Global Cement News

Brazil: Votorantim Cimentos has appointed Osvaldo Ayres Filho as its global chief executive officer (CEO). He succeeds Marcelo Castelli in the post, who is becoming a member of the board of directors.

Ayres Filho holds over 25 years of professional experience working for companies such as Avon, Fibria and Ciba Chemicals. He joined Votorantim Cimentos in 2012 and has held the positions of financial director for the Europe, Asia and Africa region, operations director for the Southeast region in Brazil, financial director for the Brazilian business and global chief financial officer and Investor Relations Officer, with additional responsibility for the areas of strategy, information technology, mergers and acquisitions and global procurement. He became the company’s chief operations officer in 2021 with responsibility for cement, logistics and adjacent businesses. Ayres Filho holds a degree in business administration from Mackenzie Presbyterian University and a postgraduate degree in administration from the Getulio Vargas Foundation.

Germany: Heidelberg Materials recorded sales of Euro4.9bn during the first quarter of 2023, up by 13% year-on-year. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 42% to Euro557m from Euro394m. The producer said that energy prices in the quarter eased slightly, but remained ‘volatile’ and were still well above previous years. Heidelberg Materials upgraded its outlook for 2023 to a ‘moderate’ rise in sales, with earnings of Euro2.5 - 2.65bn, compared to Euro2.35bn - 2.65bn in its previous outlook.

During the quarter under review, Heidelberg Materials expanded its circularity offering through the acquisition of demolition waste recycling company SER Group in Germany and of fly ash recycling company SEFA Group in the US. It linked its financing to its climate targets through the issue of a sustainability-linked loan in January 2023.

Chair Dominik von Achten said “We have had a good start into 2023. In the first quarter, we were able to achieve a strong increase in revenue and results. Our operations in North America and Europe made a particular contribution to this success –we can keep building on this during the rest of the year. We are optimistic about the full year 2023.”

India: Birla Corporation recorded sales of US$1.06bn throughout the 2023 financial year, up by 16% year-on-year from 2022 financial year levels. The company’s cement segment contributed US$1bn in sales, up by 17% and corresponding to 95% of group sales. Group net profit was US$4.94m, down by 90% year-on-year from the previous financial year.

India: Nuvoco Vistas’ sales rose by 14% year-on-year during the 2023 financial year, to US$1.29bn. The group’s cement sales volumes were 18.8Mt, up by 5%. It recorded a profit after tax of US$1.95bn.

In 2023, Nuvoco Vistas achieved a cement alternative fuel (AF) substitution rate of 12%. Its emphasis on developing blended cements enabled it to achieve an industry-leading cement to clinker factor of 55%. It operations during the year relied on over 20% renewable energy.

India: Jaiprakash Associates has defaulted on loans worth US$482m, which were due for repayment on 30 April 2023. The producer has total borrowings of US$3.57bn, repayable by 2037. It informed the National Stock Exchange of India (NSE) that the outstanding debt is subject to on-going restructuring, but will reduce by US$2.21bn upon transfer of property belonging to Jaiprakash Associates to a shareholder-approved special purpose vehicle (SPV).