Global Cement News

Denmark: FLSmidth has appointed Mikko Keto as its incoming chief executive officer (CEO), with effect from the start of 2022. It follows the resignation of Thomas Schulz. He will leave the company for an external role at the end of 2021.

Keto joined FLSmidth in January 2021 as the president of the mining division. He previously worked for Metso as the president for its mineral services and pumps business area. His prior roles for Metso include Senior Vice President of Spare Parts, Senior Vice President of Performance Services, President of Automation Services and Vice President of Flow Control Services. He also served as a member of the company’s executive team. Earlier in his career, Keto was Head of Sales for the maintenance business unit at KONE Corporation and held senior management and sales positions at Nokia Networks. He holds a master’s degree in economics from the Helsinki School of Economics.

Outgoing CEO Schulz joined FLSmidth in 2013. The company credited him with transforming its model from a predominately capital project organisation to one with more of a focus on service and aftermarket. His tenure has also seen the engineering company pivot towards digital products and those supporting sustainability trends in the cement and mining industries.

Mexico: Corporación Moctezuma has appointed Juan Mozo Gómez as its chief financial officer with effect from the start of 2022. He succeeds Luis Rauch, who has decided to leave the post after four years for personal reasons. Mozo has experience in the financial sector and held positions in companies in the cement and concrete industry. He holds a degree in Business Administration from Pompeau Fabra University in Spain.

Nigeria: Dangote Cement has reported that Alhaji Sani Dangote died on 14 November 2021. He was the brother of the company’s founder and chair Aliko Dangote.

Sani Dangote was a businessperson with over 30 years’ experience in various sectors of the Nigerian economy including manufacturing, agriculture and oil services. He was the Vice President of Dangote Industries and sat on the board of several other companies. He was also the deputy chair of the African Gum Arabic Producers Association, a fellow of the Nigeria Institute of Shipping and president of the Fertiliser Producers and Suppliers Association.

Brazil: Members of the Brazilian National Cement Industry Association (SNIC) have committed to a 34% reduction in the CO₂ emissions of their cement production to 375kg/t by 2050 from 564kg/t in 2019. Ten cement producers including Cimento Tupi, CSN Cimentos, InterCement and Votorantim signed the commitment. With the industry's forecast rate of growth in cement production capacity, this will result in possible total CO₂ emissions of 45Bnt in 2050 compared to 36.7Bnt in 2020.

Planned CO₂ emissions reduction investments before 2032 are US$637m across the industry.

Brazil: Votorantim Cimentos’ revenue grew by 37% year-on-year to US$2.95bn in the first nine months of 2021 from US$2.15bn in the same period in 2020. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 67% to US$758m from US$455m. Cement sales volumes rose by 18% to 27.8Mt from 23.5Mt. The cement producer benefitted from strong growth in the first half of 2021, particularly in Brazil, although this has slowed somewhat. Notable acquisitions by the company so far in 2021 include an agreement to buy both Cementos Balboa and FYM’s Southern business in Spain and the completion of a deal to take control of McInnis Cement in Canada.

Overall the group’s net revenue rose by 32% to US$8.81bn from US$6.67bn. Its adjusted EBITDA grew by 70% to US$2.14bn from US$1.26bn. Cement-based revenue represented 44% of the total. The group attributed its result in the third quarter of 2021 to higher commodity prices and sales volumes.