Displaying items by tag: Mexico
Mexico: Cemex recorded a net income of US$5.61m in the first half of 2020, down by 97% year-on-year from US$218m in the first half of 2019. Net sales fell by 8% to US$6.00bn from US$6.49bn and consolidated cement volumes fell by 5% to 29.2Mt from 30.7Mt. The company increased its US sales by 7% to 1.97Mt from 1.85Mt and cement volumes by 6%, while prices increased by 1%.
Chief executive officer (CEO) Fernando González said, “Despite the unprecedented conditions in which we are operating due to the pandemic, I am pleased with our second quarter performance and our quick reaction to implement cost containment measures across all geographies. In the second quarter of 2020 we saw a rapid V-shaped volume recovery in our core products from trough levels in April, reaching slightly below pre-Covid-19 outbreak volumes in June. Importantly, our health initiatives have helped protect our employees, customers, suppliers and communities, and allowed us and our customers to continue operating in most markets.
Cemex launches Vertua carbon neutral concretes
23 July 2020Mexico: Cement has announced the launch of a range of carbon neutral concretes called Vertua. By offsetting, Cemex has eliminated Vertua’s remaining carbon footprint following a 70% reduction in embodied emissions compared to Ordinary Portland Cement (OPC) through use of a geopolymer cement mixture. The concretes will become available on different markets globally in 2020 and 2021.
Mexico: Cemex says that it is involved in a working group “focussed on the application of FastCarb aggregates to concrete production” as part of its efforts towards net-zero CO2 concrete production. FastCarb, administrated by the US-based International Research and Exchanges Board, is a project aimed at the production of aggregates from recycled concrete containing trapped carbon dioxide (CO2) requisitioned from industrial exhaust streams.
Cemex said, “After completing the first phase of the experimental approach at the laboratory level with promising preliminary results, the project is now entering the second phase seeking to tackle the industrial approach. In this industrial approach phase, Cemex was recently assigned to evaluate the physical and mechanical properties of the carbonated recycled concrete aggregates when used in ready-mix concrete in the laboratory facilities at the Cemex France National Technical Centre.”
UK: Mexico-based Cemex has confirmed its decision to mothball the 0.8Mt/yr integrated South Ferriby, Lincolnshire cement plant following a consultation period with employee and union representatives. The company estimates that the majority of redundancies of the plant’s 110 staff will happen in July 2020.
It said, “Cemex customers will be supplied from the company’s existing cement network. Cemex’s supply chain plan and commercial management will ensure that customer service will be maintained at all times. Cemex remains committed to the UK and will continue to have a strong national presence.”
Mexico: Two workers died after falling in a crane basket from a height of 35m at Cooperativa La Cruz Azul’s integrated Oaxaca cement plant in El Barrio de Soledad Municipality. Noticias Financieras newspaper has reported that the victims died on impact and that the causes are under investigation.
Mexico: Cemex says that the ongoing coronavirus pandemic will not delay its ‘Climate Action Strategy’ that was previously announced in February 2020. The building materials producer has developed a CO2 reduction roadmap to help guide it towards a towards a targeted 35% reduction in net specific CO2 emissions between 1990 and 2030.
The roadmap consists of: reduction of CO2 emissions of clinker through “the production of novel clinkers with lower heat consumption”; use of “alternative decarbonated raw materials”; increased alternative fuel substitution; and increased substitution of clinker with “alternative cementitious materials, using admixtures to enhance strength, and adopting new grinding technologies to improve performance”; in addition to the increased use of renewable energy.
Cemex chief executive officer (CEO) Fernando Gonzalez said, “Climate change is one of the biggest challenges of our time, and we believe that we can continue to address it as a fundamental component of our efforts to recover from the Covid-19 pandemic.”
Jaime Rocha Font appointed head of Elementia
24 June 2020Mexico: Elementia has appointed Jaime Rocha Font as its new chief executive officer (CEO) with effect from 2 September 2020. He succeeds Fernando Ruiz Jacques, who will focus on, “new business and development opportunities.” Rocha and Ruiz will work together over the transition process.
Rocha is currently the CEO of Elementia’s Cement Division, including Cementos Fortaleza in Mexico and Costa Rica, as well as Giant Cement Holding in the US. He holds 29 years of experience in the cement industry, and prior to Elementia he held a number of senior positions at Holcim. He has a degree in Civil Engineering from Universidad Católica de Chile and an MBA and postgraduate studies from the IMD in Switzerland, the Free University of Brussels in Belgium and IPADE in Mexico.
Mexico: Cemex has said that new rules proposed by the Secretariat of Energy affecting subsidies for renewable power users will ‘adversely impact business.’ Noticias Financieras News has reported that as of 1 January 2020 Cemex had contracted for the supply of 918MW of renewable energy, 802MW (87%) of it in Mexico.
Cemex makes changes to management team
27 May 2020Mexico: Cemex has made changes to its management team with immediate effect.
Jose Antonio Gonzalez, the Executive Vice President of Finance and Administration, has been appointed as Executive Vice President of Strategic Planning and Business Development.
Maher Al-Haffar, the Executive Vice President of Investor Relations, Corporate Communications and Public Affairs, has been appointed Executive Vice President of Finance and Administration. The group added that Investor Relations will now be integrated to its Finance department.
Mauricio Doehner, the Executive Vice President of Corporate Affairs and Enterprise Risk Management, has been appointed Executive Vice President of Corporate Communications, Public Affairs and Enterprise Risk Management.
Juan Romero, the Executive Vice President of Sustainability, Commercial and Operations Development, will oversee Digital Marketing, in addition to his current responsibilities.
Luis Hernandez, current Executive Vice President of Digital and Organizational Development, will oversee Cemex Ventures, in addition to his current responsibilities.
Juan Pablo San Agustin, the Executive Vice President of Strategic Planning and Business Development, will leave Cemex. No date for his departure has been released.
Cemex amends main bank agreement
27 May 2020Mexico: Cemex has announced the amendment of its facilities agreement with several financial institutions to alter its consolidated leverage and coverage covenants. Under the new terms, the leverage covenant will increase to 6.75x for June 2020 and to 7.00x for September 2020 through to March 2021 and decrease thereafter.
Cemex chief financial officer (CFO) Maher Al-Haffar said, “We are very pleased with the completion of this process and with the support of our lenders. We are proud of our track record in working together with our bank group in both good and challenging time.”
Cemex said that as part of the amendment it has agreed to ‘temporarily limit certain flexibilities related to capital expenditure.’