
Displaying items by tag: Americas
US: Eco Material Technologies has secured a US$800m green term loan facility. The facility will mature in 2032. Eco Material Technologies will invest the funds in expansion to its supplementary cementitious materials (SCM) production capacities, to raise them to 20Mt/yr.
The company noted the oversubscription of the raise as demonstrative of high confidence in its proposition for the decarbonisation of cement and concrete.
Cuban cement output declines
13 February 2025Cuba: Cement production fell to 258,000t in 2024, representing only 10% of the country’s installed capacity, according to the OSDE Group of Business Construction Materials. President Reynolds Ramírez Vigaud attributed the decline to energy shortages amid national financial challenges.
The sector's problems date back to 2017, according to CiberCuba, when capacity utilisation was 58%. Despite initiatives such as the first ‘eco-friendly’ cement production in 2018 and the reopening of the Sancti Spíritus cement plant in 2022, the industry has faced logistical issues and plant shutdowns. This has a knock-on effect on the government’s annual housing plan and the inability to meet domestic demand for cement. The government is also prioritising the export of cement to obtain foreign currency, worsening shortages and increasing prices.
New cement plants at Nuevitas and Santiago de Cuba will begin production in 2025.
Ed Sullivan resigns from PCA
12 February 2025US: Ed Sullivan has resigned as the Chief Economist and Senior Vice President at the Portland Cement Association (PCA) with effect from 1 March 2025.
Sullivan holds over 40 years’ experience in industrial economic analysis. He has been in post at the PCA since 2002 where he led a team of economists delivering market research. Prior positions include vice president roles at Chase Manhattan Bank Economics, Standard & Poor’s and Wharton Economics. He also spent a period working as a senior intelligence officer at the Central Intelligence Agency (CIA) and as an economist within the Office of Senator Edward Kennedy. He has taught economics at St. Joseph’s and Villanova Universities in Philadelphia, Fairfield University in Connecticut, as well as Columbia and Fordham Universities in New York City.
Fernando Gonzalez to retire as CEO of Cemex
12 February 2025Mexico: Cemex has announced that its CEO, Fernando Gonzalez, will retire after 35 years with the company. The company’s board of directors has appointed Jaime Muguiro, current head of US operations, to succeed him. The changes will be effective on 1 April 2025.
US: Colombia-based Cementos Argos, Summit Materials’ largest shareholder, has sold its 31% stake in the company to Quikrete Holdings. The price of US$52.50 per share represents a rise by 38% compared to when Cementos Argos acquired the shares in 2023 through the combination of its US assets with Summit Materials. The sale, valued at US$11.5bn for 100% of the company’s shares, will reportedly enable Cementos Argos to pursue new cement, ready-mix concrete and aggregates opportunities in the US market. Supply agreements, including exports from Cartagena to the US, will continue. Through the deal, Quikrete will acquire 100% of Summit Materials’ shares, and the company will become a privately held subsidiary of Quikrete.
Titan America closes initial public offering
11 February 2025US: Titan Cement subsidiary Titan America has closed its initial public offering (IPO) of 24 million common shares at US$16 per share. The producer sold 9 million new shares, while Titan Cement sold 15 million existing shares.
Titan America received US$137m in net proceeds, to be used for capital expenditure and investments in technology as well as pursuing acquisitions. Titan Cement received US$228m. Titan Cement retains an 87% stake in Titan America with 160 million shares.
Argentinian cement despatches rise in January 2025
11 February 2025Argentina: Cement despatches rose by 9% year-on-year to 0.84Mt in January 2025, the Association of Portland Cement Manufacturers (AFCP) has reported. This marks the first increase following 21 consecutive months of decline. The country recorded its lowest volume of cement despatches in 15 years in 2024 due to government capital expenditure cuts. In December 2024, despatches fell by 5% year-on-year, following 12 months of declines exceeding 40%.
Canada: Lithium Universe has signed a memorandum of understanding with Lafarge Canada for the supply of aluminosilicate product (ACSR) from its Bécancour lithium refinery for use in Lafarge Canada’s cement.
The parties will work towards a definitive supply agreement, which would see Lafarge sourcing all ACSR from the facility in a bid to reduce waste and support a circular economy.
Lithium Universe chair Iggy Tan said “This is great news for Lithium Universe as we partner with Lafarge Canada to enhance the North American battery materials supply chain and promote sustainable innovation in Canada’s cement industry. This collaboration will not only advance our focus on building Bécancour Lithium Refinery’s secondary product supply chain but also strengthen local supply chains, foster a more circular economy in Québec, and contribute to greener construction materials.”
Mexico: Cemex has embarked upon a cost cutting exercise following a drop of sales volumes in 2024. Sales volumes of cement, ready-mixed concrete (RMX) and aggregates all fell in 2024. This in turn reduced sales revenue, despite higher prices and earnings. The group’s sales volumes of cement decreased by 2% year-on-year to 44.3Mt in 2024 from 45.2Mt in 2023. RMX sales volumes dropped by 6% to 44Mm3 from 46.8Mm3. Sales revenue and operating earnings before interest, taxation, depreciation and amortisation (EBITDA) dipped by 2% to US$16.2Bn and by 2% to US$3.08Bn respectively.
Sales and earnings rose on a like-for-like basis in Mexico and South, Central America and the Caribbean but fell elsewhere. In Mexico the group noted a strong first half of 2024 followed by a poor second half. In the US it reported a number of ‘extreme’ weather events. In Europe, Middle East, and Africa it said a recovery trend in earnings was observed in the second half of the year.
In response the company has launched ‘Project Cutting Edge,’ a three-year, US$350m saving programme intended to streamline operations, improve efficiency and further use of digital technology throughout the business. The initiative is anticipated to deliver US$150m in incremental EBITDA in 2025 and expected to reach a run-rate of US$350m by 2027.
Fernando A González, CEO of Cemex, said “With the recovery of our investment grade ratings, improved free cash flow generation and the execution of US$2.2bn in asset divestments, we can now pursue more aggressively our capital allocation priorities of growth through small to medium-sized acquisitions, primarily in the US, additional deleveraging, and building further on our shareholder return programs.”
US: Titan Group expects to generate US$365m from the initial public offering (IPO) of its subsidiary Titan America. The latter company has priced its IPO of 24 million common shares at US$16/share. The IPO is expected to close on 10 February 2025, subject to customary closing conditions.
Titan America expects to receive net proceeds of approximately US$137m from the IPO. Some of these funds will be used to support investments in technologies, the company’s growth strategy and acquisitions. Parent company Titan Cement International expects to generate US$228m. Following completion, Titan Cement will retain a 87% share of Titan America.