Displaying items by tag: Sungshin Cement

South Korea: Domestic cement consumption fell by 22% year-on-year to 8.12Mt in the first quarter of 2025, the lowest figure for first-quarter sales in five years, according to Chosun Biz news. This marks a 32% (3.9Mt) drop from the 2023 peak of 12Mt. A domestic decline of more than 20% in the first quarter has not been seen since the 1998 financial crisis. At that time, first-quarter domestic sales decreased by 23% to 8.9Mt.

Cement companies have seen a corresponding decline in revenue. Hanil Cement’s operating profit dropped by 75% year-on-year to US$9m, Asia Cement’s fell by 70% year-on-year to US$2.4m and SAMPYO Cement’s declined by 90% to US$1.15m. Ssangyong C&E and Sungshin Cement both reported operating losses of US$19m and US$4.4m respectively.

A Cement Association representative said "For the time being, the decrease in domestic cement consumption is likely to continue, and management performance will further deteriorate. Unless a groundbreaking measure to overcome the construction market slump emerges, the forecast of 40Mt of domestic cement consumption in 2025 seems doubtful."

South Korea: Sungshin Cement's sales rose by 8% to US$832m in 2023, from US$771m in 2022. The producer reported a surge in its operating profit to US$54.9m from US$1.37m.

Philippines: Holcim Philippines and Sungshin Cement have signed a memorandum of understanding whereby Holcim Philippines will be priority supplier of cement for use in Sungshin Cement's ready-mix concrete operations in the Philippines, InPR News has reported. South Korea-based Sungshin is anticipating growing demand from infrastructure projects, partly due to a US$3bn development loan agreement between the government of the Philippines and South Korea.

South Korea: SungShin Cement recorded full-year consolidated sales of US$792m in 2022, up by 24% year-on-year from US$641m in 2021. The producer recorded a net loss of US$19.5m, compared to US$5.01m net profit in 2021.

South Korea: SungShin Cement has placed an order with Denmark-based FLSmidth for the supply of two HotPlate combustion devices for installation in lines three and six of its SungShin cement plant. The plant is in the transition from coal fuel to the possibility of 100% alternative fuel (AF) use in the two lines, which it plans to commission in mid and late 2021 respectively.

Team manager of production technology Cho K-R said, “With its degree of flexibility, the HotDisc allows us to substitute coal with a wide range of AFs – refuse-derived fuel (RDF) in our case. As we turn waste into energy, the HotDisc lowers our operating costs without compromising energy efficiency.”

FLSmidth previously delivered two HotDiscs to South Korea, to SsangYong’s Donghae and Yeongwool cement plants.

South Korea: All nine domestic cement producers and the Ministry of Environment have agreed on measures to reduce NO_x emissions. Asia Cement, Halla Cement, Hanil Cement Manufacturing, Hyundai Cement, Korea Cement, Sampyo Cement, Ssangyong Cement Industrial, SungShin Cement and Union Corporation have agreed to invest in upgrades to filters or new high-efficiency filters and process improvements, according to the Korea Times newspaper. There was also an agreement to set NO_x emissions reduction targets for the allocation of funding. The Korea Environmental Industry Technology Institute is investing US$2.93m in research towards developing methods of selective catalytic NO_x emissions reduction and selective non-catalytic NO_x emissions reduction.

The government aims to reduce national NO_x emissions by 20% to 155,000t/yr from 195,000t/yr through subsidies to emissions reduction technologies development and uptake. The cement sector presently emits 62,500t, 32% of the domestic total.