Displaying items by tag: China

China: Taiwan Cement Corporation and Asia Cement Corporation, both based in Taiwan, have said that extended power rationing in China’s Sichuan Province has had only limited impacts of their cement plants in the region. They reported that they had complied with the authorities’ requirements by scheduling maintenance work for their factories and that they would continue to closely monitor the development of the power situation in the Province.

Power rationing has been introduced in Sichuan Province due to reduced hydroelectric power capacity, which has been affected by the most severe heatwave and drought in the region for 60 years.

China: China National Building Material subsidiary Gansu Qilianshan Cement recorded an operating income of US$581m in the first half of 2022, up by 20% year-on-year from US$485m. Despite this, the producer's net profit during the half declined by 16% to US$73.7m.

China: West China Cement’s preliminary results indicate a profit drop of 40 – 45% year-on-year in the first half of 2022 to US$85.6 – 93.4m from US$156m. The group said that its finance costs rose by US$10.8m, while its foreign exchange gains were just US$4.05m in the half, compared to US$51.2m in the first half of 2021.

China: Asia Cement (China) reported a 7% year-on-year drop in its first-half sales to US$732m in 2022. Its first-half profit was US$46.1m, down by 70% year-on-year from US$156m. The producer sold 13.4Mt of cement during the half. It plans to achieve full-year cement sales of 29.4Mt.

Asia Cement (China) believes that cement demand in China is now on a ‘downward trend.’ It nonetheless remains ‘cautiously optimistic’ about its full-year 2022 results, foreseeing a degree of demand recovery arising from planned government infrastructure investment in the second half of the year.

The Chengdu-Chongqing Economic Circle (CCEC) in Sichuan province and Chongqing municipality represents a growing market for Asia Cement (China). Of a total of 160 planned key projects in the CCEC in 2022, 152 commenced construction during the first half of the year.

China: China Shanshui Cement’s first-half sales fell by 2.5% year-on-year to US$1.5bn. The producer’s net profit for the half was US$70.6m, down by 60% from US$178m.

China: Hainan Ruize New Building Material has agreed to sell an 85% stake in its cement subsidiary Zhaoqing Jingang Cement to China Resources Cement. Reuters News has reported the value of the deal as US$80.1m.

China: Anhui Conch Cement and Xinjiang Tianshan Cement plan to launch a joint venture. Reuters News has reported that the companies will inject the joint venture with registered capital of US$297m.

Italy: Cementir Holding’s sales rose by 22% year-on-year to Euro811m in the first half of 2022 from Euro665m in the first half of 2021. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 7.7% to Euro144m from Euro134m. Its net profit grew by 39% to Euro66.6m from Euro47.9m. During the half year the group sold 5.41Mt of cement and clinker, down by 0.8% from 5.46Mt. The group attributed this to local sales declines in China, Denmark and Turkey.

Chair and chief executive officer Francesco Caltagirone said, “The first-half 2022 results are aligned with our forecasts. Despite the severe geopolitical tensions and the significant increase in raw materials, energy and logistic costs, the group is showing great resilience thanks to an increased geographical and product diversification and a focused cost management.”

Namibia: 200 Cheetah Cement employees have gone on strike to protest low wages and lack of pensions and medical aid. The Namibia Press Agency has reported that salaries have fallen behind inflation, having remained level for four years.

Cheetah Cement general manager Kevin Lee called strikers’ demands ‘unrealistic’ and said that the producer had done everything in its power, but now ended in a ‘deadlock’ with workers.

China: Tangshan Jidong Cement plans to raise US$148m through an issuance of bonds. Reuters News has reported that the producer will use some of the funds to repay its debts, and the remainder to replenish its capital.