Greece: Titan Group’s turnover fell slightly to Euro1.51bn in 2017. Bad weather, the devaluation of the Egyptian Pound and weakening of the US Dollar affected its operating results despite a buoyant US market. Its earnings before interest, taxation, depreciation and amortisation (EBTIDA) fell by 1.9% year-on-year to Euro273m in 2017 from Euro279m in 2016. Its net profit fell by 66.5% to Euro42.7m from Euro127m.

The cement producer’s turnover grew by 9.9% to Euro873m in the US despite Hurricane Irma in September 2017 and other poor weather effects. In Greece it reported that build activity weakened further in 2017. It said that although export volumes remained high, its profit margins were hit by the lowering value of the US Dollar and increased fuel prices. Overall, the turnover of its Greece and Western Europe region fell by 4.8% to Euro249m. In Southeastern Europe turnover rose by 10.5% to Euro226m due to increased demand for building materials. Turnover in the Eastern Mediterranean region fell by 36.5% to Euro158m due to negative currency effects in Egypt and a fall in cement demand.

Turkey: The first clinker has been produced at the Limak Anka Entegre Cement plant. Turkish engineering company Sintek added that the flame was first lit in mid-march 2018 for the 5000t/day production line. Turkish cement producer Limak signed a US$155m contract with China’s Sinoma and local company Sintek to build the plant in early 2015. The project was originally scheduled to be completed in early 2017.

Poland: LafargeHolcim has celebrated investing over Euro95m at its Kujawy cement plant since 2008. As part of the Pomeranian Special Economic Zone, the plant has had a number of upgrades over the last decade and has created over 60 jobs.

Projects at the site have included spending Euro24m on environmental improvements such as installing new filters, building a new clinker silo and four cement silos, and converting the plant to process alternative fuels. Euro56m has been invested on production upgrades including a new cement grinding mill, a new calciner and new constant monitoring systems. Euro18m has been spent on two bulk loading terminals, a new weighbridge and self-loading systems and a new laboratory.

India: National Company Law Tribunal (NCLT) of Kolkata has asked Binani Cement to consider taking an out-of-court offer between the cement producer and its lenders. The NCLT has asked the committee of creditors (COC) to take up a proposal by Binani Industries, the parent of Binani Cement, to pay off all lenders' dues for 'appropriate consideration', according to the Economic Times. Binani Industries had approached the NCLT, seeking to stop insolvency proceedings after getting a ‘letter of comfort’ from UltraTech Cement, which proposed to pay US$1.11bn to help Binani pay off its debts and buy a 98.43% stake in the company.

The decision appears to pave the way for UltraTech Cement to win the on-going fight for control of Binani Cement. A consortium led by Dalmia Bharat won an auction for Binani Cement with a bid of US$974m in early March 2018. UltraTech Cement then made its direct bid to Binani Cement a few weeks later.