October 2025

Switzerland: Holcim has announced its 2024 financial results, reporting record performance with full-year net sales of €28.2bn and an operating profit of €4.9bn. The company increased its use of recycled construction demolition materials by 20% to 10.2Mt. The planned listing of its North American business remains on track for completion by the end of the first half of 2025.

Holcim's net sales in the cement sector reached €14bn. In North America, net sales were €6.8bn despite challenging market conditions. Latin America achieved its 18th consecutive quarter of profitable growth, with net sales of €3bn. During the year, there were four acquisitions to enter the new market of Peru and expand operations in Mexico and Guatemala. The Asia, Middle East and Africa region reported net sales of €3.85bn, driven by growth in Australia and North Africa, alongside four divestments completed in 2024. The Solutions and Products sector continued its profitable growth, with net sales of €6.3bn, primarily due to increased sales of its advanced roofing systems. Sustainable building solutions contributed to profitable growth in Europe, with net sales of €7.7bn

In the fourth quarter of 2024, Holcim's net sales were €6.9bn, a 1.6% increase compared to the same period in 2023. The company remains optimistic about 2025, with a strong outlook across all business segments.

Nigeria: Lafarge Africa reported a profit after tax of US$67m for the 2024 financial year, up by 96% from the US$34.3m recorded in 2023. The cement producer saw its sales rise by 72% to US$468m in 2024 from US$272m in the previous year. According to its audited financial statements filed on the Nigeria Exchange, Lafarge Africa's performance was driven by higher sales volume and improved pricing strategies, despite prevailing macroeconomic challenges.

The company's gross profit rose by 68% to US$233m from US$139m in 2023. Its operating profit stood at US$130m, up by 89% from the US$68.6m recorded in 2023.

Libya: The Libya Africa Investment Portfolio (LAIP) reported that its Misrata cement plant project will move forward, following the committee’s eighth meeting, reports the Libya Herald. The project aims to produce 2Mt/yr in the first phase, rising to 4Mt/yr in the second phase in order to satisfy the demands of the local market, according to economic feasibility studies prepared for the project. The meeting confirmed that the quantity of raw materials is sufficient to operate the plant for at least 50 years. The project has been suspended since 2012, with completion at around 32%. China-based Sinoma Yuhan will construct the plant.

Guyana: Vice President Bharrat Jagdeo has received complaints about ‘delinquent’ cement suppliers, stating that the government will sanction any errant supplier, reports News Room Guyana.

Contractors engaged in road works along the East Bank of Demerara complained of challenges with cement suppliers. These suppliers were reportedly providing smaller quantities of cement and cement with lower-than-needed compressive strength.

The vice president noted that the Ministry of Public Works has been engaged on the matter and will issue a warning to suppliers soon, stating that, if the claims were true, the suppliers would lose the right to supply cement for government projects.

The situation comes amid the government's major infrastructure plan for the country. The ‘largest ever expansion’ of infrastructure is unfolding in Guyana under the current administration, although there have reportedly been some implementation challenges.

Ireland: CRH recorded a 2% year-on-year increase in sales to US$35.6bn in 2024, with net income rising by 15% to US$3.5bn during the period. The producer's earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 12% year-on-year to US$6.9bn.

In the fourth quarter of 2024, the company's sales rose by 2% year-on-year to US$8.9bn, while its net income increased by 24% to US$700m and its EBITDA by 12% to US$1.8bn.

CRH invested US$5bn in mergers and acquisitions during 2024. It maintains a positive outlook for the 2025 financial year, forecasting a net income of US$3.7 – US$4.1bn and an EBITDA of US$7.3 – US$7.7bn.

Spain: Molins has recorded a 22% year-on-year rise in net profit to €184m in 2024, despite market slowdowns and political instability in some regions.

Molins’ revenues grew by 1% year-on-year to €1.37bn in 2024, as price increases offset volume declines and currency effects. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 6% to €356m, with its operations in Europe, South America and North Africa showing growth. Mexico reportedly remains its largest contributor to results. The company increased investments by 31% to €98m, with 70% going to sustainability, digitisation and efficiency improvements.

Bangladesh: Chhatak Cement Factory has ceased production due to severe gas and limestone shortages, despite a modernisation project having reached 91% completion.

The Bangladesh Chemical Industries Corporation (BCIC) began a US$54.7m project to convert the plant’s production process from wet to dry in 2016, in order to increase capacity to 1500t/day (0.45Mt/yr). The project cost rose to US$116m, with US$68m spent by November 2024. However, the plant remains idle despite the completion of construction works over a year ago, due to the lack of a new gas pipeline and ropeway to import limestone from India. This ropeway was supposed to transport limestone from the Komorrah Limestone Mining Company in Meghalaya.

The project's committee has proposed extending the deadline to June 2026 and allocating an additional US$25m for a 43km gas pipeline from Sylhet to Chhatak. Trial runs are now being conducted every 15 days in order to prevent the plant’s machinery from rusting.

Project director Abdur Rahman Badsha said that the Chinese contractor responsible for the ropeway construction, Nanjing C-Hope Cement Engineering Group, is awaiting a subcontracting agreement with KLMC to begin work in India.

Peru: Cemento Yura has launched a premium white cement, designed to meet the increasing demand for architectural and decorative applications. The producer has a production capacity of 300,000t/yr, ensuring stable supply to domestic and export markets.

Technical manager of research and development Bruno Bertolotti said "This launch is the result of extensive research and innovation. Our goal is to provide our customers with a high-performance product that ensures unparalleled reliability and results."

The European Union (EU) is set to launch its Green Deal Industrial Plan, today, on 26 February 2025. It is the latest plan to help industry in the region reach net zero whilst remaining competitive. Key parts of the scheme that have been seen by the media include support for industries facing high energy prices, tax breaks for decarbonisation projects, simplifying the cross border adjustment mechanism (CBAM), linking funding for industrial CO₂ cutting more directly to revenue gathered from the emissions trading scheme (ETS) and revamping procurement rules.

Cembureau, the European cement association, presented its comments on the impending announcement earlier this week. On CBAM it said that more work was required on exports, “such as export adjustment or continued free allowances for exported goods through the application of the destination principle which merits more in-depth analysis and discussion as to its WTO compatibility.” On financing it called for 75% of ETS taxation on the cement sector to be funnelled straight back again in the form of a cement decarbonisation fund. On infrastructure it called for competitive access to low-carbon energy sources such as thermal biowaste and electricity. It also lobbied for the rapid-development of CO₂ pipelines and storage sites. Finally, on lead markets it asked that concrete carbonation and CO₂ use in construction materials be recognised as a carbon sink and that carbon capture and utilisation using CO₂ from industrial sectors be acknowledged through a review of the CO₂ accounting rules in the ETS.

Lobbyists from the other side of the argument, also ahead of the official unveiling of the Green Deal Industrial Plan, took a dim view of the ETS. A report published by Carbon Market Watch and WWF called for greater scrutiny to be placed on the scheme. Its argument is that the “current architecture of the EU ETS continues to reward heavy polluters by granting them free allowances instead of incentivising emissions reductions.” Holcim, Heidelberg Materials and Cemex were each singled out as having received more free allowances under the ETS than the actual emissions they were responsible for in 2023. The report also reflected the growing environmental backlash against carbon capture and utilisation and/or storage (CCUS). In its view the money from the ETS going into the Innovation Fund should be directed at schemes that directly reduce emissions, not at CCUS projects, although it did concede that the cement and lime industries were some of the few sectors that should be allowed funding towards CCUS. This may be a point for the cement sector to watch for in the future if there ends up being a wider backlash against CCUS in general.

The Carbon Market Watch-WWF case is that the cement sector (and others) have received far too many free allowances in the ETS for far too long. The authors admit that the allowances are set to fall fast, to 2034, as the CBAM comes in but they don’t think that anywhere near enough has been done. This has not been helped over the years by news stories occasionally emerging of idled cement plants appearing to make money from emissions allowances. These occurrences date back to the drop in production following the financial crash in 2008 but there have been more recent examples.

Graph 1: Allowances for and emissions from clinker production from the emissions trading scheme in the European Union, 2017 - 2023. Source: EU Transaction Log (EUTL).

As Graph 1 above shows the environmentalists may be overstating their point on the ETS given that emissions were higher than the free allocation in 2018, 2019, 2021 and 2022. Roughly speaking, both the allowances and emissions by the cement sector from clinker production have been dropping since 2017 and further back to the mid-2000s. The system is intended to squeeze emissions but it doesn't take into account short-term variations in market conditions. Cembureau data shows that production rose in 2021. Sure enough, emissions jumped above the allocation. Although the cement production data is yet to be released for 2023, it is looking fairly likely that it will have decreased. Hence, emissions have fallen below the allocation level.

Few are likely to be happy with the EU’s Green Deal Industrial Plan. For producers, it is unlikely to add sufficient support against the additional ‘green’ cost burden. For environmentalists, it doesn't go far enough. The usual equilibrium for EU sustainability legislation is aiming at the target of net-zero without killing industry. The current US administration has further tipped this balancing act with its threats to fight against CBAM and the like with trade tariffs. Tom Lord, Redshaw Advisors described the EU ETS as a political construct at the Global FutureCem Conference that took place in February 2025 in Istanbul. This also applies to the EU’s green legislation (like any laws). Subsequently, certainty is a word that crops up frequently in discussions about EU green policies. Can EU industry be certain that these political constraints remain should circumstances change? With the ETS allowances dropping, CBAM coming and industry facing higher energy prices than its competitors, we’re about to find out how committed the EU is on net-zero and who the winners and losers will be.

China: China Tianrui Group Cement has appointed Li Liufa as its chair. He succeeds Li Xuanyu in the role, who has resigned due to “other work commitments.”

Li Liufa is the founder of Tianrui Group. He has been a non-executive director of China Tianrui Group Cement since 2011 and became a member of its nomination committee in 2018. He is responsible for our group’s overall strategic planning and the management of its business. Li was the head of Shanshui Cement from 2015 to 2018. He has also held representative positions for Henan province to the National People’s Congress on a number of occasions between 2003 to 2018. Li holds an executive master of business administration from Peking University. Li Liufa is the father of Li Xuanyu.