Global Cement News

India: Ramco Cements has appointed MF Farooqui as its chair. Previously PR Venketrama Raj had served as both the company’s managing director and chair. However, the company has decided to split the positions. Venketrama Raj will continue as managing director until mid-2027.

Farooqui, aged 67 years, has worked for over 35 years as a civil servant in the Indian government with roles including Secretary for the Department of Telecom and Heavy Industries, Special Secretary & Additional Secretary for the Ministry of Environment and Joint Secretary for the Department of Economic Affairs.

For the government of Tamil Nadu, he has worked as Principal Secretary for the Industries Department, Member Secretary for the Chennai Metropolitan Development Authority and Deputy Secretary in the Finance Department. He had also served as chair of Repco Bank, Titan Company and Tamilnadu Newsprint & Papers Limited. He holds a master’s degree in physics and business administration. He has been on the board of the Ramco Cements as an independent director since 2017.

Germany: HeidelbergCement has accelerated its specific CO₂ emissions reduction target to 2030 to 400kg CO₂/t CEM compared with 1990 levels. This represents a 30% cut compared to 2021 levels and a 47% cut compared to 1990 levels. The previous target was 33% compared to 1990 levels. The company said that in the next eight years to 2030 its CO₂ emissions are set to decrease more strongly in percentage terms than in the last three decades.

The building materials producer made the announcement as part of a new set of medium-term sustainability and financial targets entitled ‘Concrete Promises’ that were presented at its Capital Markets Day event in late May 2022. The group plans to generate half of its revenue from sustainable products by 2030. Carbon capture, utilisation, and storage (CCUS) projects that have already been launched are expected to achieve a cumulative reduction of 10Mt CO₂ by 2030. By 2025, more than 70% of its debt will be covered by sustainable financial instruments. Among other things, the group plans to use a bond programme that it says is the first in the industry to be aligned with the climate goals of the European Union taxonomy.

Dominik von Achten, chair of the managing board of HeidelbergCement, said “We have the ambition, speed, knowledge, technologies and partners to lead the necessary change process in our sector. Our focus is on expanding our portfolio of sustainable products, reducing our CO₂ emissions quickly and significantly, proving that CO₂-free products are possible on a large scale, and creating a circular economy by consistently applying the principles of circularity. Our new sustainability targets for 2030 illustrate this ambition.”

India: Grasim Industries' full-year consolidated sales were US$12.3bn in the 2022 financial year, up by 25% year-on-year from US$9.85bn. Its net profit rose by 60% to US$1.44bn from US$901m.

India: Cement producers and analysts say that a government cut to fuel duty may reduce the price of cement. The reduction may be minimal but it will stand out amongst inflation on other input costs for cement production, according to sources quoted by the Business Standard newspaper. Shree Cement hopes to pass on any reduction in costs from transportation to consumers but UltraTech Cement and JSW Cement are yet to announce a price cut. Most cement producers raised their prices by 8% month-on-month in April 2022 with a similar increase expected in May 2022.

India: Dedicated Freight Corridor Corporation of India Limited (DFCCIL) says that it will inaugurate the 82km Punjab section of the upcoming Eastern Freight Corridor railway before the end of 2022. The line will form part of the 175km Punjab - Uttar Pradesh section and connect Western Indian cement plants and other industries by high-speed link with Central markets. Workers will divert the existing railway between Mandi Gobindgarh and Sirhind to make way for the line.

DFCCIL previously inaugurated the corridor's central Bhaupur - Khurja section in Uttar Pradesh in January 2021.