Global Cement Newsletter

Issue: GCW748 / 25 February 2026

Headlines


Molins’ proposed acquisition of Portugal-based Secil seems set to complete. First, the competition body the Autoridade da Concorrência (AdC) approved the transaction this week. Then Molins’ shareholders consented to the deal on the following day. Let’s take a look at what’s been happening.

Spain-based Molins announced in late December 2025 that it had struck a deal with Portugal-based Semapa to buy the latter company’s cement subsidiary outright for €1.4bn. The transaction was expected to be completed in the first quarter of 2026. Barring the unexpected, this now looks likely to happen. Molins said it would pay for the acquisition using a combination of cash and funds from a syndicated credit agreement and a bond issuance.

Molins placed Secil’s cement production capacity at around 10Mt/yr. This compares to an integrated capacity of 9.1Mt/yr as calculated from the Global Cement Directory 2025 with integrated plants in Angola, Brazil, Lebanon, Portugal and Tunisia. In addition the group also runs a grinding plant in Angola. Plus, on the cement side, Secil manages a terminal in Spain, a terminal in the Netherlands and has operations in Cape Verde. This gives a price of €153/t for the integrated cement plant capacity in the acquisition deal using the latter capacity figure.

This should be added to Molins’ existing cement footprint around the world. It operates majority-controlled cement companies in Spain, Argentina and Tunisia. It also holds joint-control of Cementos Moctezuma in Mexico (with Buzzi) and owns minority stakes in cement companies in Bangladesh, Bolivia, Colombia and Uruguay. Working out Molins’ current cement production capacity around the world is difficult due to the number of minority stakes it owns. However, Global Cement Magazine placed it at around 11Mt/yr in the December 2025 issue. Molins placed its ordinary Portland cement (OPC) production capacity at around 23Mt/yr in its annual report in 2024.

The addition of Secil is a serious acquisition for Molins that expands its geographic footprint. The new network of plants in the Iberian peninsula is the obvious sign of enlargement in its home territory. Yet, the plants in Brazil give the company the makings of a regional market leader in Latin America approaching the likes of Cemex, Cementos Argos and Votorantim. Molins’ made acquisitions in 2024 in the aggregates business in Spain and Bangladesh, and the concrete business in Colombia. Investments in recycled aggregates in Spain and alternative fuels - with a focus in Argentina, Uruguay, Colombia and Bangladesh - were also made that year. Major acquisitions in 2025 included a deal with Titan to buy 80% of Baupartner, a Bosnia-based pre-cast company, the purchase of a 90% stake in Zenet, a Spain-based manufacturer of reinforced and prestressed precast concrete components, and Concremat, the leading precast concrete company in Portugal.

A separate point to note was the resignation of Molins’ previous chair Juan Molins Amat in mid-2025. He was succeeded by Julio Rodríguez. Local press has framed this as a battle between the three arms of the Molins family that controls the company. However, the three parties reportedly coordinated to vote for the Secil deal.

Molins’ decision to buy Secil looks set to take the cement business to a new level, particularly in Iberia and South America. To finish, concrete is a major part of this deal that we’ve not really covered here. Molins reported concrete sales of 1.6Mm3 in 2024. However, Secil said it produced just under 2Mm3 in the same year. This will be a major increase in output in addition to all of these recent precast expansions in Europe.


Pakistan: Gharibwal Cement has appointed Abdur Rafique Khan as its chair. He succeeds Mian Nazir Ahmend Peracha in the post.


Germany: Vecoplan has appointed Ralf Guckert as its CEO. He succeeds Werner Berens in the role, who has resigned for personal reasons.

Guckert has been the Chief Operation Officer of MAX Automation, the parent company of Vecoplan, since 2021. Earlier in his career he worked as Head of Business Support Systems at Ericsson. This was followed by Chief Technology Officer roles at Orga Systems and Redknee and then a stint as the managing director of Günther Holding. Guckert holds a PhD in Physics from the Los Alamos National Laboratory.


Germany: Heidelberg Materials increased sales by 1% year-on-year to €21.5bn in 2025 from €21.2bn in 2024, despite some declines in volumes in individual group areas. It raised its result from current operations (RCO) by 6% to a ‘record’ €3.40bn, due to strict cost discipline. Specific net CO₂ emissions reportedly fell by 3% to 512kg/t of cementitious material. The company strengthened its positions in North America and Australia due to the acquisitions of BURNCO Rock Products in Canada and Walan Specialty Construction Products in the US. In Australia, Heidelberg Materials said it expanded its range of sustainable solutions and its presence in key markets. For 2026, it expects RCO of €3.40–3.75bn and a further slight reduction in specific net CO₂ emissions.


Colombia: The board of directors of Cementos Argos has approved a capital investment of over US$5m for 2026 to modernise and strengthen its cement, concrete and aggregates operations in Colombia. The investment will be used to increase reliability, operational efficiency and productivity, as well as to implement artificial intelligence (AI) solutions and will be implemented throughout the year. The plan forms part of the operational excellence strategy and the programme ‘From Mine to Market’, which the company says aims to ‘comprehensively strengthen’ its operations.

Vice president of Cementos Argos’ Colombia Regional Office Carlos Horacio Yusty said “Investing more than US$5m in Colombia is a strategic decision that reflects our confidence in the country and our commitment to those who are building its development. These investments allow us to increase productivity, optimise costs and strengthen the reliability of our operations, so we can continue to support our clients with quality, continuity and added value in every project.”


Azerbaijan: DAL Engineering Group commissioned a full engineering, procurement and construction (EPC) project for Holcim Azerbaijan, covering the replacement and commissioning of a 35t/hr ball mill and drive unit (2.6×13m). The scope included mechanical and automation supervision from installation to start-up and the system is now fully operational, according to a social media post by the supplier.


Ghana: The Minister for Trade, Agribusiness and Industry Elizabeth Ofosu-Adjare convened an emergency meeting with cement manufacturers over port congestion that has left clinker shipments stranded for up to two or three weeks, according to local press. Manufacturers said vessels are waiting 13–20 days to berth, increasing demurrage costs that could potentially be passed on to consumers if not addressed. Manufacturers appealed for temporary access to additional berths and handling of non-dust producing raw materials, such as gypsum and slag, at alternative berths.

Minister for Transport Joseph Bukari Nikpe said “Once the dredging is completed, expected by the end of June 2026, the port will be able to handle vessels with capacities of over 20,000t, compared to the current 8000t capacity,” and added that works around Berth 14 will complete within one to two weeks.


Argentina: Cement despatches reached 792,873t in January 2026, down by 6% year-on-year from 840,115t in January 2025 but up by 5% month-on-month from 758,875t in December 2025. Domestic despatches were 788,173t and exports were 4699t. Cement consumption reached 788,173t in January 2026, down by 5% year-on-year from 831,967t in January 2025 and up by 4% month-on-month from 755,542t in December 2025.


Belgium: Heidelberg Materials Benelux has begun production of the initial batches of Q-CEM, its calcined clay-based cement, at its cement grinding plant in Ghent, according to a social media post. It said that Q-CEM offers performance comparable to Portland cement while reducing CO₂ emissions by up to 25% compared to traditional clinker-based cement.

The company said that it has the first industrial-scale calcined clay cement production capacity on the Benelux market, with a potential of up to 1Mt/yr, with clay sourced within the Benelux region. It said the introduction of Q-CEM will reduce the carbon footprint of its entire product range by approximately 10%.


US: The Ste Genevieve plant in Missouri has achieved 10 years without a lost-time accident, according to plant manager Alan Greer via social media. The plant is owned by Amrize, Holcim’s US spinoff, and is the largest in North America, beginning operations in 2009. In December 2025, Amrize announced an expansion that will increase the plant’s capacity by 0.6Mt to 5Mt/yr.


Portugal: The Portuguese Cement Association (ATIC), in collaboration with the Boston Consulting Group (BCG), has proposed the creation of a national carbon capture and storage infrastructure, according to the report ‘Portugal’s Carbon Link – White Paper’. The project intends to ‘save’ the competitiveness of hard-to-abate industries such as cement. It envisages a 660km onshore and 25km offshore pipeline network linking 20 industrial emitters to a geological storage site in the Lusitanian sedimentary basin. The basin has a potential capacity of 3Gt and will be capable of storing 300Mt of CO₂ over the coming decades.

The proposal will command an investment of €2bn between 2027 and 2056, GDP contribution of €14bn by 2065 and create up to 7000 jobs. Transport and storage costs will amount to around €25/t, with capture costing around €80-110/t. The study said that the final impact on construction costs would be ‘negligible’ (2-4%).

Managing director of BCG Lisbon Carlos Elavai said “The cement industry needs a viable solution by 2040,” arguing that Portugal should take advantage of the experience of other European countries to launch a pilot phase to validate the geology and regulatory framework.


India: Shree Cement commissioned a new 3.7Mt/yr clinker section at its integrated Kodla plant in Karnataka on 24 February 2026, as part of its expansion. The commissioning increased total clinker capacity at Kodla to 7.2Mt/yr.


Croatia: Holcim Croatia has commissioned a new calciner and chlorine bypass system, designed by A TEC. The project converted the kiln from a preheater kiln to a full in-line precalciner by integrating A TEC’s customised calciner solution into the existing process, according to a social media post by the supplier.

A TEC said the new equipment ensures stable material transport, process control and complete combustion with low emissions. The design also accommodates its Post Combustion Chamber (PCC) on the calciner top. The chlorine bypass will apply high efficiency chlorine extraction to maintain control of the chlorine cycle.


Africa: Geminor has secured a US$523,000 grant from Norad – the Norwegian Agency for Development Cooperation – to lead a project to convert non-recyclable plastic waste into solid recovered fuel (SRF) for cement kilns. The project will establish a hub to convert difficult-to-recycle plastic waste into SRF to support decarbonisation and circular economy solutions. The feasibility phase is supported by NORWASTE and Dikubu Water & Environmental Services and will develop defined material specifications, processing standards and supplier requirements while testing fuel performance in cement operations.

According to Geminor, Africa's cement capacity is expected to grow by nearly 77% by 2030, potentially adding 150Mt/yr of CO₂ emissions if fossil fuel dependence continues. Many facilities still rely on coal, and only a limited number of cement plants in Africa are currently equipped to use alternative fuels such as waste-derived fuels, SRF and biomass, though adoption is accelerating in some markets.

Director of innovation & sustainability at Geminor Kirstie Jones-Williams said “This project reflects our broader ambition to strengthen waste management value chains and support more sustainable resource use. As we enter new markets, we know there is a lot to learn, and working closely with local partners will be essential to identifying solutions that are both viable and meaningful. Support from Norad enables us to invest the time and resources needed to explore these opportunities responsibly.”

Tadesse Negash, Africa Project Lead at Geminor, said “We’ve been actively engaging with Norwegian embassies across Africa and are beginning to see where the path forward is becoming clearer. These collaborations help us identify where local conditions, policy frameworks, and industrial readiness align best to support sustainable co-processing of plastic waste."


Spain: Optimitive has secured a €1m investment from Suma Capital, closing a €5m Series A round in which Cemex Ventures and Titan Group participated as strategic co-investors. The company said the investment will accelerate the global deployment of its technology in industries, including cement.

“The closing of this investment round allows us to accelerate the global deployment of our technology and consolidate our value proposition in industries like cement where every efficiency point counts”, said Fernando de la Prida, CEO of Optimitive.

Optimitive has also launched OPTIBAT® 7, a new version of its real-time optimisation software designed as an industrial platform for the cement industry. The company said that the software uses closed-loop artificial intelligence to optimise processes autonomously, reduce energy consumption, increase productivity and reduce CO₂ emissions.


Spain: Cement consumption in Catalonia rose by 12% year-on-year to 2.40Mt in 2025, while exports fell by 18% to 1.48Mt. Cement plants in the region produced 3.25Mt, down by 5% year-on-year. Ciment Català said cement consumption has remained below 2.5Mt for 14 consecutive years, a low volume relative to the Catalan population, placing per capita consumption at around 300kg of cement per inhabitant per year. It is also 30% lower than the EU average.


North Korea: The Sangwon Cement Complex carried out its daily production plan through ‘sci-tech activities’ to increase production in quality and quantity, according to Korean News. The Sunchon Cement Complex produced more than 1000t of additional cement in February 2026. The Chonnaeri Cement plant increased the operation rate of equipment to boost productivity, while the Sunghori Cement plant and the Manpho August 2 cement plant ‘improved technical control’ to increase production through a mass movement.


Colombia: Cementos Argos reported consolidated sales of US$1.4bn in 2025 and shipped 9.3Mt of cement, similar year-on-year, reportedly affected by a slowdown in the housing segment in Colombia and the transformation of the business in Panama. In the fourth quarter of 2025, however, cement volumes rose by 3% year-on-year.

In Colombia, sales were US$757m and earnings before interest, taxation, depreciation and amortisation (EBITDA) reached US$219m, up by 4% year-on-year, with fourth-quarter EBITDA of US$61m. The producer shipped 3.9Mt domestically and exported 1.2Mt. In Central America and the Caribbean, Cementos Argos shipped 4.3Mt in 2025, up by 9% year-on-year, and 1Mt in the fourth quarter, up by 13%. Sales reached US$554m and EBITDA was US$141m. The producer said that the Dominican Republic and Puerto Rico saw ‘record’ levels of profitability, while Honduras and Guatemala showed ‘solid’ operating performance. In Panama, efficiencies offset the market contraction.

In 2025, the company re-entered the US market with the launch of Argos Materials LLC. It expects to generate between US$100m-150m in additional EBITDA through organic growth by 2030, with investments of less than US$500m and between US$100m-US$200m through selective acquisitions.


Brazil: Votorantim Cimentos says that it is ‘increasing sustainability, production and competitiveness’ under its US$955m investment plan for 2024 to 2028. The producer signed a power purchase agreement with Auren Energia for renewable electricity from the Cajuína I wind farm complex in Lajes, Rio Grande do Norte and will become a partner in part of the complex, with supply starting in March 2026, subject to the fulfilment of customary conditions. As a result, more than 90% of electricity consumed by Votorantim Cimentos in Brazil will come from renewable sources.

The producer is also expanding the Edealina cement plant with a new grinding line that will double capacity to 2Mt/yr. The new mill arrived in January 2026 and operations are expected to start in April 2026. It is also investing in the modernisation of the kiln at its Xambioá plant and the restart of mills at its Esteio and Laranjeiras sites. The Nobres plant will receive a new grinding mill, increasing capacity to 1.2Mt/yr, with completion scheduled for August 2026. Across Brazil, the producer said that these expansions and upgrades will increase operational production volume by 3.7Mt/yr. Of the US$955m plan announced in January 2024, approximately US$458m had been approved, was underway or completed by the third quarter of 2025.

CEO Osvaldo Ayres said “All these projects are aligned with our strategy, boost our competitiveness and expand our reach in the Brazilian market. In the year in which it celebrates its 90th anniversary, Votorantim Cimentos remains firm in the execution of its strategic mandate, offering building materials and sustainable solutions to our customers, while supporting the development and growth of our country.”


India: Star Cement inaugurated its Cachar unit in Bihara, Assam, on 20 February 2026. The greenfield cement plant has a production capacity of 2Mt/yr and was inaugurated by Assam Chief Minister Himanta Biswa Sarma. The plant has its own railway siding, which is expected to improve connectivity and ease transportation of materials.


Spain: Cement consumption rose by 8% year-on-year to 1.13Mt in January 2026, up by 79,000t year-on-year, according to data from Oficemen. In the 12-month period from February 2024 to January 2025, consumption rose by 4% to 15.0Mt. Exports rose by 12% year-on-year to 0.3Mt in January 2026 but fell by 5% over the last 12 months to below 5Mt.

CEO Aniceto Zaragoza said “In this regard, we are cautiously monitoring the evolution of US tariff measures, as the US is the fourth largest destination for Spanish cement exports, accounting for 11% of the total. However, we are confident that sales to the intra-EU market, where Spain maintains a leading position, will remain stable.”


EU: Cement Europe has published updated environmental product declarations (EPDs) for CEM I, CEM II and CEM III under the amended European standard EN 15804+A2. The new EPDs replace the 2020 versions and cover the ‘cradle-to-gate’ life stages of cement production. Cement Europe first published a European EPD for CEM I in 2008, which was updated in 2015 and expanded in 2020 to include CEM II and CEM III. The latest update aligns with European standards and policy objectives for a more sustainable built environment.

CEO Koen Coppenholle said “The EU cement industry remains fully supportive of CEN/TC 350’s Environmental Product Declaration framework, which provides quantified and transparent environmental data for life cycle analysis at building level. Reliable and harmonised data are essential to enable sustainable procurement, material neutrality and the transition to low-carbon construction.”


US/Ireland: For the fourth quarter of 2025, ending 31 December 2025, CRH reported total revenues of US$9.4bn, up by 6% year-on-year. Net income was US$1.0bn during the period, which represents a significant 46% year-on-year increase from the previous corresponding quarter. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) were US$2.0bn, up by 14% year-on-year.

In the full 2025 financial year, CRH reported total revenues of US$37.4bn, up by 5% from US$35.6bn in 2024, reportedly driven by favourable demand and acquisitions. Net income was US$3.8bn, up by 8% from US$3.5bn in 2024. Adjusted EBITDA was US$7.7bn, up by 11% from US$6.9bn in 2024.

CEO Jim Mintern said “2025 proved to be a year of significant progress for CRH, with double-digit adjusted EBITDA growth, delivering another record performance and reinforcing our position as the leading compounder of capital in our industry. We enter 2026 with confidence and expect favourable end-market dynamics as well as the continued execution of our superior strategy to underpin another year of growth and value creation for our shareholders.”


Australia: The Department of Climate Change, Energy, the Environment and Water (DCCEEW) has completed its review into whether additional policies are needed to address the issue of carbon leakage in Australia, including the feasibility of a carbon border adjustment mechanism for industries such as cement and steel.

The review was commissioned in November 2023 to evaluate policy options and assess the nature and scale of carbon leakage. It examined 75 trade-exposed commodities under the Safeguard Mechanism, grouped into 42 categories, with a particular focus on steel and cement given their high emissions intensity. It concluded that while the Safeguard Mechanism is effective in the short to medium term, additional targeted measures will likely be required as leakage risks from imports evolve. The report identified a border carbon adjustment as the preferred policy for certain ‘high-risk’ commodities to ensure a level playing field for producers subject to domestic carbon constraints. It said that any mechanism should mirror the Safeguard Mechanism’s scope, avoid export rebates, remove Trade Exposed Baseline Adjustment provisions for covered commodities and be staged, starting with cement and clinker before expanding to ammonia and derivatives, glass, lime and steel. The government will evaluate the recommendations as part of the 2026-27 review of the safeguard mechanism.


Pakistan: Fauji Cement (FCCL) and Kot Addu Power (KAPCO) will launch a public offer to acquire up to 7.97% of ordinary shares in Attock Cement (ACPL) at US$1.18 per share, following their agreement on 30 January 2026 to purchase an 84.06% stake in ACPL from parent company Pharaon Investment Group Holding. The public offer will run from 6-12 April 2026, with total potential investment reaching US$12.9m, assuming full acceptance. AKD Securities Limited said the acquisition will be financed through cash, with the companies’ total investment, including the public offer, reaching approximately US$74.7m. FCCL and KAPCO hold cash reserves of US$68m and US$135m respectively.


Egypt: Egyptian ports will receive 206,000t of petroleum and coal for cement companies that rely on coal as fuel in the coming days. The shipments will arrive through Adabiya, Alexandria, Dekheila and East Port Said ports, according to data from the Maritime Transport Sector. Dekheila Port will receive 50,400t of coal from the US for Arab Cement. Alexandria Port will receive 56,800t of coal from the US for Wadi El Nile Cement. East Port Said will receive 35,500t of petcoke for Sinai White Cement.