Global Cement Newsletter

Issue: GCW755 / 15 April 2026

Headlines


On 13 April 2026, the Paris Criminal Court found Lafarge guilty of financing a terrorist organisation and violating international financial sanctions.1 The verdict is not final and remains subject to appeal. The former French cement multinational entered into ‘commercial partnership with Islamic State (ISIS),’ the court found, concluding a trial that began in November 2025, a decade after attacks by ISIS killed 130 in the court’s home city.

For four years, in May 2010 – September 2014, France-based Lafarge operated the Jalabiya cement plant in Syria’s Aleppo Governorate. During the final year of the plant’s operation, beginning some time in 2013, it paid ISIS and local Al-Qaeda successor Al-Nusra Front US$6.6m (reconverted from €5.59m, per the French court – Lafarge paid in Dollars). It took 12 years to convict the alleged perpetrators. Now, former Lafarge executives and affiliates are set to spend a combined 32 years and six months behind bars. The sentences were as follows:

Convict, former role

Prison term

Fines

Firas Tlass, Lafarge Cement Syria shareholder & intermediary

Seven years

US$265,000

Bruno Lafont, Lafarge CEO

Six years

US$265,000

Christian Herrault, Lafarge deputy managing director

Five years

US$265,000

Bruno Pescheux, Lafarge Syria Cement CEO until August 2014

Five years

US$265,000

Frédéric Jolibois, Lafarge Syria Cement CEO from August 2014

Three years

US$94,300

Amro Taleb, environmental consultant & ‘ISIS representative’2

Three years

US$70,700

Ahmad Al Jaloudi, Lafarge Syria Cement security & risk manager

Two years

US$23,600

Jacob Waerness, Lafarge Syria Cement security & risk manager

18 months

US$23,600

TOTAL

32 years, six months

US$1.277m

Above – Table 1: Convicted Lafarge-terror conspirators in order of severity of their sentences. Source: Mark Handley, Duane Morris LLP.

Additionally, Lafarge received fines of US$1.32m for terrorist financing and US$5.38m for breach of sanctions. How did it come to this for the world’s largest cement multinational?

Lafarge’s entry into Syria at the start 2008 was a quiet sideshow to its acquisition of then 9Mt/yr-capacity Egyptian Cement Company’s parent Orascom Cement in Egypt for US$12.9bn. Orascom Cement’s other assets included a 4.4Mt/yr plant in Algeria and a 0.6Mt/yr cement plant in Türkiye, with a 20% stake in another, 2.2Mt/yr plant there.3 Orascom Cement had on-going new cement plant projects in Iraq, Nigeria and the UAE and had plans for a 2.5Mt/yr plant in Indonesia. It also held a 98.7% stake in a project to build a new cement plant in Syria. The project was situated in eastern Aleppo Governorate, 30km east of the River Euphrates, 30km south of the Turkish border and 80km from the nearest city, Raqqa. This would become the 2.6Mt/yr Jalabiya cement plant, commanding a 23% share of the Syrian market in the course of its doomed existence. The plant was very much Lafarge’s ‘baby,’ with the group investing US$680m in it, the largest foreign investment in Syrian history to date.

Lafarge Syria Cement represented a first foothold in what would become Lafarge’s Mediterranean Basin and Middle Eastern region. This accelerated its strategic growth in emerging markets, from which it expected to derive 65% of earnings in 2010, up from 45% in 2007.4 At that time, commentators were still pondering the potential global effects of an emerging ‘US sub-prime mortgage sector crisis.’

In acquiring Orascom Cement, Lafarge took on US$1.65bn of debt. It anticipated annual savings of US$177m. In the last full year of the plant’s operation in 2013, Lafarge noted that its returns ‘Continued to be impacted by the current environment’ surrounding the country’s civil war (2011 – 2024). It reappraised its previous outlook as US$27.2m above recoverable amount. Executives must have been feeling some pressure.

Lafarge was not operating the Jalabiya cement plant alone. From Orascom Cement, it also inherited a minority partner: Min Ajl Suriyya, a conglomerate belonging to local tycoon Firas Tlass. Tlass helped mediate between Lafarge and the Syrian government, and latterly rebel groups, included the designated terrorist PKK, after the plant fell behind their lines in 2011. Tlass apparently continued to manage things as payment structures grew more layered, and Lafarge seemingly thanked him by raising his stake in Lafarge Cement Syria from 1.3% to 10% in 2013. By this time, Lafarge Syria Cement had evacuated its non-Syrian employees to Egypt.

It is unclear how Lafarge could have carried out its actions in Syria without supportive French and European institutions also breaching sanctions and, indirectly, funding terrorist organisations. In March 2013, the French Development Agency and European Investment Bank agreed to refinance Lafarge Cement Syria’s debts in the sanctioned nation.

ISIS declared its caliphate at Raqqa on 29 June 2014. Since late 2013, it had been in what presiding judge Isabelle Prévost-Desprez characterised as a ‘commercial partnership’ with Lafarge Cement Syria, operating as its main raw materials and fuel supplier. Further payments secured safe passage for materials and staff. Amro Taleb served as intermediary in the dealings, along with Firas Tlass.

Investigative journalist Dorothée Myriam Kellou exposed Lafarge’s ISIS entanglement in an article in the Le Monde newspaper in June 2016, and the case was taken up in France by advocacy group Sherpa and the European Center for Constitutional and Human Rights. Complaints against Lafarge in France have included crimes against humanity, complicity in war crimes, endangering the lives of others (as well as abusive exploitation of labour and degrading working conditions), financing a terrorist organisation and violating an embargo, but it only faced charges for the last two.5 Lafarge has also established a new first: the first French company tried for financing terrorism.

Former deputy managing director Herrault appeared in no mood for repentance: "We could have washed our hands of it and walked away, but what would have happened to the plant's employees?" Those employees are currently without recognition or redress for the effects of Lafarge’s actions, after the French Supreme Court found – in January 2024 – that French labour laws could not be applied to them. Firas Tlass continues to evade justice, having received his seven-year sentence in absentia, along with a ban from entering France. Lafarge itself claimed the findings as a ‘legacy matter.’

On one view, Lafarge’s Syria story is a reckoning for multinationals operating in developing markets – in particular, in places with active conflicts – where codes of conduct can disadvantage them differently to locally-owned or other competitors. If the late 2000s were a drive to become a primarily Global South company for Lafarge, then the early 2020s may have been the great backtrack, through Holcim’s apparent realignment towards mature markets.

Holcim had no part in Lafarge’s Syrian affair. It rebranded from LafargeHolcim in May 2021, signalling Swiss ascendancy within the merged entity. More than that, the board may have wanted a clean break, and seemingly shareholders agreed. Increasingly, losing the ‘Lafarge’ looks like commercial good sense. The trade in its shares appears unaffected by Lafarge’s guilty verdict: they opened trading up 0.7% on 14 April 2026.

Lafarge left a legacy of industrious cement supply across five continents; its name may still be synonymous with cement in your home market. Now, it has a shadow global legacy of financing terror, including in its own home city of Paris, as well as in Syria where it committed its conspiracy. Many groups have been awaiting justice for what Lafarge did. Monday’s convictions might lay a groundwork for future civil lawsuits.

References

1. ACTU17, ‘Financement du terrorisme en Syrie : le cimentier Lafarge et huit ex-dirigeants reconnus coupables,’ 13 April 2026, https://actu17.fr/justice/financement-du-terrorisme-en-syrie-le-cimentier-lafarge-et-huit-ex-dirigeants-reconnus-coupables.html

2. TRT World News, 'French cement maker Lafarge found guilty of financing Daesh in Syria,' 13 April 2026, https://www.trtworld.com/article/a0e11edfd7d7

3. Encyclopaedia.com, 'Orascom Construction Industries S.A.E.,’ www.encyclopedia.com/books/politics-and-business-magazines/orascom-construction-industries-sae

4. BBC News, ‘Cement giant Lafarge buys Orascom,’ 10 December 2007, https://docs.google.com/document/d/1Z72QydAHZNZeJIywfQTRJmByIKhkRRrPdgszTe9emfE/edit?tab=t.0

5. Public International Law and Policy Group, ‘Lafarge: A New Era of Accountability,’ 24 June 2022, www.publicinternationallawandpolicygroup.org/expert-roundtable-lafarge#:~:text=Lafarge%20was%20charged%20with%20complicity,terrorist%20enterprise%2C%20and%20forced%20labor

Source

Duane Morris LLP, ‘France – cement maker Lafarge and eight executives convicted of sanctions and terrorist financing breaches,’ 13 April 2026, https://blogs.duanemorris.com/europeansanctionsenforcement/2026/04/13/france-cement-maker-lafarge-and-eight-executives-convicted-of-sanctions-and-terrorist-financing-breaches/


India: JSW Cement has announced that Sudhir Maheshwari, a non-executive, non-independent director of the company, has resigned from its board of directors. Maheshwari’s resignation has effect from the close of business hours on 14 April 2026.


India: Nuvoco Vistas’ revenues from operations rose by 8.7% year-on-year to US$354m in the fourth quarter of the 2026 fiscal year (FY2026). Its profit before tax rose by 4.2% to US$24.9m, while its earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 6.1% to US$63.2m.

During the quarter, revenues from the company’s cement segment rose by 8.2% year-on-year to US$323m, while revenues from ready-mix concrete and other activities rose by 9.1% to US$31.8m. The company achieved a consolidated sales volume of 20.4Mt during FY2026, representing 5% year-on-year growth.

Nuvoco Vistas has announced plans to set up a 1.5Mt/yr bulk cement terminal in Viramgam, Sachana, Gujarat, due for completion by April 2027. Additional clinker and grinding capacity is due to come online by the end of 2026, which will take the company’s total cement and clinker capacity to 35Mt/yr.


Vietnam: Vietnam exported 3.46Mt of cement and clinker worth US$128m in March 2026, up by 14% in volume terms and up by 14% in value year-on-year, according to the latest figures from the government’s National Statistics Office (NSO). The country exported 9.9Mt of cement and clinker worth US$360m over the first three months of 2026.

Vietnam generated US$1.37bn by exporting 37.1Mt of cement and clinker in 2025, a 21% increase in value and a 25% increase in volume relative to 2024.


Brazil: Steelmaker CSN is set to start receiving binding offers for its cement unit, CSN Cimentos, in just ‘a few weeks,’ according to the company's chief financial officer Marco Rabello. "The binding phase should begin in just over a month, shortly after the receipt of non-binding offers and the selection of the institutions that will advance to the next round," he said, although he did not disclose values or the names of potential buyers. Local sources have previously linked Votorantim Cimentos, Huaxin Cement, Anhui Conch Cement, Sinoma International and J&F, which owns a meat packing company, as potential buyers. The process is expected to be highly competitive and may also include contenders from Italy and Mexico, according to sources quoted by Reuters.

Rabello said that the closing and disbursement of funds related to the cement unit sale could be reached by the end of 2026, but that the transaction would need to be approved by the Brazilian competition regulator, and the timeline could vary depending on the buyer.


Switzerland: Companies on the Swiss Market Index (SMI) reportedly made little progress in climate protection in 2025, according to a data analysis by news agency AWP. Overall, the operational (Scope 1 & 2) CO2 emissions of SMI companies fell by approximately 3% in 2025. However, greenhouse gas emissions from the upstream and downstream value chain (Scope 3), which typically account for the largest share of the CO2 footprint and include emissions from suppliers, rose by almost 6%.

With 55Mt of operational CO2 emissions globally, cement producer Holcim was by far the largest emitter on the SMI, followed by Amrize (15.6Mt), which split off from Holcim in 2025, and food giant Nestlé (3Mt).

In 2025, Holcim reduced its operational greenhouse gas emissions by 1.8%, partly through reduced use of clinker and alternative fuels (AF). However, emissions along the supply chain increased by around 6%, mainly due to ‘higher emissions from subsidiaries and purchased clinker and cement.’

Amrize reduced its own emissions by around 4%. The group does not yet report any Scope 3 emissions but will do so for 2026.


Australia: Residents close to Adbri’s Birkenhead cement plant near Adelaide, South Australia, have expressed concern about a potential increase in the amount of plastic being burned as an alternative fuel (AF) at the plant. City of Port Adelaide Enfield Councillor Peter McGregor has also announced his opposition.

"Adbri has used refuse-derived fuel (RDF) in the past. It currently contains 20% plastic. What they're proposing now is to use more RDF and increase the plastic in a separate part of their plant," said McGregor, who claimed that a new permit would allow the plant to use up to 50% plastic in its RDF. This has not been confirmed by the Environmental Protection Agency (EPA).

In a statement, Adbri said the company has hosted information sessions and has encouraged the local community ‘to provide feedback on proposed trials to further reduce fossil fuel usage’ at its Birkenhead facility. Adbri said that the RDF it uses is made from construction and demolition waste that would otherwise be sent to landfill and that the trial would take place in full compliance with EPA regulations.


France/Syria: A court in Paris has found Lafarge, now part of Holcim, guilty of charges that its Syrian subsidiary financed terrorism and breached EU sanctions to keep a cement plant operating in northern Syria during the country's civil war.

The case was the first time a company has been tried for – and found guilty of - financing terrorism in France. ECCHR and Sherpa, the two organisations that filed the initial lawsuit, called it “A historic decision in the fight against multinational corporations' impunity.”

A total of eight former Lafarge employees were found guilty. They include its former CEO Bruno Lafont, who has been sentenced to six years in jail. His lawyer said that he would appeal, as did the lawyer for Christian Herrault, Lafarge’s former deputy managing director, who was sentenced to five years. Firas Tlass, a Syrian ex-member of staff who made the payments to the jihadist groups, was sentenced to seven years in jail in absentia. It was not immediately clear whether Tlass and the other former employees found guilty would also appeal.

Judges determined that Lafarge in total paid €5.59m to extremist ⁠groups, including ISIS and the al-Qaeda-affiliated Nusra Front, both designated as terrorists by the European Union, between 2013 and September 2014. Isabelle Prevost-Desprez, the Presiding Judge, said that the payments made by Lafarge helped to strengthen extremist groups that carried out deadly attacks in Syria and beyond. "It is clear to the court that the sole purpose of the funding of a terrorist organisation was to keep the Syrian plant running for economic reasons. Payments to terrorist entities enabled Lafarge to continue its operations," Prevost-Desprez said. "These ⁠payments took the form of a genuine commercial partnership with the ISIS.”

Lafarge has been ordered to pay a €1.125m fine, the maximum penalty available for a company, as prosecutors had requested. "Lafarge SA acknowledges the court's finding, which concerns a legacy matter involving conduct that occurred more than a decade ago and was in flagrant violation of Lafarge's Code of Conduct," the company said in a statement. "The decision is an important milestone in Lafarge SA’s actions to address this legacy matter responsibly and the company is reviewing the court’s reasoning." Holcim did not immediately respond to a request for comment.

The Jalabiya ⁠plant, located in northern ⁠Syria and bought by Lafarge in 2008 for US$680m, began operating in 2010, just a few months before the beginning of the Syrian uprising in early 2011. The court found more than €800,000 was paid to secure safe passage for employees over the Euphrates River, while €1.6m was used to buy raw materials from quarries that were under ISIS control.

In a separate case in the US in 2022, Lafarge admitted that its Syrian subsidiary paid US$6m to ISIS and the Nusra Front to allow employees, customers and suppliers to pass through checkpoints after civil conflict broke out in Syria. The group has already paid US$778m in forfeiture and fines as part of its US plea agreement. Lafarge is also under investigation in France for complicity in crimes against humanity over how the company kept its factory running in Syria.


India: Cement manufacturers in India are likely to witness a sharp decline in profitability in the current 2027 financial year (FY2027), as elevated energy costs weigh on margins, according to a report by Crisil Intelligence. The report estimates that operating margins of companies in the sector will contract by 150-200 basis points (bps) year-on-year to 16-18% in FY2027, reversing the 260-280 bps increase seen in the previous year.

The decline is primarily attributed to a surge in energy prices triggered by geopolitical tensions in West Asia, which have significantly increased power and fuel expenses, a key cost component accounting for 26-28% of the sector’s costs. Crisil noted that power and fuel costs are expected to rise by 10-12% year-on-year, driven by higher prices of crude oil, petcoke, and thermal coal.

Brent crude prices surged sharply in recent months and are projected to remain elevated and volatile, averaging US$82-87/barrel over the course of FY2027. Additionally, industrial diesel prices rose by around 25% month-on-month in March 2026, adding further pressure through higher logistics and raw material procurement costs.

"Geopolitical disruptions will intensify cost pressures for cement makers in the first half of FY2027. A surge in energy prices, along with moderate increases in raw material and freight costs, will push total costs up by 4-6%," said Sehul Bhatt, Director, Crisil Intelligence.


Bolivia: Congressman Juan Cruz has requested reports on the operations of the Public Production Company Cementos de Bolivia (Ecebol) due to a cement shortage in Oruro, where the company operates a cement plant. In an interview, Cruz asked “Why is there a shortage, and why isn’t there cement for Oruro? Cement is only arriving from other departments and even from another country. The public is asking: what has happened to the cement plant? I’m going to request that information and I’d also like to visit the Ecebol plant again.”

Regarding a recently presented list of state-owned companies operating at a loss, which includes Ecebol, the congressman suggested that the government could be making Ecebol appear unprofitable in order to sell it ‘for a song.’ From his perspective, this should not happen; rather, the company should be revitalised and continue to be monitored to ensure its proper operation.


France: Low-carbon cement producer Hoffmann Green Cement Technologies has announced that it has strengthened its partnership with Groupe Angevin through a new agreement with its subsidiary Angevin Île-de-France. The collaboration, focused on structural works in the Île-de-France region, will build on an initial partnership launched in September 2025 with other Angevin subsidiaries in western France. The agreement includes multi-year volume commitments and expands the application of the companies’ collaboration in structural construction.

Groupe Angevin, a family-owned construction group founded in 1936 that has operated for nearly 90 years, is active across western France and the Île-de-France region, delivering projects across industrial, civil engineering, housing and renewable energy segments. The group operates through an integrated network of subsidiaries enabling end-to-end project execution.


India: Ambuja Cements has completed its amalgamation of Penna Cement Industries, effective 10 April 2026. The Globe and Mail newspaper has reported that Penna Cement Industries stands dissolved without being wound up, with equity shareholders to receive a cash consideration.


Kazakhstan: Steppe Cement’s cement sales volumes rose by 25% year-on-year, to 344,000t, in the first quarter of 2026. This generated US$19.5m in sales revenues, up by 54% year-on-year, following a 21% rise in the price-per-tonne of its cement, to US$57/t.

Steppe Cement’s domestic market share rose to 16%, compared to 13.5% in the first quarter of 2025. Alliance News has reported that the company forecast full-year cement consumption in Kazakhstan of 14.5Mt in 2026, in line with 2025 levels.


India: Adani Group announced a new upcoming US$225m cement plant near Cuttack, Odisha, on 7 April 2026. One India News has reported that the move is part of US$3.53bn-worth of new Adani Group investments in Odisha, which also include a US$3.23bn thermal power plant.


US: Taiheiyo Cement subsidiary CalPortland laid off 53 employees at its Redding cement plant in California on 10 April 2026, effective 15 June 2026. It described the measure as a ‘temporary reduction of staff’ amidst declining local cement demand. Nonetheless, the plant will continue to operate at full capacity for the time being.

CalPortland president Bill Mullen said "This was a difficult decision and we recognise the impact it has on our employees and their families. We are committed to supporting our affected employees during this period and will provide resources to assist them through the transition."


US: US Representative for Pennsylvania’s 7th Congressional District Ryan Mackenzie has written to President Donald Trump to request an executive order to designate cement as a Critical National Security Material. This would prioritise domestically produced cement in federal procurement and require agencies to review regulations hindering domestic production, including restrictions on alternative fuel (AF) use.

Mackenzie’s district includes the cement-producing Lehigh Valley metropolitan region, where Amrize, Heidelberg Materials and Titan all operate plants. Meanwhile, supplier Fuller Technologies is also headquartered there, following a June 2025 acquisition by Pacific Avenue Capital. Local press has reported that producers face a ‘drag’ on residential and commercial construction due to high interest rates, partly offset by data centres and warehouse construction activity.

Heidelberg Materials North America senior vice president for sustainability and public affairs David Perkins said "Over the last several years, it has become increasingly difficult to expand and to add additional production capacity in the US. Permitting has been a significant inhibitor for additional capacity investment.” Perkins added “We are looking at this year with some caution, but there are some glimmers of optimism. There's so much volatility on the political front that it's very difficult to see what that's going to look like."


Nigeria: Dangote Cement has upgraded its compressed air system at its Gboko plant in Benue State with the installation of eight Kaeser rotary lobe blower units by JMG Industrial. The upgrade followed a comprehensive system audit and airflow analysis by the supplier, according to the Daily Independent newspaper. The improvements reportedly increased airflow efficiency by approximately 23%, with peak airflow capacity rising by nearly 47% compared to the previous system.

Plant engineer Natu David said “The performance improvement we achieved with the new Kaeser blower system has significantly enhanced airflow stability across our production lines. We have seen measurable gains in efficiency and reliability. JMG Industrial demonstrated strong engineering capability from system evaluation through full commissioning.”


Chile: Peru-based producer UNACEM’s Chilean subsidiary has signed an agreement with Cementos Transex to produce cement at a plant in Puente Alto, according to Gestion newspaper. The company said in a notice to the Superintendency of the Securities Market that the agreement will enable it to ‘achieve greater logistical efficiencies’ using the installed capacity of the plant in Puente Alto. Financial terms of the agreement were not disclosed. Unacem recently highlighted the company’s performance in Chile, which increased its revenue by 27% to US$24m in the fourth quarter of 2025. It began operations in Chile in 2018.


Americas: Geocycle is reportedly planning to invest US$125m in Latin America by 2030 to expand co-processing capacity, according to local press. It said that it had processed 12.6Mt of waste worldwide in 2025, converting it into alternative fuel for use in cement production across its operating countries. The company said the waste helped to reduce its reliance on conventional fuels and raw materials, and that it had reduced CO₂ emissions by 1.10Mt during the year. It said that 30% of Holcim’s thermal energy demand in Latin America had been met through co-processing.

Luis Rivas said “Reaching the milestone of 1Mt of managed waste is not just an operational achievement, it is proof that in Latin America we are leading a true circular revolution. With this installed capacity, we are not only solving a critical waste problem for cities and industry, but we are also accelerating the decarbonisation of our sector.”


Switzerland: Cement deliveries in Switzerland reached 795,000t in the first quarter of 2026, marking a slight increase of 0.4% year-on-year, according to Cemsuisse. The association said that construction activity remained resilient despite snowfall during the period, particularly in mountainous regions such as Valais and Graubünden. Demand was supported by stable activity across infrastructure, building and residential construction segments. The proportion of cement types with a lower clinker content rose to a record 98%, up from 97.6% in the same period of 2025. However, rail transport continued to decline, with its share falling to 33% from 36% a year earlier, reportedly due to deteriorating price-performance offers. Road transport accounted for around two-thirds of deliveries.

Stefan Vannoni, director of Cemsuisse, said “The industry continues to monitor the evolving framework conditions for rail freight with concern, as rail transport is essential for achieving climate goals.”


Sweden: SaltX has begun industrial-scale testing of electrified pre-calcination of cement raw meal from Holcim at its test and research facility in Hofors, completing an initial test phase with ‘positive results’, according to SaltX. This follows earlier, smaller-scale testing, where targeted calcination levels were achieved. SaltX said that the tests establish a solid foundation for scale-up towards a fully electrified pilot plant. The tests form part of a concept validation phase running in spring 2026 comprising multiple test periods, each of which process around 20t of cement raw meal.

The pilot plant is planned for 2028. SaltX and Holcim said further updates on the testing programme will be provided before summer 2026.


Canada: Carbon Upcycling Technologies has secured up to US$10m in financing from US-based ATEL Ventures to support the development of its carbon capture project at Ash Grove’s Mississauga cement plant. The project will capture CO₂ from the plant’s kiln and combine it with local industrial by-products to produce supplementary cementitious materials (SCM). The facility is expected to produce up to 30,000t/yr of SCM once operational in the second half of 2026.

The Mississauga plant produces more than 1Mt/yr of cement and is one of Ash Grove’s largest facilities in Canada. The company said the project will support local construction supply chains and reduce the sector’s climate impact.

Carbon Upcycling aims to to expand globally, planning a demonstration project in Italy that will produce 5000 - 10,000t/yr of SCM, reportedly beginning operations in mid-2026. This will be followed by larger projects in the US and Europe, with planned capacities of 250,000 - 300,000t/yr. Construction for these projects is expected to start in late 2026 to early 2027.


Saudi Arabia: Cement sales volumes fell by 7% year-on-year and 21% month-on-month in March 2026 to 3.37Mt, according to Al Rajhi Capital. The decline reportedly reflects local holidays and recent geopolitical developments. Sales volumes in the first quarter of 2026 declined by 5% year-on-year to 12.8Mt. Yamama Cement recorded the highest market share at 14%, followed by Saudi Cement at 13% and Qassim Cement at 12%. Clinker inventory increased by 2% month-on-month to 43.6Mt, with Southern Cement holding the highest inventory levels, equivalent to 18 months of average sales.


Argentina: Cement shipments and consumption levels increased in March 2026, indicating a recovery in the construction sector, according to Noticias Financieras news. The figures are still below those seen during the 2021 - 2023 period, however. The Association of Portland Cement Manufacturers reported production of 826,000t in March 2026. Total shipments, including exports, reached 830,000t. This figure represents an increase of 11% year-on-year. Following low figures in January and February 2026, cement shipments ended the first quarter 0.3% below the previous corresponding period, at 2.32Mt.

Cement consumption followed a similar trend, rising by 19% month-on-month and 12% year-on-year to 826,000t in March 2026. In the first quarter of 2026, cement consumption reached 2.31Mt, up by 0.1% compared to the same period of 2025. The recovery follows weak performance in January and February 2026, reportedly reflecting reduced public construction activity and lower private sector demand.


Peru: National cement shipments reached 1.12Mt in March 2026, rising by 17% year-on-year and by 10% over the previous 12 months. Cement production was 1.03Mt, up by 17% year-on-year, while clinker production reached 0.78Mt, increasing by 2% year-on-year.

Cement exports rose by 5% to 12,800t. Cement imports through the Port of Chancay increased by 31% to 70,700t, mainly from Vietnam. Clinker imports rose by 249% to 0.16Mt, primarily from China and South Korea.