Global Cement News

UAE: The first nine months of 2023 brought sales growth of 39% year-on-year for National Cement Company, to US$36.8m from US$26.7m. Meanwhile, the company reversed nine-month 2022 losses of US$5.45m to record a net profit of US$13.7m during the first nine months of 2023.

India: ABG Shipyard plans to sell Vadraj Cement, which owns a decommissioned clinker unit and grinding unit, as well as quarries and a jetty, in Kutch, Gujarat. The National Company Law Tribunal took over winding up proceedings for the former cement producer in September 2023. The Economic Times newspaper has reported JSW Cement, Adani Group and steel producer ArcelorMittal Group as potential buyers for the business. It expects Vadraj Cement to attract a price of US$240 – 300m, against debts of US$841m.

Spain: Cementos Molins has renewed a Euro75m loan and Euro225m credit line with lenders. The renewal extends the company’s financing buffer until the end of 2028. Expansión News has reported that Cementos Molins plans to use the total Euro300m renewed financing towards advancing its investments in sustainability, and possibly for other corporate purposes.

South Korea/Egypt: The South Korean government’s 72% ‘anti-dumping duty’ on imports of white cement from Egypt entered force on 17 November 2023. Yonhap English News has reported that the measure will remain in force for four months, until 17 March 2023.

Egypt exported 9240t of white cement to South Korea in 2022, up by a factor of nine from 2021 levels.

North Macedonia: Titan Cement Group subsidiary Cementarnica USJE has secured the approval of its shareholders to take two new loans. In a submission to the Macedonian Stock Exchange, the company said that it plans to take one loan of between Euro9m and Euro18m from Titan Global Finance, and another of not more than Euro9m from Sharrcem Kosovo.