01 February 2024

India: Ambuja Cements recorded sales of US$2.92bn in the first nine months of the 2024 financial year, up by 5.2% year-on-year. The company's net income was US$304m, almost double the US$154m it recorded in the corresponding period of the previous financial year.

India: Shree Cement’s sales were US$2.27bn in the first nine months of the 2024 financial year, up by 17% year-on-year from US$1.94bn in the first nine months of the previous financial year. Its net income also rose, more than doubling to US$207m from US$89.8m.

Portugal: The Portuguese Competition Authority has approved Taiwan Cement Corporation (TCC)’s outright acquisition of Cimpor. Jingshi News has reported that TCC received the approval on 1 February 2024, enabling it to proceed with its acquisition of the outstanding 60% stake in Cimpor.

World: The Global Cement and Concrete Association (GCCA) has signed a new agreement with the China Cement Association (CCA). The agreement constitutes an historic ‘partnership pledge’ to accelerate cement decarbonisation globally in 2024 – 2026. The partners says that their collaboration will contribute to the development and launch of the upcoming China Cement Carbon Neutrality Roadmap. Equipment supplier Sinoma International Engineering and the European Cement Research Academy (ECRA) will also help to develop the roadmap. The GCCA previously launched its own global net zero roadmap in 2021. Together, GCCA and CCA members account for 90% of global cement production in capacity terms.

GCCA CEO Thomas Guillot, said “The world needs leadership and collaboration like never before, especially on addressing the key issue of our time, climate change. This agreement between the China industry and the global industry is a signal to the world that we stand ready to deliver the essential decarbonised building materials that our planet needs. Cement and concrete enable the key infrastructure, thriving and resilient communities, clean water, safe homes and the shift to clean energy that are essential to a future sustainable world.”

CCA Executive president Kong Xiangzhong said “This important agreement marks a win-win cooperation, and shows where we can collaborate effectively to bring insights, technical know-how and greater focus to our shared decarbonisation mission. I am sure this will create a mutually-beneficial and long-term partnership that will be crucial in building a more sustainable world.”

Japan: Tokuyama Corporation reported sales of US$1.7bn in the first nine months of the 2024 financial year. This represents a 3.3% year-on-year drop from nine-month levels in the previous financial year. The company sold 2.42Mt of cement, and exported 460,000t (19%) of this to foreign markets. Tokuyama Corporation now expects to sell 3.2Mt of cement and export 600,000t in the full 2024 financial year. As a result, the company’s cement business contributed US$345m in sales in the first nine months of the financial year, up by 16% year-on-year.

US: US cement plants produced 91Mt of cement in 2023, according to data from the United States Geological Survey (USGS). This corresponds to a year-on-year decline of 2.2% from 93Mt in 2022. The figure places the US in fourth globally in cement production volumes, behind China with 2.1Bnt (in line with 2022 levels), India with 410Mt (up by 7.9% year-on-year) and Vietnam with 110Mt (down by 8.3%).

India: The Indian Enforcement Directorate has conducted searches at locations associated with The India Cements. The directorate is seeking evidence of alleged violations of the Foreign Exchange Management Act (FEMA). Business Today Online News has reported that the current scope of suspected violations totals US$30 – 36m.

India Cements has yet to comment on the investigation.