Displaying items by tag: Greece

Greece: Titan Cement’s sales grew by 8% year-on-year to €1.32bn in the first half of 2024 from €1.23bn in the same period in 2023. It’s earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 17% to €281m from €241m. By region, its sales increased everywhere but earnings only increased in the US. However, the US constitutes the group’s biggest operating region for both sales and earnings.

Marcel Cobuz, chair of the Group Executive Committee, said “An outstanding performance of the first half of the year with strong commercial focus and accelerated execution of our Strategy 2026 across our markets. We are set for delivering transformational key projects, creating long term value for all stakeholders, focusing on decarbonisation and digitalisation, while driving commercial transformation and excellence in serving our customers.”

The company said that its Titan 2026 Green Growth Strategy execution was ‘well on track,’ with four new bolt-on acquisitions completed in the reporting period and it had achieved new performance level in alternative fuels substitution and clinker substitution in blended cements. A carbon capture and storage project in Athens and a newly awarded calcined clay project in the US are also set to enter their feasibility assessment phases. Titan Cement added that its plan to list its US operations in a New York exchange is progressing according to schedule, with the listing expected to take place in the first quarter of 2025.

Greece: FLSmidth has signed a two-year global service agreement with Titan Group to support 14 cement plants, three grinding plants and a cement terminal across locations including Greece, southeastern Europe, Türkiye, Egypt, Brazil and the US. The agreement encompasses a variety of onsite and remote services such as inspections, audits, troubleshooting and training for diverse equipment types, including material handling and storage, mills, kilns, coolers and pollution control systems.

Vice President of Service at FLSmidth, Isabelle Balmir, said "Titan Group is one of the leading international cement companies. With this contract, we are excited to continue our long-standing partnership and collaboration towards efficiency and sustainability. As we have service expertise located across the world, we are well positioned to support their global footprint."

Greece: Titan’s full-year 2023 report shows a 12% year-on-year rise in its sales to €2.55bn in 2023. Over 90% of sales derived from Europe and the US. Group earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 63% to €540m, with ‘double-digit’ profitability growth across all markets. Titan’s cement volumes rose by 2% to 17.5Mt in Greece, with 'double digit' growth in Western Europe, 'historically high' volumes in Southeastern Europe and increased demand and export volumes in the Eastern Mediterranean. For 2024, its outlook is positive, due to its increased volumes and prices in the US and Europe, buoyed by scheduled completion of growth projects. In particular, the group noted the strength of the US economy and high anticipated infrastructure spending, population growth and pent-up housing demand there. It expanded two US cement terminals, in Florida and Virginia, in 2023.

Chair Marcel Cobuz said “This year’s remarkable performance showcases our relentless focus on executing our strategy, delivering above-market results while positioning for further growth. In 2023, we have strengthened our presence in our core growth markets, delivered efficiency improvements and broadened our solutions, serving the increased and evolving needs of our customers. As we celebrate these achievements, we continue our digitalisation and decarbonisation journey, building on our Green Growth Strategic Directions and delivering long-term sustainable value to all our stakeholders.”

Greece: Titan has endorsed the Antwerp Declaration, advocating for an European Union (EU) Industrial Deal complementing the EU Green Deal, to bolster the European economy's sustainable growth and competitiveness. Resulting from a summit in Antwerp, Belgium on 20 February 2024, the declaration has gained support from over 630 businesses across 20 sectors. It highlights the necessity of elevating competitiveness, ensuring a level playing field to counter unfair competition, and prioritising infrastructure development in energy, digital technologies, CCUS, and materials recycling.

Greece: Titan has launched a new, refreshed logo and branding to symbolise its commitment to sustainability and green growth. The logo features the familiar blue globe of the former Titan Cement Group emblem, now interspersed with bright green lines. The producer says that the new branding preserves its heritage, while signalling the modernity of its dynamic, forward-looking strategy. Titan’s new slogan, accompanying the visual identity, is ‘Building a better world together.’

Titan serves 25 markets, complementing its regular operations with over 100 current decarbonisation initiatives.

Greece: Titan Cement International has published its preliminary results for 2023. The results indicate a 13% year-on-year rise in sales, to Euro2.54bn from Euro2.25bn in 2022. The unaudited figures show group earnings before interest, taxation, depreciation and amortisation (EBITDA) growth of 61% to Euro535m from Euro331m. As a result, it expects to more than double its net profit to Euro265m. The company's net debt ended the year at Euro660m, down by 17% from Euro797m a year earlier.

Greece: Titan Cement Group has appeared on carbon disclosure organisation CDP's A List for corporate transparency and climate impact mitigation. The company achieved an A- for water security. Titan Cement Group says that the recognition aligns with its 2026 Green Growth strategy.

Titan Cement Group reduced its CO₂ emissions by 10% between 2020 and 2023. In 2023, it commenced construction of the 1.9Mt/yr IFESTOS carbon capture and storage project.

US: Shipments of cement, including imports, in the US and Puerto Rico fell by 2.5% year-on-year to 80.7Mt in the first nine months of 2023 from 82.8Mt in the same period in 2022, according to data from the United States Geological Survey (USGS). Shipments fell in most states with the exception of Texas and Pennsylvania. The USGS estimated that, in September 2023, 98% of all blended cement shipments were of Portland Limestone Cement. Turkey was the biggest exporter of cement to the country during the reporting period at 6.3Mt followed by Canada, Vietnam, Greece and Mexico.

Greece: The EU Innovation Fund has awarded a Euro234m grant to Titan Group for its IFESTOS carbon capture and storage (CCS) project. Titan Group said that the project, the largest initiative of its kind in Europe, marks a ‘monumental leap forward’ in its decarbonisation journey. The company hopes that the project will help to promote the deployment of carbon capture technology in Greece and beyond.

IFESTOS director and project leader Aris Tsikouras said “This agreement solidifies our group’s role as leaders in driving transformative change in industrial decarbonisation across Europe. IFESTOS encapsulates our commitment to sustainability and innovation, forging a path toward a cleaner, greener and more resilient future for the industry, in line with EU climate policy.”

Greece/Germany: Greece-based cement producer Titan Group and Germany-based Orcan Energy have entered a partnership to explore the development and deployment of Orcan’s innovative modular waste heat recovery (WHR) solutions across Titan’s international cement production base. Orcan’s solution converts cement process waste heat into electricity that it says can accelerate decarbonisation while reducing operational costs. As a first step, the partners will undertake an assessment of where Orcan Energy's WHR systems can be applied across Titan's facilities. The study will encompass a thorough pilot site evaluation, starting at several plants within the group. The initial focus will be on recovering waste heat from pre-heaters and clinker coolers.

Samir Cairae, Chief Technology Officer at Titan said “The collaboration with our waste heat recovery partner Orcan Energy has the potential to transform waste heat into zero-carbon clean energy, with a novel but well-proven modular approach."

Andreas Sichert, chief executive officer at Orcan Energy, said “We are thrilled to partner with Titan to use its vast and valuable waste heat resources. Our technology will help not only to reach the group’s extraordinary decarbonisation ambitions but also to significantly save electricity expenses. Our modular approach will allow Titan to flexibly respond to outside changes in uncertain times.”

Look out for an interview with Orcan Energy in the forthcoming November 2023 issue of Global Cement Magazine