Global Cement News

US: Fortera has raised US$85m in a funding round to increase its production of ‘low to zero-carbon’ cement, Bloomberg reports. New investors include Wollemi Capital, Saint-Gobain venture capital arm NOVA, Presidio Ventures and Alumni Ventures, alongside existing investors Khosla Ventures and Singapore state fund Temasek.

The startup, valued at US$355m, utilises a technology that captures CO₂ emissions from traditional cement production and converts them into a mineral form for low-carbon cement. Fortera's first industrial ‘green’ cement plant operates at CalPortland's facility in Redding, California.

India: JSW Cement has filed an offer document with the Securities and Exchange Board of India for an initial public offer (IPO) of US$477m, according to NewsBytes. The IPO includes an equal split of fresh issue and offer-for-sale, each valued at US$239m. The funds will be used partly to finance a new integrated cement plant in Nagaur, Rajasthan, with US$95.5m allocated for this purpose, and US$86m used to reduce its existing debt, which stood at US$696m as of March 2024.

Egypt: Sinai Cement recorded a reversal in consolidated net profits from net losses of US$1.63m in the first half of 2023 to US$13.3m in the first half of 2024. Sales rose from US$48.3m to US$55m in 2024. The company reported an increase in standalone profits, from previous losses of US$1.5m in 2023 to US$659m as of 30 June 2024. However, net sales declined from US$48.3m in 2023 to US$31m in the first six months of 2024. For the quarter ending 31 March 2024, Sinai Cement achieved consolidated net profits of US$6.17m.

Thailand: The Ratanarak Group, through its subsidiary Sunrise Equity, has increased its stake in Siam City Cement to 71.88% by acquiring a 25.54% share from Singapore-based Jardine Cycle & Carriage for US$354m. This move consolidates the Ratanarak Group's position as the sole major and controlling shareholder.

Malaysia: Borneo Cement Sabah (BCS) is set to commence land works and forest clearance in Tongod district starting early September 2024, following the approval of its site preparation plan by the Sabah Department of Environment on 19 July 2024.

The Borneo Post reports that the cement plant will be fully automated and digitally controlled, with a conveyor used for the 3km stretch between the clinker quarry and the cement processing plant. The project will cost US$274m and will see a new road network spanning 26km from Kampung Matiku, Nabawan to the plant site at Kampung Kayawoi, with additional facilities like a dam and water treatment plant being developed and other facilities for use by local residents.

The first phase of the contract is expected to last a year, with factory operations anticipated to begin as early as January 2026.