03 November 2020
Sberbank acquires Eurocement owner 03 November 2020
Russia: Sberbank has acquired a 100% stake in GFI Investment Limited, owner of Eurocement. RosBusinessConsulting News has reported that the acquisition followed an increase in GFI Investment Limited’s overdue debt to Sberbank in mid-2020. Sberbank in turn reported the largest increase in its overdue corporate loans in its history in July 2020. The bank says it does not have operational control of the group. However, it is reportedly “Looking for a strategic investor” for the asset.
Eurocement is the largest cement producer in Russia operating 10 plants domestically and abroad.
Ramco Cements publishes first-half 2021 financial year results 03 November 2020
India: Ramco Cements recorded sales of US$301m in the first half of the 2021 financial year, down by 15% year-on-year from US$354m in the first half of the 2020 financial year. Its profit was US$46.4m, down by 4% from US$48.4m.
The company said, “Business operations were severely disrupted during April 2020 in view of lockdown imposed by the government due to Covid-19. After relaxation of restrictions by the Government, business recovered gradually and is continuing with weak demand, especially in urban/semi-urban markets. The company continues to comply with the various operating guidelines issued by the relevant regulatory authorities from time to time. As per the current assessment of the company, there is no material impact on the carrying values of trade receivables, inventories and other financial/non-financial assets.”
Lafarge Africa’s sales rise following strong third quarter 03 November 2020
Nigeria: LafargeHolcim subsidiary Lafarge Africa recorded sales worth US$471m in the first nine months of 2020, up by 10% year-on-year from US$427m in the corresponding period of 2019. Its recurring earnings before interest and taxation (EBIT) increased by 15.7% to US$108m from US$93m.
Chief executive officer (CEO) Khaled El Dokani said, “Our robust results for the first nine months reflect the strong recovery of the demand in the third quarter and the successful implementation of our ‘Health, Cost & Ccash' initiatives.” He added that this was despite the impact of coronavirus and negative local currency effects.
Cemex and Carbon Upcycling Technologies plan reduced-CO2 concrete with nanotechnology 03 November 2020
Mexico: Cemex has signed an agreement with Canada-based Carbon Upcycling Technologies to “improve the processing of residue or by-products of industrial processes to produce nanomaterials.” Carbon Upcycling Technologies’ equipment increases the cementitious properties of residues such as fly ash and steel slag by physical processing them into nanomaterials and adding captured CO2, enabling the partnership to produce concrete additives with “greater reactivity and a lower carbon footprint” than their raw materials.
Cemex Ventures Head Gonzalo Galindo said, "This agreement with Carbon Upcycling Technologies is yet another example of our determination to deliver net-zero CO2 concrete products globally by 2050. Our roadmap to achieve this global ambition involves continuing to innovate our technology internally while continuing to seek complementary innovation outside of Cemex through investments in start-ups, consortia, and high-value collaboration agreements such as the one reached with Carbon Upcycling Technologies."
FLSmidth continues to fight impact from coronavirus 03 November 2020
Denmark: FLSmidth has continued to report disruption to order intake, revenue and earnings due to the coronavirus pandemic. Its nine-month revenue from cement sector supply and service contracts were US$680m, down by 28% year-on-year from US$940m in the first nine months of 2020. The cement division’s loss before interest, taxation and amortisation (LBITA) was US$14.1m, compared to earnings before interest, taxation and amortisation (EBITA) of US$50.7. Its gross order intake fell by 39% to US$569m from US$932m. However, order intake in the third quarter of 2020 improved from the second quarter of the year.
The company said, “Across regions, around 95% of cement plants were back in operation at the end of the third quarter of 2020, but many plants continue to run at reduced capacity. As economic growth is one of the most important drivers for cement demand, our customers are highly sensitive to market fluctuations and typically respond through hesitation and cash preservation.” It added, “We are taking additional steps to simplify our cement business and adjust our cost structure. These activities include less in-house manufacturing and more sourcing from local suppliers as well as a reduction of the project organisation.”