October 2025

Argentina: Holcim Argentina has published its 10th Sustainable Development Report, detailing its sustainability progress in 2021. That year, it reduced its CO₂ emissions per tonne of cementitious material by 4.2% compared to 2017, to 505kg/t from 527kg/t. It sourced 43% of all electricity used in its operations renewably and achieved 8.4% alternative fuel (AF) substitution in its cement production. During the year, Holcim implemented ECO-labels to designate products with at least 30% CO₂ emissions reduction.

Holcim Argentina’s CEO Christian Dedeu said “This decade of reports demonstrates our strong commitment to sustainability and governance that considers economic, social and environmental impacts. The conviction of the importance of reviewing performance and being accountable for our impacts made it possible.”

India: JK Lakshmi Cement’s full-year consolidated sales were US$697m in its 2022 financial year, up by 14.6% year-on-year from US$608m in the 2021 financial year. The group’s net profit was US$61.5m, up by 13.4% from US$54.2m.

The producer said "Despite unabated increases in petcoke and diesel prices, which are hovering at all-time high, JK Lakshmi Cement was able to achieve healthy profitability through continuous improvements in operational efficiencies, energy costs, better product mixes and higher volumes."

Zimbabwe: Livetouch Investments plans to invest US$100m in the construction of an integrated cement plant. The Herald Zimbabwe newspaper has reported that the group plans to establish the new facility in phases, with the first phase costing US$15 – 20m. The phase will include the exploration of possible locations for the plant with suitable limestone resources, which could then also supply its Redcliff grinding plant. The grinding plant currently imports 4000t/yr of Zambian clinker and also buys raw materials from Lafarge Zimbabwe.

Managing director Kyle Wang said “We are still limited by the limestone resources in the country.” He said that the company has identified ‘good limestone deposits’ in Rushinga, Nyamapanda, Bulawayo and Masvingo, however “The problem with some of the limestone is the quality.”

Kuwait: Kuwait Portland Cement more than doubled its sales year-on-year in the first quarter of 2022, to US$107m from US$45m in first quarter of 2021. The company’s net profit also rose, by 69% to US$7.18m from US$4.24m.

France: The Court of Appeals has confirmed a charge of complicity in crimes against humanity against Lafarge, now part of Holcim. The company will now appeal the decision to the Supreme Court. The confirmation establishes the scope of the charges that Lafarge will face, if unsuccessful in its appeal.

Global Cement previously reported that Lafarge allegedly made indirect payments to terror organisation ISIS between 2011 and 2014 in order to keep its Jalabiya cement plant operational during the Syrian Civil War. French prosecutors opened an investigation into the company’s activities in the country in June 2017, leading to its indictment for complicity in crimes against humanity on 28 June 2018.

Germany: The World Economic Forum and US State Department have welcomed HeidelbergCement as the newest member of the First Movers Coalition. Founded in 2021, the coalition brings together companies across multiple industrial sectors to coordinate the creation of demand for emerging reduced-CO₂ production technologies. As part of its membership, HeidelbergCement commits to purchasing zero-emission vehicles for 30% of new heavy-duty truck purchases and 100% of medium-duty truck purchases by 2030.

US Special Presidential Envoy for Climate John Kerry said “I welcome HeidelbergCement to the First Movers Coalition, and its commitment to purchasing zero-emissions trucking solutions that the world must focus on scaling up over this critical decade. The First Movers Coalition is a critical pillar of the world's efforts to advance breakthrough zero emissions technologies to decarbonise many of the largest sectors of the global economy and to put us on a track to achieve net zero emissions by 2050.”

India: Dalmia Bharat Foundation has signed a memorandum of understanding with Bokaro Steel Plant for the training of 600 new young people from Bokaro every year. Under the initiative, the partners will run short, placement-based courses at the DIKSHa (Dalmia Institute of Knowledge and Skill Harnessing) centre.

Dalmia Bharat Foundation CEO and Dalmia Bharat group head - corporate social responsibility Vishal Bhardwaj said “Since our inception in 2009, we’ve witnessed our role gradually transform from being a resource provider to a key enabler for positive change in society. While we’ve created a legacy of development and change for the better, we continue to strive to ensure that we meet newer economic and environmental needs and close wider societal gaps as much as possible.”

Holcim agreed to sell its Indian assets to Adani Group this week for US$6.37bn. These include Holcim’s stakes in its local subsidiaries Ambuja Cement and ACC. The deal, if approved by the local competition body, should complete in the second half of 2022. This is one of the larger sales of cement company assets over the last decade. Adani Group, an Indian-based conglomerate with businesses across energy, transport and more, is now poised to become the second largest cement producer in India.

Global Cement Weekly previously covered a potential sale of Ambuja Cement and ACC in April 2022 when the story that Holcim was looking for a buyer first emerged in the Indian press. At the time local press speculated that the sale could generate as much as US$15bn for Holcim. So it is interesting to see that a figure of US$6.37bn has been agreed upon instead, less than half of the speculative figure. Roughly, as ever, this places a value of a little below US$100/t of cement production capacity. This seems like a relatively low pricing for these plants by international standards over the last decade. However, this doesn’t take into account many factors such as, for example, the condition of the plants, Holcim’s desire to change its business, the ease of selling up in India all in one go, other non-cement assets and so on. For Adani Group though, buying into heavy building materials production in a large market like India clearly seemed attractive. It is also worth noting that, similar to other cement sector acquisitions recently, here again is a buyer with a background in another carbon-heavy industry buying into another heavy emitter.

Table 1: Selected large scale acquisitions of controlling shares in non-Chinese cement production assets since 2012. Source: Global Cement news and company releases. Italcementi acquisition value reported by Reuters.

Table 1 above provides some historical context to Adani Group’s agreed acquisition by comparing it to other large completed deals in the cement sector over the last decade. Don’t forget that it is only looking at this from the cement sector. This list excludes changes in ownership in the Chinese cement companies in this period because, generally, there has been a government-driven consolidation in the industry through mergers rather than large-scale acquisitions. So, for example, the world’s current biggest cement producer CNBM had a reported production capacity of 350Mt/yr in 2012 and this rose to 514Mt/yr in 2020 as it absorbed other state-owned companies. The big merger it underwent during this time was with China National Materials (Sinoma) in 2018, primarily an engineering company that also produced cement.

The most obvious trend in Table 1 is the journey of Lafarge and Holcim from their merger in 2015 and the gradual realignment of the business subsequently. During this time the company has sold up in large markets outside of its core regions in Europe and North America. Latterly, it has also started to diversify away from heavy into lightweight building materials. One notable ‘nearly happened’ was LafargeHolcim’s attempt to sell its business in the Philippines to San Miguel Corporation for US$2.15bn in 2019. That deal collapsed when the Philippines Competition Authority failed to approve it within a year of its proposal. CRH enlarged itself from assets sold during the creation of LafargeHolcim and then picked up Ash Grove in the US in 2018. CRH’s head Albert Manifold memorably said in 2018 that his company was focusing on markets in developed countries and CRH’s large-scale acquisitions have largely followed this.

As for the others, HeidelbergCement’s purchase of Italcementi in 2016 almost appeared as a riposte to the formation of LafargeHolcim, albeit on a slightly smaller scale. It confirmed HeidelbergCement’s place as the world’s second largest non-Chinese cement producer. It is also one of the minority of truly multinational acquisitions on this list. Unlike LafargeHolcim and now Holcim though, HeidelbergCement hasn’t exhibited a desire to downsize or diversify at quite the same speed. UltraTech Cement’s acquisition of Jaiprakash Associates in 2017 confirmed its place as the largest Indian producer. That deal was publicly one of the longer lasting one as it originally started out in at least 2014 on a smaller scale and was later slowed down by the Mines and Minerals (Development and Regulation) (MMDR) Amendment Act. Smikon’s purchase of Eurocement in 2021 almost looks like part of the isolation of the Russian economy, especially with the benefit of hindsight given by the invasion of the Ukraine in early 2022.

Mega-deals have lots of moving parts but two of the most tangible to broader audiences are the price and the timing. Cemex infamously got both of these wrong with its acquisition of Rinker in 2007 as it paid high just as the US subprime mortgage crisis started a wider global financial one. This was despite Cemex’s emergence over the previous 15 years as a multinational force to be reckoned with due in part to the so-called ‘Cemex Way’ approach to management, acquisitions and integration. Clear winners from the big acquisitions over the last decade are harder to spot but CRH and UltraTech Cement look strong so far. Adani Group has certainly picked a lively time to make a purchase on this scale following a global pandemic with ongoing global supply chain issues and disruptions to energy and food markets.

China: Wang Cheng has resigned as the chair and as an executive director of Anhui Conch Cement due to his “pursuit of other work commitments.” The company’s vice chair Wang Jianchao will work as acting chair until a successor is found. Wang Cheng took up the post in 2021 when the previous chair Gao Dengbang resigned. He joined Conch Holdings in 2021 after a career in government.

India: Star Cement's full-year 2022 financial year sales were US$286m, up by 29% year-on-year from US$222m. Its net profit rose to US$31.8m, up by 32% from US$24.2m. The producer recorded total costs of US$259m, up by 36% year-on-year from US$191m. Raw materials costs rose by 45%, power and fuel expenses rose by 23% and transport costs rose by 34%.

During the year, the company bought back 2% of its shares, at a total cost of US$16m.