Displaying items by tag: US
US: Eagle Materials recorded consolidated net sales of US$1.62bn in its 2021 financial year, up by 16% year-on-year from US$1.40bn. Its net earnings quadrupled to US$339m from US$70.9m. Cement sales volumes increased by 26% to 7.47Mt from 5.93Mt and cement sales increased by 27% to US$924m from US$730m.
President and chief executive officer Michael Haack said, “Across all measures, fiscal 2021 was extraordinary for Eagle as we met and overcame challenges that were inconceivable just a year earlier. The resilience of our business model, our financial discipline and our team’s operational and strategic execution allowed us to deliver record financial results, integrate the largest acquisition in the company’s history and further streamline our business portfolio by divesting several non-core businesses, all while achieving industry leading safety performance. Our strong operating cash flow enabled us to reduce leverage to under 1.5 times net debt-to-earnings before interest taxation depreciation and amortisation (EBITDA), providing us with significant liquidity and increased financial flexibility.” He continued “As we begin our new fiscal year, Eagle is well-positioned, both geographically and financially, with ample raw material reserves to capitalise on the underlying demand fundamentals that are expected to support steady and sustainable construction activity growth over the near and long-term. We remain confident in Eagle’s prospects for continued growth and sustainable value creation for all shareholders.”
US: Titan America, part of Greece-based Titan Group, has launched ProAsh and EcoTherm. Both products are made from ash reclaimed from landfill and can be used in both cement and concrete production. Titan America subsidiary Separation Technologies produces the materials at its Brunner Island reclaimed ash drying and electrostatic separation plant in Pennsylvania.
President and chief executive officer Bill Zarkalis said, “This breakthrough achievement represents Titan America’s commitment to the reduction of CO2 through innovation as we plan to deploy this technology across the construction material sector.” He added “By harnessing the power of this technology, Separation Technologies is utilising a revolutionary beneficiation process that is capable of converting reclaimed ash from ash basins in an efficient manner. The result is a high-grade, low carbon construction product.”
US: Colombia-based Grupo Argos subsidiary Cementos Argos has agreed to sell its 24 ready-mix concrete plants in Dallas, Texas, to SRM Concrete. The Diario Financiero newspaper has reported the value of the deal as US$180m. Cementos Argos called the sale an ‘important milestone’ in the fulfilment of its non-strategic asset divestment plan.
US: Solidia Technologies has appointed Bryan Kalbfleisch appointed as its chief executive officer.
Kalbfleisch holds two decades of experience leading manufacturing operations producing concrete, asphalt, and other building materials. He previously worked at Summit Materials, an aggregates-based construction materials company, where he served as president of both its Texas Region and Houston-based Alleyton Resource. He also previously served as president of Fayetteville, APAC Central for Oldcastle (CRH), North America's largest manufacturer of building products and materials. His career was launched in the ready-mix concrete division of Central Pre-Mix Concrete Company, which was sold to Oldcastle in 1997.
Mexico: Elementia recorded standalone net sales of US$363m in the first quarter of 2021, up by 18% year-on-year from US$309m in the first quarter of 2020. The group’s Mexican cement sales rose by 25% to US$74.9m from US$60.0m. Its US cement sales rose by 6% to US$58.9m from US$55.8m and its Central American sales rose by 18% to US$6.13m from US$5.19m. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 52% to US$51.2m from US$33.6m. In early March 2021 the group announced that it was starting a spin-off process to form a new company from its metals and building systems businesses as part of an ongoing corporate strategic reorganisation.
Canada/US: Brazil-based Votorantim Cimentos and Caisse de dépôt et placement du Québec (CDPQ) have completed the transaction to merge their cement operations in North America. After having obtained regulatory approval from authorities in Brazil, Canada and the US, St Marys Cement (Canada), a wholly owned subsidiary of Votorantim Cimentos can now commence with the integration process with McInnis Cement. As part of the transaction, the parties will combine their North American assets in a jointly-held entity. Votorantim Cimentos International, the international investments platform and wholly owned subsidiary of Votorantim Cimentos, will hold 83% and CDPQ will indirectly hold 17% of the shares.
The combined entity will comprise operations in Bowmanville and St Marys, in Ontario, Canada and in Detroit and Charlevoix in Michigan, Dixon in Illinois and Badger in Wisconsin in the US, along with a distribution network concentrated in the Great Lakes region - plus the Port-Daniel–Gascons plant and its distribution operations, including terminals located in Quebec, Ontario, New Brunswick, Nova Scotia and the Northeastern region of the US.
Solidia Technologies raises US$78.0m in funding
04 May 2021US: Solidia Technologies has raised US$78.0m-worth of private investment in a funding round. The latest investors include Imperative Ventures, Zero Carbon Partners and Breakthrough Energy Investors. Existing backers providing new funds include BP, John Doerr and OGCI Climate Investments, which is the venture capital arm of the Oil and Gas Climate Initiative, a consortium of multinational oil companies. Solidia Technologies produces reduced-CO2 concrete with lower-energy cement and water-free CO2 curing.
Cemex bounces back strongly in first quarter of 2021
30 April 2021Mexico: Cemex has reported that its sales in the first quarter of 2021 came to US$3.41bn, a 9% rise year-on-year compared to the first quarter of 2020. Its earnings before interest, tax, depreciation and amortisation (EBITDA) improved by 28% to US$684m due to a boost in cement sales volumes and higher prices. Its net income for the first quarter was US$665m.
Cemex’s net sales in Mexico increased by 19% to US$822m, while operating cash flow increased 27% to US$299m. Its US operations reported net sales of US$1.0bn, an increase of 5% compared to the same period in 2020. Its operating cash flow in the US increased by 21% to US$196m.
In the group’s Europe, Middle East, Africa and Asia region, sales grew by 2% reaching US$1.09bn, while EBITDA was US$113m, 3% higher year-on-year. In Central, South America and the Caribbean, Cemex’s net sales came to US$424m, an increase of 15% compared to the same period in 2020.
Commenting on the results, Cemex’s chief executive officer Fernando González Olivieri said, "We achieved some important objectives and made significant progress towards our Operation Resilience goals, despite the persistent challenges that Covid has caused in many markets. The performance during the first quarter convinces me that we must be entering a period of sustainable growth for our main markets and it is likely that we will achieve two of our Operation Resilience goals well in advance of the 2023.
GCC’s first-quarter sales fall as earnings rise
28 April 2021Mexico: GCC recorded consolidated net sales of US$179m in the first quarter of 2021, down by 2% year-on-year. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 9% to US$49.5m. In Mexico cement sales volumes rose by 6% but in the US they fell by 7.7% due to poor oil well cement sales.
The company’s chief executive officer Enrique Escalante said, "GCC started 2021 with strong financial performance - increasing EBITDA, free cash flow and EBITDA margin. Our results reflect momentum in the industry and show early signs that we are entering into a new phase of the industry's cycle with a stronger demand for most of our products. Therefore, we will focus our efforts in producing cement to supply pent-up demand." Escalante continued "Our backlog and the overall market trends of our business are encouraging in the US and Mexico. Both countries are emerging from tough and uncertain times into brighter months ahead. Our focus continues on maximising production, improving plant reliability, and optimising our logistics network to take advantage of the pent-up demand we are experiencing."
US: Energy company Luminant has awarded Charah Solutions a fly ash management contract extension for its Miami Fort and Zimmer coal-fired power plants in North Bend and Moscow, Ohio. Charah Solutions says that it will pass on the ash for use in concrete production. It will continue to manage the onsite landfill and impoundment operations under its existing contract with Luminant, including material loading, hauling and disposal of approximately 180,000t/yr. In addition, Charah Solutions will be responsible for the beneficiation and utilisation of approximately 400,000t/yr of fly ash. The contract ends in 2027, when both power plants are expected to close.
President and chief executive officer Scott Sewell said “We have been proud to partner with Luminant on its sustainability efforts for many years and are delighted to extend our relationship at these Ohio sites through 2027. We have dramatically reduced the need to landfill fly ash at Miami Fort and Zimmer through our on-going partnership, saving Luminant both expense and valuable landfill space while lowering their risk.” He added “As a result of this expanded agreement, Charah Solutions will continue to provide a reliable supply of high-quality fly ash to ready mix concrete producers in the Midwest, Northeast and deep South through our MultiSource network.”