIC). Total sales, including exports, reached 6.01Mt, also down by 2.5% year-on-year. Cumulatively, sales between January and August 2025 rose by 3% to 44.2Mt, compared to 43.0Mt in the same period of 2024.

By region, the Southeast remained the largest market, selling 2.75Mt of cement in August 2025 (down by 2% year-on-year), followed by the Northeast with 1.26Mt (down by 0.6%), the South with 940,000t (down by 7%), the Centre-West with 745,000t (down by 0.7%), and the North with 298,000t (down by 4%).

The slowdown comes despite record levels of formal employment and higher wages, as consumer debt remains high at 49%, close to the all-time peak of 49.9% in July 2022. Consumer confidence declined in August 2025 amid concerns about the economic outlook.

High interest rates, standing at 15%, continue to weigh on housing demand and the construction sector’s confidence index fell to its lowest level since May 2021, while industry confidence also declined to its weakest point since the Covid-19 pandemic. Tight monetary policy, uncertainty and new US tariffs on Brazilian products have further clouded the outlook.

Paulo Camillo Penna, president of SNIC, said “The federal government's goal for the Minha Casa, Minha Vida program to build two million homes between 2023 and 2026 will enable the consumption of 10Mt of cement during that period. Structural masonry and concrete wall construction systems have been advancing throughout the country due to their cost-effectiveness, agility, competitiveness, and the Brazilian cement industry's efforts to engage and train professionals in construction companies.”


Greece: As of 10 September 2025, Heracles Group will permanently discontinue its 50kg cement bag, becoming the first company in the Greek construction sector to fully transition to smaller bag sizes, according to a press release. The company said that the decision ‘responds to market needs,’ while setting new standards for healthy and safety and efficiency on site.

The company said that the move is expected to ‘significantly improve’ daily operations across construction sites, creating better working conditions and boosting productivity. According to the company, key benefits of the new packaging include reduced strain and fewer injuries on site, easier handling and transport, compliance with European occupational health and safety standards and minimised waste.


Myanmar: The Myanmar Cement Manufacturers Association held a coordination meeting at the Ministry of Industry in Nay Pyi Taw on 9 September 2025. Union Minister for Industry Charlie Than said that the Mandalay earthquake had damaged domestic cement plants, pushing up cement prices. However, he said that coordinated efforts between the association and relevant ministries meant that plants had quickly resumed operations and prices were returning to normal.