Global Cement News

Jamaica: Caribbean Cement has recorded a profit of US$15m for the end of its second quarter, a year-on-year increase of 9% from the US$13.8m in the same period in 2023. Six-month earnings reached US$27m. Revenue also rose by 3% to US$49.2m. The company will undertake its annual maintenance in the current July – September quarter and expects fluctuating demand due to prevailing weather conditions. The company is continuing its expansion programme to boost production capacity by up to 30% and reduce its carbon footprint.

Iran: Head of the Iran Cement Association Hamid Farmani reported a 10% decline in Iran's cement production to 76Mt in the year ending 19 March 2024, reports The Tehran Times. Association member Ali-Akbar Alvandian also noted that cement exports fell to 10.5Mt during the period of 21 March 2023 - 21 December 2023, from 13Mt in the previous corresponding period. Annual production is calculated at 90Mt, 60Mt of which is used domestically. 13 white cement projects in the country are currently semi-finished, and if completed will lead to a capacity increase of 8.8Mt/yr.

Farmani said “We predict that in the coming years, the per capita consumption of cement in Iran will approach advanced and developing countries, and the consumption will increase from about 800kg per person to 2000kg per person.”

India: Ambuja Cements will invest US$190m to establish a 6Mt/yr grinding plant in Warisaliganj, Bihar. The project is scheduled in three phases, with the first phase of 2.4Mt/yr costing US$131m, according to the company. The plant has secured environmental clearance and land allocation for potential future expansions, The Telegraph India reports. The project will reportedly create 250 direct jobs and 1000 indirect jobs and will contribute US$30m/yr to Bihar’s economy. It is targeted for completion by December 2025.

Pranav Adani, director of Adani Enterprises, said “This investment aligns with the state government’s development programmes and our growth plans. The cement industry is witnessing healthy volumes due to the government’s infrastructure thrust, and Ambuja Cements is well positioned to support sustainable infrastructure development in the country.”

Italy: Buzzi has disclosed its financial results for the first half of 2024. It reported a decrease in cement sales volumes by 8%, mainly due to weak demand in Central Europe and increased rainfall in Italy and the US. Despite this, the company achieved a consolidated turnover of €2.05bn, down by 4.5%. After taxes, the net profit stood at €422m, a 2.1% decrease from €431m in the first half of 2023. The net financial position closed at €898m, compared to €798m at the end of 2023.

Namibia: The Namibian Competition Commission (NaCC) has imposed a US$269m fine on two companies for completing a merger without prior approval. The acquisition of Hong Xiang Holdings’ shares by Wang Zhongke from Fan Qingmei led to the companies being fined after an investigation found that the merger would create a monopoly in the cement market. NaCC spokesperson Dina Gowases stated that the merger failed to meet the notification requirements under the Competition Act, aimed at safeguarding competitive markets crucial for the construction industry and the national economy. The settlement also requires the companies to implement a competition law compliance programme in Namibia.