Global Cement Newsletter

Issue: GCW740 / 17 December 2025

Headlines


We round off 2025 with the news that Holcim is preparing to buy a majority stake in Cementos Pacasmayo. This has implications for both the future of Holcim and the cement market in Peru. We explore this and more below.

This proposed acquisition starts to answer the question of what kind of company Holcim wants to be following the spin-off of Amrize, the North American business, in June 2025. The remainder of Holcim after the split consists of a large European segment and smaller divisions in Latin America and Asia, Middle East & Africa (AMEA). After the divestment of Lafarge Africa in Nigeria, the AMEA business now mainly covers North Africa, the Middle East, Australia, Bangladesh, China, New Zealand and the Philippines. In Latin America the group has subsidiaries in many countries, from Mexico south to Argentina. It also operates the Disensa construction materials retail chain. Holcim’s NextGen Growth 2030 strategy is targeted at sustainability and growth in AMEA and Latin America. The size of the business in Europe dictates the need for sustainability but the growth potential is elsewhere. Hence the attractiveness of deals like the one in Peru.

The acquisition of Cementos Pacasmayo follows a string of deals for Holcim in the country. Holcim purchased ready-mix concrete producer Mixercon and industrial minerals producer Comacsa for US$100m in mid-2024. Then in April 2025 it bought specialty buildings products manufacturer Compañía Minera Luren. The proposed Cementos Pacasmayo deal builds on all of this. Holcim has agreed to spend US$1.5bn to buy a 50.01% share. Completion of the transaction is expected in the first half of 2026 once regulatory approval is obtained. It will give Holcim control of Cementos Pacasmayo’s three integrated cement plants with a combined production capacity of 4.9Mt/yr, 28 ready-mix and precast concrete plants and 300 of the company’s DINO retail stores. Notably, Holcim appears to be paying around US$610/t for the new capacity. This is comparable to recent deals in North America.

The Holcim deal marks a change to the dominance of the cement market in Peru by local players. Previously, all the integrated clinker producers - UNACEM, Cementos Pacasmayo, Grupo Gloria and Cementos Inka - were owned by Peruvian companies. This started to change in 2024 when Holcim bought Comacsa and its white cement plant in Lima. Coincidentally, a US$17.5m fine imposed upon Grupo Gloria by National Institute for the Defence of Free Competition and the Protection of Intellectual Property (Indecopi) for anticompetitive behaviour was confirmed this week. The penalty was originally announced in 2023 in response to the alleged enforcement of exclusive supply contracts and restricted access to Cemento Yura plants. The subsidiary of Grupo Gloria continues to oppose the ruling.

Graph 1: Cement despatches in Peru, 2016 - 2015. Source: Asociación de Productores de Cemento (ASOCEM). Note: Figure estimated for 2025. 

Graph 1: Cement despatches in Peru, 2016 - 2015. Source: Asociación de Productores de Cemento (ASOCEM). Note: Figure estimated for 2025.

Data for November 2025 from Asociación de Productores de Cemento (ASOCEM) shows that despatches grew by 5.9% year-on-year from December 2024 to November 2025. Both imports and exports of cement and clinker are also up. Similarly, Cementos Pacasmayo has reported a good year so far in 2025. Its sales grew by 7% year-on-year to US$462m and its consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) by 4.6% to US$121m in the first nine months of 2025. This was attributed to higher sales for infrastructure-related projects and an increase in bagged cement demand.

The cement market in Peru has bounced back strongly following the Covid-19 epidemic. There was a dip in 2023 and 2024 but the market stayed at higher levels than the late 2010s despite this. Further growth has now returned and more is expected in the future. This may explain why Holcim has agreed to pay serious money to buy a cement company in Peru. As the business in Europe adapts to sustainability it is looking to expand elsewhere. Latin America is the obvious candidate to build on the existing business. Locally in Peru, this deal will change the status quo and it will be fascinating to observe how the market evolves in coming years.

Global Cement Weekly will return on Wednesday 7 January 2026


Colombia: Grupo Argos has appointed Juan Esteban Calle as its president. He will succeed Jorge Mario Velásquez in the role from 1 April 2026.

Calle has worked as the president of Cementos Argos since 2016. Earlier in his career he held positions including Senior Investment Banking Associate at Chase Manhattan Bank, Secretary of Finance of the Department of Antioquia, Director of Foreign Investment at the Proexport Office in Canada and Investment Advisor at the Bank of Montreal. He holds a degree in Business Administration from the Universidad EAFIT and a master’s of business administration (MBA) majoring in Finance and Economics from the University of Chicago.


Portugal: The Technical Cement Industry Association (ATIC) has appointed Pedro Reis as its president. He will do this at the same time as Cevat Mert, the CEO of Cimpor Portugal and Cape Verde. Reis will continue to work as the vice-chair of Cimpor. Reis has a government background having previously worked as the Minister for the Economy and as the chair at AICEP, the Portuguese Agency for Foreign Trade and Investment.


US: Amrize has announced the commissioning of a production expansion at its cement plant in Ste. Genevieve, Missouri, increasing the plant’s capacity by 600,000t/yr to reach a total of 5.0Mt/yr. The expansion forms part of Amrize’s broader US$700m investment plan for 2025, aimed at strengthening operations and supporting domestic customers.

The company said that the project reinforces its commitment to ‘Made in America’ manufacturing, supporting local jobs and communities while ensuring high-quality cement supply for builders across the country.


Türkiye: Cement exporter Medcem has secured contracts for 5.5Mt of cement and clinker for 2026, up from 4.8Mt in 2025, according to Platts, part of S&P Global Energy. The deals include 4Mt of bulk cement and 1Mt of bagged cement for the US market. Medcem also signed clinker contracts totalling 1.5Mt, including 0.5Mt of low-chromium clinker for Europe and standard clinker for other markets such as West Africa.

“Compared to 2025, our prices and volumes are higher for 2026, unlike other exporting countries who’ve had to maintain their prices or give a discount,” said Medcem's Trading and Shipping Director Ender Sahin. He added that, to support growing demand, Medcem is expanding its grinding capacity by nearly 1Mt/yr by 2027, increasing its total capacity from 7.5Mt/yr to 9Mt/yr.


Taiwan: Taiwan Cement has voiced support for government efforts to reduce the country’s growing reliance on imported cement, warning that the trend could undermine domestic producers and jobs.

The remarks come after locally-owned Universal Cement announced it would stop buying from Taiwan Cement and shift entirely to imported cement and clinker from elsewhere, including Japan, Indonesia and Vietnam, to satisfy its demand of 1Mt/yr. Environment Minister Peng Chi-ming raised concerns over the rising imports, said that the imports raise concerns about carbon footprints and encouraged reducing reliance on imported cement. Taiwan Cement chair Chang An-ping said that the issue was not just environmental. “Taiwan risks becoming a dumping ground for surplus cement from foreign markets,” he said, which could affect domestic workers. He showed customs data that export prices to Taiwan are lower than domestic prices in exporting countries.

Chang criticised the lack of reciprocity in Taiwan’s zero-tariff policy on cement imports and said that the anti-dumping duties on Vietnamese cement introduced in July 2025 had failed to stop prices from falling. He also called for consistent carbon verification standards. While domestic producers follow a strict ‘gross emissions’ approach verified by third parties, Chang said many Southeast Asian exporters use ‘net emissions’ accounting, which subtracts emissions avoided through waste treatment. Minister Peng confirmed plans to align verification of imported cement with local rules.


India: Bengaluru Solid Waste Management (BSWML) has reported improved segregation of waste at source, resulting in a rise in the collection of low-value plastic waste, which can be used as refuse derived fuel (RDF). BSWML has signed a new agreement with Dalmia Cement to supply 200-250t/day of RDF to the company’s cement plant in Kadapa, Andhra Pradesh. On the first day of operations, 160t were despatched to the plant. Currently, the city of Bengaluru generates between 350-400t/day of RDF. Under the agreement, Dalmia Cement has committed to accept up to 1000t/day, which officials say will significantly reduce pressure on the city’s landfills.


Pakistan: Fecto Cement has temporarily suspended operations at its 1Mt/yr cement plant in Sangjani, Islamabad. According to the company, the plant is its primary manufacturing facility and serves northern Pakistan and export markets in Afghanistan. The suspension is reportedly due to administrative issues and ‘procedural matters with local authorities.’

The company did not provide an estimate for when it expects production to resume, but said that it ‘does not foresee any long-term adverse impact’ on its financial position.


Peru: Holcim has announced plans to acquire a majority stake in Cementos Pacasmayo, expanding its footprint in the country and strengthening its position across Latin America. Holcim will acquire 50.01% of the company for US$550m, according to Reuters. Cementos Pacasmayo operates three cement plants with a total capacity of approximately 5Mt/yr, along with 28 ready-mix and precast concrete plants. The deal values the company at US$1.5bn.

The transaction is expected to close in the first half of 2026, subject to regulatory approvals and standard closing conditions. The acquisition follows Holcim’s initial entry into the Peruvian market in 2024.


Kenya: Bamburi Cement has signed a US$250m engineering, procurement and construction (EPC) contract with Sinoma CBMI to build a new 1.6Mt/yr grinding plant in Matuga, Kwale County. The project is part of Bamburi’s strategy to more than double its clinker production from 1Mt/yr to 2.6Mt/yr and its cement capacity from 1.8Mt/yr to 4Mt/yr. The plant will feature a six-stage precalciner system and integrate technology to cut its emissions, including the use of alternative fuels such as coconut husks, cashew shells and municipal solid waste.

“The new clinker line will greatly reduce reliance on imported clinker, improving quality production consistency and securing supply for the domestic market,” said Bamburi Cement CEO Mohit Kapoor at the signing ceremony, which was also attended by President William Ruto. Kapoor added that the investment would save foreign exchange resources, stabilise prices and support rising demand from national infrastructure projects and private sector development.


Germany: Spot, the autonomous robotic dog developed by Boston Dynamics, has joined operations at Heidelberg Materials’ Leimen grinding plant, taking on regular inspection duties to support on-site engineering teams. Equipped with advanced sensors and digital tools, Spot independently navigates buildings, monitors machine thresholds, detects anomalies and leaks early, and captures inspection data for real-time decision-making. The robot has already covered more than 4km autonomously, completed more than 20 inspection rounds, and recorded over 700 inspection points across the plant’s machines and equipment.

The team will now focus on validating Spot’s data, optimising its routes and expanding its inspection coverage.


India: Deccan Cements has issued a notice to the National Stock Exchange of India that its ‘Line-3’ cement plant has been successfully commissioned, with commercial production officially commencing on 15 December 2025. Following the commissioning, the company’s total cement production capacity now stands at 4Mt/yr.


France: Ecocem has welcomed the publication of a new European Assessment Document (EAD) on blended cements, confirming that the company’s ACT low-carbon technology meets recognised technical requirements for the European construction market. The EAD enables Ecocem and other low-carbon cement producers to pursue the European Technical Assessment (ETA) route and obtain CE marking for market access.

Ecocem’s ACT product reduces CO₂ emissions by up to 70% compared to conventional cement, and received ETA 23-0877 in December 2023, issued by Cerema. Ecocem is currently building the first production line for ACT at its new €50m facility in Dunkirk, France, which is planned to begin commercial operation in late 2026. This is part of a wider €226m investment programme to expand the company’s production facilities by 2030.


India: UltraTech Cement has awarded Fuller Technologies the contract to supply two high-capacity clinker coolers for its upcoming production lines at Pali Cement Works in Rajasthan and Vikram Cement Works in Madhya Pradesh. Each cooler will have a capacity of 12,000t/day of clinker.


Türkiye: Batıçim–Batı Anadolu Çimento has secured a positive environmental impact assessment (EIA) decision from the İzmir Governorship for its proposed clinker grinding and packing plant in Aliağa, İzmir. The US$20.4m project will utilise a cement grinding mill with a capacity of 250t/hr, supported by four packing units (180t/hr each), 12 bulk loading units (150t/hr each), a 300t/hr crusher, and two 1000t ash silos. Total production capacity is projected at 3.5Mt/yr. Construction is expected to be completed within one year.


The Gambia: The managing director of Jah Oil, Momodou Hydara, has attributed the ongoing cement shortage in the country to external constraints, including the shallow channel at the Port of Banjul and weather-related disruptions to operations. Hydara said that large vessels cannot dock at the port, and that smaller boats are facing delays due to adverse weather conditions. The shortage has disrupted construction activity and increased retail prices of cement across the country. The shortage has also been attributed to the government's April 2024 decision to increase import tariffs on bagged cement from Senegal.

Hydara said that Jah Oil has sufficient capacity to meet domestic demand. “As we speak, we have two ships at sea carrying 55,000t and 59,500t of cement each, and another carrying 55,000t en route to Banjul,” he said. The two ships contain approximately three million bags of cement, which would cover the monthly consumption of 30,000t. To ease pressure on port operations, Jah Oil has acquired two seagoing vessels, each with a 4000t capacity, to help offload cement from larger ships offshore.

Jah Oil is investing in its production capacity, with a new plant in Farafenni producing 100,000 bags per day, while another in Bafuloto, which can produce 200,000 bags per day, is nearing completion.


Bolivia: Cement production and sales in October 2025 increased month-on-month by 6% and 10%, respectively, according to the National Statistics Institute (INE). Production rose from 355,167t in September 2025 to 378,669t in October 2025, while sales climbed from 336,917t to 373,885t, an increase of 11%. Compared to October 2024, cement production rose by 4% to 378,335t, up from 363,784t. Sales also increased slightly year-on-year by 0.3%, or 1175t.

From January to October 2025, cement production was 3.38Mt, a 0.8% increase compared to the same period in 2024. However, total sales during the 10-month period fell slightly to 3.28Mt, down from 3.33Mt in the previous year. La Paz continues to lead in cement production with 1.03Mt, while Santa Cruz leads in sales with 883,430t as of October. INE data shows that Bolivia reached an all-time cement production record of 4.06Mt and sales of 4.10Mt in 2024.


Global: Cement and clinker shipments rose by 13% year-on-year between January and November 2025, supported by a 39% increase in deliveries to Africa’s Atlantic coast, according to World Cargo News. BIMCO shipping analysis manager Filipe Gouveia attributed the growth to ‘strong economic growth, rapid urbanisation and significant infrastructure development’ across the region, which is largely import-dependent due to limited domestic clinker production capacity.

“Clinker capacity is particularly limited; although grinding facilities exist, manufacturers still rely on imported clinker, sustaining bulk shipments,” said Gouveia.

Beyond Africa, cement exports increased across East and Southeast Asia and the west coasts of Central and South America, while clinker volumes remained broadly stable. Asian producers, particularly China and Vietnam, have boosted low-priced exports amid overcapacity and weak demand.

“Chinese seaborne exports have more than doubled, up by 135% year-on-year, as domestic construction activity declines amid the country’s property crisis,” said Gouveia. “Vietnamese exports have grown by 16% year-on-year, maintaining Vietnam’s position as the world’s largest exporter with a 27% share of global shipments.”

The US, the world’s largest importer, saw only a 3% rise in shipments, despite recent tariff hikes. Gouveia said that imports from Vietnam and Türkiye have risen by 27% and 14% respectively, despite tariff increases, noting that US clinker production fell by 7% year-on-year from January-July 2025. Gouveia concluded that the global outlook for cement and clinker shipments remains positive, with African demand and intense price competition supporting trade, but cautioned that US building permits fell by 5% year-on-year between January-August 2025, indicating that US demand could slow in the short term.


Australia: Boral has received US$16.6m in funding from the New South Wales Government to support an alternative fuel project at its Berrima Cement Works, aiming to reduce emissions and accelerate decarbonisation in cement manufacturing. The project will transition the kiln from coal to lower-carbon alternative fuels, with a target of 60% thermal energy substitution. Over its service life, the initiative is expected to reduce Scope 1 emissions by 1.6Mt. It will also divert an estimated 73,000t/yr of waste from landfill.

The grant was awarded under the NSW Government’s High Emitting Industries Grant programme, which supports manufacturing and mining facilities to develop and deploy decarbonisation projects to reduce emissions by 2030. Boral said that about 35% of its Scope 1 emissions come from fuel combustion, with the rest being process emissions from calcination during clinker production.

“This project will enable us to build technical and operational capabilities to sustainably achieve significant emissions reductions,” said Vik Bansal, Boral CEO and Managing Director. “We look forward to sharing our findings across the sector and helping to preserve and strengthen Australia’s domestic cement manufacturing capability for generations to come.”


Norway: Heidelberg Materials Northern Europe has announced the launch of a new methanol-powered cement carrier in partnership with the Hartmann Group and the Norwegian NOx Fund. The vessel is scheduled to begin operation in Norway in the first quarter of 2028. It is expected to cut CO₂ emissions by up to 6000t/yr compared to conventional fossil-fuel ships. The vessel was selected following a competitive tender involving six shipping companies. The Hartmann Group will design, own and operate the vessel, with Cyprus-based InterMaritime providing technical management after delivery. In early 2025, Heidelberg Materials applied for financial support, and the project received US$5.9m from the Norwegian NOx Fund, without which the vessel would reportedly have been too costly to develop.

Knut Omreng, director of logistics at Heidelberg Materials Northern Europe, said “This vessel cuts emissions by 80% and increases our overall transport efficiency. A 10-year contract signals our willingness to support innovation and build lasting partnerships.”


Egypt: A total of 243,000t of imported coal is set to be received at Egyptian ports during the week of 12 December 2025 for use by cement companies, according to data from the Maritime Transport Sector. East Port Said will receive 150,000t of coal aboard the Seacon Oceania for the National Cement Company of Beni Suef. Alexandria Port will receive 57,800t of coal for El Sewedy Cement, while Dekheila Port is scheduled to receive 55,000t of petcoke from Spain for Assiut Cement.

The shipments reportedly support a broader strategy to increase domestic cement production and boost exports. The first shipment of 20,000t of calcined petcoke was exported through Adabiya Port, with an export value of US$2m.


India: My Home Cement will build a new plant in eastern India, which will produce slag-based composite cement. The move is aimed at strengthening the company’s footprint in the region. Clinker will be transported from My Home Cement’s existing operations in southern India and blended at the new facility with locally sourced blast furnace slag and fly ash.

Gebr. Pfeiffer was selected to supply a MVR 6000 C-6 vertical roller mill, equipped with an 8200kW drive. The comprehensive scope of supply includes all components from raw material hoppers through to cement silos. The project is being carried out in close collaboration between Gebr. Pfeiffer (India) and Gebr. Pfeiffer (Germany), with customer support and plant design handled by Pfeiffer’s engineering team in Noida.


Türkiye: Titan has signed a share purchase agreement to acquire 100% of Traçim Çimento, which operates a 2.5Mt/yr integrated cement plant near Istanbul. The plant supplies the local market and can export to neighbouring countries and the US. A joint solar power project with the sellers is also planned.

The deal strengthens Titan’s operations in western Türkiye, where it already owns a grinding plant and pozzolana quarry in the Marmara region. It also complements the group’s export network to the US. The purchase price is approximately US$190m. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals.


US: Sublime Cement has announced a 10% workforce reduction and a pause in the development of its planned demonstration plant in Holyoke, Massachusetts, after the company failed to reverse a decision to cancel a US$86m federal grant, which would have funded 50% of the project. The company had been awarded the grant by the Department of Energy’s Office of Clean Energy Demonstrations (OCED), but the Trump administration cancelled all grants in May 2025. Sublime said that the loss of the grant disrupted the company’s financing plans and forced it to explore alternative scale-up options.

The company said in a statement “We are actively working through a robust set of alternative scale-up plans and have several exciting options to bring our first commercial plant online.”

Earlier in 2025, Microsoft committed to purchasing 623,000t of Sublime’s low-carbon cement to reduce the embodied emissions of its construction projects. The Holyoke plant was to supply the product, with a planned output of over 30,000t/yr. Sublime said that it remains in discussions with the Department of Energy.


Zimbabwe: Industry and Commerce Minister Mangaliso Ndlovu said that national cement supplies will significantly improve following the US$20m rehabilitation and restart of Khayah Cement’s clinker kiln, which resumed operations in early December 2025 after 26 months of inactivity. He said the resumption is a major intervention to meet national cement demand, which had been disrupted by a combination of issues including a breakdown at PPC’s Harare plant, scheduled maintenance at Sino Cement in Kwekwe, and delays at the border for clinker imports coming from Zambia. The Minister warned that while import permits were initially issued to stabilise prices, abuse of the system through unjustified price increases would not be tolerated and permits would not be renewed.

While PPC has returned to full production, clinker shortages persist, with two newly opened grinding plants in Hwange and Mashonaland West already closed due to lack of clinker. Ndlovu confirmed that discussions are underway to build a new grinding plant as a national strategic investment, which he said would cost between US$150m and US$200m.


Brazil: Cement sales reached 5.5Mt in November 2025, up by 4% compared to the same month in 2024, according to the National Cement Industry Union (SNIC). Between January and November 2025, total sales amounted to 62.2Mt, reflecting the same 4% year-on-year growth.

The Minha Casa, Minha Vida housing programme remains a major driver of demand, with project launches up by 8% and sales increasing by 16% over the period. Each 45m² housing unit consumes between 4-6t of cement, depending on the construction method. With a national goal of delivering more than 2 million units between 2023 and 2026, the programme is expected to significantly boost cement demand.

At COP30 in Belém, the Brazilian cement sector presented its new Net Zero 2050 Roadmap. Brazil’s cement industry currently emits 580kg of CO₂ per tonne of cement, which is below the global average of 610kg/t, and has reached 32% alternative fuel use, primarily biomass and waste.

“The cement industry is approaching the end of 2025 closely observing the dynamics between the heating up of the labour market and the constraints on credit,” said SNIC President Paulo Camillo Penna. “While the real estate market financed by savings suffers from high interest rates, social housing confirms its strategic role. The progress of the Minha Casa, Minha Vida programme and the continuous investments in infrastructure, combined with our renewed commitment to the climate agenda, will be decisive in sustaining demand next year.”


Pakistan: Lucky Cement has announced a strategic partnership with Portuguese technology provider Ultimate Technology to Industrial Savings (UTIS) to deploy its patented UC3® combustion optimisation technology. The agreement aims to improve operational efficiency and support decarbonisation.

The company says that implementation of its UC3® technology has already delivered several benefits for Lucky Cement, including improved kiln performance and productivity, reduced CO₂ emissions, lower specific heat consumption, and a more sustainable and cost-effective fuel mix.