Displaying items by tag: Mexico

Mexico: Cemex has updated its logo to a new design, which it says presents a ‘fresher, closer, and more dynamic’ visual identity. The groups says that this signifies a ‘clear and decisive company transformation.’

CEO Fernando González said “I am excited to present the renewed image of our company. But what excites me most is what is behind the change: a renewed commitment to helping our customers push the boundaries of sustainable construction through innovative solutions.”

Mexico: Cemex has made an issue of US$1bn-worth of notes without a maturity date. The producer says that the proceeds will fund its green initiatives.

Cemex said "Eligible green projects include capital, operating and research and development expenditures related to pollution prevention and control, renewable energy, energy efficiency, clean transportation, sustainable water and wastewater management and eco-efficient and/or circular economy-adapted products, production technologies and processes.”

Bolivia/Mexico: Compañía de Inversiones Mercantiles (CIMSA) has signed a settlement agreement with GCC in the parties' dispute over a transaction affecting shares in Sociedad Boliviana de Cemento (SOBOCE). Law360 News has reported that the settlement does not preclude GCC´s option to recover the settlement amount from other third parties, if necessary.

GCC failed to grant CIMSA a right of preference before selling its 47% stake in SOBOCE in 2011. The Inter-American Commercial Arbitration Commission (CIAC) subsequently awarded compensation to CIMSA. Since this time, the matter has passed through courts in both Bolivia and the US.

Mexico: Switzerland-based Holcim has acquired building materials retailer INDAR. INDAR operates nine distribution centres across Mexico, as well as a fulfilment centre in Guadalajara. The retailer will join the group’s Disensa Latin American retail network. Holcim says that the acquisition expands Disensa’s product range with the addition of 10,600 new products. It says that the chain stocks goods from across 80 different brands. The group added that the acquisition advances its Strategy 2025 – Accelerating Green Growth plan, under which its solutions and products business is expected to reach 30% of sales globally by 2025.

Holcim’s Latin America regional head Oliver Osswald said “With its powerful logistics network and a focus on delivering the best in service, quality and customer experience, INDAR will make a perfect fit with our Disensa network by strengthening its product range and value proposition. I look forward to welcoming INDAR’s 420 employees into the Holcim family as we reach our next era of growth together.”

Mexico: The National Cement Chamber (CANACEM) has established a collaboration agreement with the State Congress of Jalisco. Under the agreement, the parties will collaborate towards the reduction of CO₂ emissions from the cement sector in the state. Local press has reported that the collaboration will include studies, projects, proposals and legal initiatives.

The state government said that the cement sector drives economic development and supports 20,000 jobs through its vital part in the construction industry.

Mexico: Cemex raised US$5.8m dollars from bond repurchases in 2022. Noticias Financieras News has reported that the producer paid US$65.2m for tender offers and other market operations over the same period.

Mexico: The government is expected to 'implement import facilities' to support the import of more cement into Mexico. Local press has reported that the measure is a response to local cement shortages in 'several regions,' above all in Southeast Mexico. The government also expects imports to lower domestic cement prices.

Mexico has a domestic cement production capacity of 42Mt/yr. This fell short of national consumption in 2022.

Mexico: Cemex’s net sales grew by 8% year-on-year to US$15.6bn in 2022 from US$14.4bn in 2021. Its operating earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 6% to US$2.68bn from US$2.84bn. Cement sales volumes decreased by 5% to 63.4Mt and ready-mix concrete sales rose by 2% to 50.1Mm3. However, the building materials producer reported a loss of US$99m in the fourth quarter of 2022 compared to a profit of US$195m in the same period in 2021. It attributed this to an impairment for goodwill and fixed assets.

Fernando A González, the chief executive officer of Cemex, said “2022 was a year of unique challenges as inflation spiked to 40-year highs, but I am pleased by how we responded and expect to continue to see the benefits of our strategy play out in 2023.” He added, “Importantly, after several quarters in which we have been able to offset inflation in dollar terms, I am seeing growing evidence that actual margin recovery is underway.”

By region, net sales increased in Mexico but operating EBITDA fell. In the US sales grew but earnings were flat. In Europe, Middle East, Africa and Asia sales rose and earnings increased on a like-for-like basis. In South, Central American and the Caribbean sales grew but earnings fell.

US: US cement companies produced 95Mt of cement in 2022, up by 2.2% year-on-year from 93Mt in 2021, according to the United States Geological Survey (USGS). The country exported 900,000t of cement and clinker, down by 4.3% from 940,000t. The USGS recorded a 9.1% leap in apparent national consumption, to 120Mt from 110Mt. Cement imports helped to close the gap, rising by 20% year-on-year to 24Mt from 19.9Mt.

Among the US's main trade partners for cement imports, cement production fluctuated in 2022. Turkish cement production rose by 3.7% year-on-year to 85Mt, Mexican cement production fell by 3.8% year-on-year to 50Mt and Vietnamese cement production rose by 9.1% year-on-year to 120Mt. Globally, the USGS estimated a year-on-year cement production decline of 6.8% to 4.1Bnt.

Mexico: GCC has secured validation by the Science-Based Targets Initiative (SBTI) for its latest CO₂ reduction goals. The group has committed to reducing its Scope 1 emissions per tonne of cementitious product by 31% and its Scope 2 emissions per tonne of cementitious product by 57% between 2015 and 2030. It has also committed to a 37.5% absolute reduction in its products’ Scope 3 emissions over the same period. The goals will serve as sustainability performance targets for GCC’s US$500m sustainability-linked bond, which it issued in January 2022.

GCC's vice president of sustainability and environment Gina Lotito said "We are proud and excited to be a catalyst of progress towards a low-carbon future. Our laser-focus on our climate change strategy and emphasis on reducing CO₂ emissions is a testament to our commitment to creating a sustainable future. While we celebrate our achievements, we acknowledge that there is still much work to be done and remain steadfast in our mission."