Egypt: Misr Beni Suef Cement has secured board approval for a reduction in its issued capital. Arab Finance News has reported that the company plans to reduce its capital by 10% to US$19.8m.

Uzbekistan: China Energy International Group Samarkand Cement has installed a 3Mt/yr kiln at its upcoming Samarkand cement plant. Local press has reported that the kiln is the largest at a cement plant in Uzbekistan. The Samarkand plant will cost US$313m to build. Parent company China Energy and the government of Uzbekistan previously indicated that construction would conclude in 2024. The plant will produce ordinary Portland cement (OPC) of the local designations M-400 and M-500. It will use coal as fuel in its cement production and directly employ 500 people.

Central Europe: Austria-based RHI Magnesita has acquired P-D Refractories from Germany-based Preiss-Daimler Group for Euro45m. P-D Refractories produces refractories in the Czech Republic and Germany, and operates other sites in the Czech Republic and Slovenia.

RHI-Magnesita’s CEO Stefan Borgas said “The production capabilities and vertical integration of P-D Refractories, combined with RHI Magnesita’s know-how and renowned research and development capabilities, will complement our product portfolio and enlarge our production footprint and sales channels on a global scale. This acquisition is our sixth transaction to close in the year to date and marks a major milestone for both companies in the process industries sector. Together we look forward to expanding our footprint and strengthening our market presence by offering high-grade refractory products and solutions to an enlarged customer base.”

EU: The EU launched the transitional phase of its carbon border adjustment mechanism (CBAM) on 1 October 2023. Parties that import cement - and five other commodities - into the EU must now show the embodied CO₂ emissions of their products.

The transition comes ahead of the full implementation of the CBAM in January 2026. At this point, those importing cement into the region will have to pay for the embodied CO₂ of their products in order for them to enter the EU Common Market. Producers within the EU already pay for a proportion of emissions under the auspices of the EU Emissions Trading Scheme (ETS).

The intention of the CBAM is to reduce the risk of 'carbon leakage' as the costs of making cement rise in the EU due to changes in the ETS. While cement producers, as heavy CO₂ emitters, are currently shielded from the full cost of their emissions, the number of free allowances they receive is set to fall substantially by 2026. At the same time, the cost of emitting a tonne of CO₂ under the ETS, currently Euro80-90/t on the open market, is widely expected to rise.