UK: James Hardie has launched its new 11mm Hardie Panel fibre cement panel in the UK market. The producer says that the panel brings extra robustness in addition to the performance benefits of its existing 8mm Hardie Panel. It added that 11mm Hardie Panel is 50% cheaper than comparable products on the market.

Zimbabwe: Labenmon Investments and China-based West International Holding have partnered for the construction of the planned US$1bn Magunje cement plant in Mashonaland West. The plant will have an integrated capacity of 900,000t/yr, and additional clinker capacity of 1.8Mt/yr. The Zimbabwe Mail newspaper has reported that it will also be equipped with 100MW captive power plant. Construction of a building materials production complex in neighbouring Karoi will commence in parallel with the Magunje cement plant project. Construction of the Magunje plant will generate 5000 jobs in the local area, according to West International Holding. The partners expect the plant, when operational, to help to close a local supply gap.

India: The government’s Income Tax Department fined Shree Cement US$481m on 5 January 2024. The fine is for the company’s use of falsified bills in relation to a non-existent waste management plant to claim US$1.02bn-worth of tax deductions between April 2014 and March 2023.

The Economic Times newspaper, breaking the story, reported that neither Shree Cement nor the Income Tax Department has yet issued a statement.

UAE: India-based UltraTech Cement has issued a guarantee of US$147m in favour of the Singapore branch of Sumitomo Mitsui Banking Corporation. Reuters has reported that the guarantee is for a credit facility in favour of the producer’s UAE subsidiary UltraTech Cement Middle East Investments.

UltraTech Cement Middle East Investments obtained a majority stake in Duqm Cement in Oman in 2023.

India: The Office of the Deputy Commissioner of Income Tax, Kanpur, Uttar Pradesh, has issued a show cause notice to JK Cement with regard to possible short payments, non-payments or erroneous refunds, including associated interest, worth US$279,000.

Reuters has reported that the company expects ‘no material impact’ on its operational, financial or other activities due to the notice.

India: UltraTech Cement says that it has received demand orders from two local revenue authorities for issues relating to its past tax payments. The Financial Express Online newspaper has reported that the producer must pay a total of US$86,600, including interest and fines. Office of the Deputy Commissioner of State Tax, Bhavnagar, Gujarat, demanded US$56,400 due to an allegedly ineligible input tax credit. Meanwhile, the Office of the Assistant Commissioner of Central Goods and Service Tax Division II, Punjab, demanded US$30,200 due to input service distributor credit not reflected in its statement for the 2018 financial year.

UltraTech Cement plans to challenge the orders, to wit the company said that it has a ‘good case on merit’ to present before appellate authorities.

Iraq: Al-Diyar Al-Iraqia for Investments Company and Northern Region Cement have concluded a deal under which the former will acquire a 49% stake in the cement producer’s business in Iraq. Argaam News has reported the value of the deal as US$44m. Northern Region Cement said that the new strategic partnership would help it to further expand its investments in the promising market. It will use the proceeds of the deal to repay loans and for ‘external investments.’

Northern Region Cement plans to build a US$139m, 1.32Mt/yr integrated cement plant at an unspecified location in Iraq.

Saudi Arabia: Utilities provider Saudi Aramco has notified Saudi Arabian cement producers of a rise in the price of its feedstock and fuel products from 1 January 2024. Zawya News has reported that Saudi Kayan Petrochemical Company forecast the effect of the price rise to be a 1.2% increase in producers’ cost of sales in 2024.

Yanbu Cement said “The impact of changing the price of fuel products will lead to an increase in the cost of production.” Umm Al-Qura Cement echoed the concern, while Saudi Cement Company said that it is working out the extent of the financial impact and will study ways to mitigate it.

Europe: Ireland CRH announced the completion of its divestment of its lime operations in the Czech Republic, Germany and Ireland on 4 January 2024. The deal marks the first phase of the group’s divestment of its entire European lime business, for US$1.1bn.

Germany: Switzerland-based CO₂ mineralisation technology developer Neustark says that it sees major potential for recycling concrete from construction and demolition waste (CDW) to produce carbon-negative products using its process in Germany. Neustark inaugurated its first German plant, and 12th overall, at Marzahn in Berlin in late 2023. Capital Online News has reported that the start-up estimates that Germany generates 60Mt/yr of CDW concrete, but only recycles 600,000t/yr (1%). This contrasts with international CDW concrete recycling rates as high as 15% in Switzerland and the US.

The start-up, founded at the Federal Institute of Technology Zurich in 2019, currently absorbs 10kg/t of CO₂ in its recycled materials, but aims to reach 60kg/t. Its investors include Holcim.