India: CK Birla Group has approached Adani Group as a possible buyer for its 38% stake in Orient Cement. Mint News has reported that CK Birla Group has previously rejected offers from other local cement producers for the stake. The group is reportedly seeking ‘double’ its market value of US$466m.
Orient Cement plans to make capital expenditure investments worth US$120m/yr up to the end of the 2025 financial year on 31 March 2023.
China: China National Building Material (CNBM) has warned of an anticipated year-on-year decline in its profit during the first nine months of 2023. Reuters has reported that the group forecast a drop of 70% from nine-month 2022 levels. Declining cement prices contributed to the anticipated drop.
Malaysia: YTL Cement has awarded a US$210,000 grant to the Construction Research Institute of Malaysia (CREAM). CREAM will use the funding for three main initiatives: the development of reduced-CO2 cement alternatives, research into more sustainable construction practices and training.
YTL Cement managing director Dato Sri Michael Yeoh said “As a company that has been assisting with the development of Malaysia for over 70 years, we know the importance of investing in our nation’s progress, while simultaneously addressing our construction needs in a sustainable manner.”
US: The US Department of Energy has awarded C-Crete Technologies US$2m in funding. C-Crete Technologies is developing a method for using CO2 captured at industrial sources or from the air as an ingredient in its cement-free concrete. The binder will produce almost no CO2 and continue to absorb more CO2 from the air over time. It offers scalability and cost-parity with conventional cement for concrete producers, according to the developer.
C-Crete Technologies president Rouzbeh Savary said “We are committed to crafting a cement-free, carbon-negative ready-mix concrete that doesn’t just mitigate CO2 emissions but actively contributes to reversing climate change. Our aim is nothing short of revolutionising this hard-to-abate, carbon-heavy sector.”
