Global Cement Newsletter

Issue: GCW735 / 12 November 2025

Headlines


Emir Adigüzel warned that cement prices in Europe could triple under current decarbonisation policies. The director of the World Cement Association (WCA) made the comments at a conference in Germany this week. He noted that most of these carbon-related costs will be passed to consumers. His view is that carbon pricing will force price rises across the industry.

That cement prices will rise due to decarbonisation policies is not in itself news. This debate is really about how much and who pays. The WCA's latest analysis asserts that the cement sector will require investment of US$200bn by 2050 to fully decarbonise. Some progress has been achieved so far. Major cement companies reduced carbon intensity from an average of 700kg CO2/t in 2019 to 640kg CO2/t in 2023. Adigüzel’s argument is that carbon capture (CCUS) in the cement sector has its place only “if applied correctly.” His view is that these technologies will have a limited effect on global industry decarbonisation as the required investment per cement plant exceeds the capital cost of an entire cement plant. The WCA prefers to promote decarbonisation instead via energy efficiency, alternative fuels, reduced clinker factor and new technologies. That last one includes CCUS but is not limited to it also covering things such as electrification and heat storage. Note today’s news that India-based Adani Cement has ordered a RotoDynamic Heater from Coolbrook. Adigüzel also criticised the European Union’s Carbon Border Adjustment Mechanism (CBAM) in incentivising non-scheme exporters to reduce their carbon footprint, particularly given the expensive investments required.

Decarbonisation is going to be expensive and CCUS is the priciest part of this. Hence, cement producers are likely to consider taking as many measures as possible before implementing CCUS. That cement companies would pass on these costs to consumers also seems likely. The other obvious outcome is that consumers will simply use less cement where possible. Yet Adigüzel doesn’t address how net zero can be achieved with continuing clinker production without using CCUS. His pricing for CCUS is at the right scale though. As Boston Consulting Group (BCG) pointed out in 2024, the cost of CCUS looks set to increase cement prices from US$90 – 130/t to at least US$160 – 240/t by 2050. As well as the capital costs to build a CCUS unit, this includes the additional energy costs required and the price of transporting the CO2 to a sequestration site. The first two large-scale Heidelberg Materials CCUS projects in Europe, for example, both connect to government-backed transport and sequestration schemes. BCG went on to posit that decarbonisation trends would create five archetypes of cement plants: export hubs and larger plants close to CO2 storage sites; former export sites far from storage; import grinding hubs; and stranded assets.

Finally, Carbon Brief reported this week that CO2 emissions in China continued to stay flat in the third quarter of 2025, suggesting a stable or falling trend since early 2024. The adoption of electric vehicles and declines from cement and steel production contributed to the picture in the latest quarter. Emissions from the production of cement and other building materials fell by 7% year-on-year in the third quarter of 2025. This was attributed to the ongoing real-estate contraction. Note that this decarbonisation trend in China has been created by market trends.

Expect plenty more sustainability stories everywhere over the next few weeks as the 2025 United Nations Climate Change Conference (COP30) started this week in Belém, Brazil. The GCCA will be present at a number of events including an update to the Brazil Cement Industry Roadmap on Saturday 15 November 2025

The Global FutureCem Conference on cement industry decarbonisation will take place on 21 - 22 January 2026 in Munich, Germany


US: The American Cement Association (ACA) has elected Monica Manolas as the chair of its board of directors. Manolas is the Region President at Ash Grove East. She is the first woman in the ACA history to be elected to this position. David Loomes, president of the Cement Segment at Quikrete Cement, was appointed as vice chair.

Manolas previously worked as the president of Suwannee American Cement from 2018 to 2022. Before this, she held roles at Cemex eventually becoming Vice President Cement Sales. She began her career in the cement sector working for Rinker in the 1990s. Manolas holds a master’s degree in industrial and systems engineering and a master’s in business administration (MBA) from the University of Florida.


Australia: The Cement Industry Federation has appointed Denise Sparks as its CEO with effect from 17 November 2025. She has held senior roles in the Australian and Queensland governments. The CIF says she brings experience in strategic stakeholder engagement and industry advocacy to the role. The CIF is the industry association for manufacturers of clinker, cement and cement products in Australia.


Germany: Hosokawa Alpine has appointed Michael Kuhnen as its CEO. Kathrin Dörle has also been appointed as chief financial officer. They succeed Antonio Fernández and Jürgen Wilde respectively. Both appointments will start in 2026.

Kuhnen has spent 19 years in various management positions at Hosokawa Alpine and is returning after one and a half years outside the group. Dörle has worked for the company for over 20 years. Her appointment marks the first time a woman has joined the executive board.

Hosokawa Alpine manufactures machines and systems used in processing powders, granulates and bulk materials, and ones used in film extrusion operations for the manufacture and finishing of blown film. It headquarters is based in Augsburg, Germany and it operates several domestic and international subsidiaries. Since 1987, the company has been a wholly-owned subsidiary of the Japan-based Hosokawa Micron Corporation.


Netherlands: N+P Group has appointed Stijn Jennissen as CEO. He has worked for N+P Group since 2009 when he started as a trainee. He became Chief Commercial Officer in 2017 and joined the board of director in 2019. Jennissen holds a business degree from the Business School Notenboom.

N+P Group specialises in the production and supply of waste derived alternative materials for various industries. It was founded in 1992 by Karel and Karin Jennissen.


Germany: Gebr. Pfeiffer will supply an MVR vertical roller mill to Thomas Zement’s Karsdorf plant in Saxony-Anhalt, replacing the existing Horomill to reduce CO₂ emissions.

The order also includes the mill building, material dosing and transport systems to defined transfer points. The project is funded by the Federal Ministry for Economic Affairs and Climate Protection, with commissioning scheduled for mid-2027.


South Korea: The Korea Cement Association, whose members include Sampyo Cement, Ssangyong C&E, Hanil Cement, Asia Cement, Halla Cement and Sungshin Cement, reported that domestic cement demand in 2025 is expected to reach 36.5Mt, down by 16.5% year-on-year, marking the lowest level since 1991, at 37.1Mt. Next year’s forecast indicates continued stagnation, with demand projected to decline a further 1% to around 36Mt.

According to the association, the country’s cement production peaked at 61.8Mt in 1997 before plunging to 44.6Mt during the 1998 financial crisis. Although production recovered to 56.71Mt by 2017, demand has since fallen by nearly 20Mt in just eight years.

An association official said, “While the sharp decline in domestic demand is quite shocking in numerical terms, the early 1990s were a period when the industry’s production capacity was 42.1Mt/yr, and cement domestic demand was rapidly increasing due to new town construction projects being developed in the outskirts of the Seoul metropolitan area as part of national policy. Currently, production capacity has increased to 61Mt/yr, but domestic demand is plummeting, so considering the utilisation rate, there is an enormous difference beyond simple numerical comparison.”

Cement exports rose by 52% to 4.5Mt in 2025, while for 2026, domestic demand is projected at 36Mt and exports at 3.5Mt.


Egypt: Titan Egypt, a subsidiary of Greece-based Titan Group, plans to invest US$63.5m over the next two years to expand production capacity and increase the use of alternative fuels to reduce costs, according to CEO Amr Reda.

The company operates two cement plants in Beni Suef and Alexandria with a combined capacity of 4.5Mt/yr, which will rise to 5.5Mt/yr following the planned expansions. Titan Egypt currently exports 30% of its production. Exports were 550,000t in 2024, with targets of 850,000t by the end of 2025 and 1Mt in 2026. Key export markets include Libya, Syria, Europe, the US and West Africa, alongside reconstruction projects in Gaza and Sudan.


India: Adani Cement and Finland-based Coolbrook have announced an agreement to implement the world’s first commercial deployment of Coolbrook’s RotoDynamic heater (RDH) at Adani’s Boyareddypalli integrated cement plant in Andhra Pradesh. The project reportedly aims to ‘significantly’ reduce CO₂ emissions from cement production.

The RDH system will decarbonise the calcination phase of cement production by supplying ‘clean’ heat powered entirely by renewable energy from Adani. The installation is expected to cut around 60,000t/yr of CO₂ emissions, with potential for a tenfold increase in future phases, according to the producer.

The partnership also includes plans to expand the use of RotoDynamic technology across other Adani Cement sites, with five additional projects targeted within two years. The first-generation RDH will deliver hot gases of around 1000°C to dry and optimise the use of alternative fuels.


Tajikistan: The country produced 3.7Mt of cement between January and September 2025, up by 512,000t or 16% year-on-year, according to the Agency for Statistics under the President of Tajikistan. The Ministry of Economic Development and Trade forecasts further growth, with production expected to reach 4.62Mt in 2026 and 4.82Mt in 2027, a 4% annual rise. Tajikistan has 16 cement plants, with more than 80% of total output coming from three Tajik-Chinese joint ventures: Jungtsai Mohir Cement, Huaxin Gayur Cement and Huaxin Gayur Sughd Cement.

New capacity is also under development. Orion Invest is building a 1.8Mt/yr cement plant in the Qubodiyon district of Khatlon province, which will reportedly become the largest facility in the country upon completion. The current largest producer is Tojikcement, near Dushanbe, which opened in 2023 with a 1.2Mt/yr capacity.


Japan: Taiheiyo Cement reported net sales of US$2.84bn for the six months ending 30 September 2025, a 1% decline year-on-year. Operating profit fell by 10% to US$213m, while ordinary profit dropped by 7% to US$213m. For the full financial year ending 31 March 2026, the company forecasts net sales of US$5.87bn and an operating profit of US$453m.


China: The country’s carbon dioxide (CO₂) emissions were unchanged year-on-year in the third quarter of 2025, continuing the flat-to-declining trend seen since March 2024.

Emissions from the production of cement and other building materials fell by 7% during the quarter, reflecting the prolonged real-estate downturn that has reduced construction activity. In the first nine months of 2025, China added 240GW of solar and 61GW of wind capacity, which could set a new record, according to Carbon Brief.


Saudi Arabia: Al Jouf Cement recorded a net loss of US$17m in the first nine months of 2025, marking a 130% increase from US$7.4m in the same period of 2024. Revenues for the period rose by 6% to US$51.3m, up from US$48.4m a year earlier, according to the company’s financial statements.

In the third quarter of 2025, the company’s net loss widened by 112% year-on-year to US$6.7m, compared to US$3.2m in the third quarter of 2024. Quarterly revenues fell by 6% to US$14.5m from US$15.4m in the same period of 2024. Compared to the second quarter of 2025, net losses increased by 7%, while revenues declined by 21% from US$18.5m to US$14.6m.


Vietnam: The country exported 3.5Mt of cement and clinker worth US$128m in October 2025, up by 30% in volume and by 20% in value year-on-year, according to data from the government-run National Statistics Office (NSO).

From January to October 2025, exports were 29.8Mt, valued at US$1.11bn, representing an increase of 20% in volume and 10% in value compared to the same period in 2024.

In 2024, Vietnam exported 29.7Mt of cement with a value of US$1.14bn, down by 5% in volume and by 10% in value from the previous year.


Argentina: Cement consumption increased to 968,000t in October 2025, up by 7% compared to 900,000t in October 2024, according to data from AFCP.

Of this total, 967,800t came from domestic production, while 559t were imported. Cumulative consumption for the first 10 months of 2025 reached 8.43Mt, up by 7% from 7.86Mt in the same period of 2024. Compared to September 2025, cement consumption grew by 5.5%.


Italy: Cementir Holding’s cement volumes rose by 2% and aggregates by 5%, while ready-mix concrete remained stable at -0.3% in the first nine months of 2025, compared to the same period in 2024. Revenue stood at €1.23bn, down by 0.7% from €1.24bn in the same period of 2024. Earnings before interest, taxation, depreciation and amortisation (EBITDA) declined by 3% year-on-year from €296m to €287m, while profit before tax dropped by 17% year-on-year from €210m to €174m. Despite geopolitical challenges and a weak macroeconomic environment, Cementir confirmed all full-year targets.

Francesco Caltagirone Jr, chair and CEO, said “The results for the first nine months of 2025 are in line with our expectations, with the third quarter showing an improvement in cement and aggregates volumes. We are effectively managing operational challenges while continuing to pursue our strategic objectives and growth path with determination. At the same time, we are accelerating our decarbonisation projects, particularly in carbon capture and storage technologies. While awaiting potential market opportunities, we remain committed to further strengthening our financial position.”


Saudi Arabia: Cement sales rose by 7% year-on-year and 8% month-on-month to reach 5.24Mt in October 2025, the highest monthly figure since March 2021, according to a research note from Al Rajhi Capital.

All producers recorded month-on-month volume growth except Yamama Cement, which nevertheless strengthened its market leadership with a 15% share, up from 12% in the 2024 financial year. Saudi Cement followed with a 13% share, compared to 12.5% the previous year. Regionally, the Eastern Province led growth with a 17% year-on-year increase in sales, followed by the Central Region at 16%. The Northern, Western and Southern regions saw declines of 3%, 2% and 0.8%, respectively. Clinker inventories stood at 44.1Mt at the end of October 2025, down by 0.2% month-on-month.


Brazil: Cement sales were 6.3Mt in October 2025, up by 7% year-on-year, according to preliminary data from the National Cement Industry Union (SNIC). Between January and October 2025, cumulative sales reached 56.6Mt, marking a 3.5% increase compared to the same period in 2024. Shipments per working day averaged 252,300t, up by 5% year-on-year.

The sector’s performance reflected the contradictory macroeconomic scenario, which combined strong employment and infrastructure activity with high interest rates, rising defaults and household indebtedness.

SNIC reaffirmed its 2025 growth projection of 2-3%, supported by the continued strength of the government’s ‘Minha Casa, Minha Vida’ housing programme, which is expected to generate an additional demand of 2.5-3Mt/yr of cement, as well as continued investments in infrastructure.

Paulo Camillo Penna, president of SNIC, said “The Brazilian cement industry has a long history of acting with environmental, social and economic responsibility. Shortly after implementing the sector's mitigation roadmap in 2019, we renewed our commitment to decarbonisation with a proposal to achieve net-zero emissions by 2050. The roadmap covers the entire cement value chain, supported by the development of alternative fuels and raw materials, energy efficiency, carbon capture, storage and use, as well as nature-based solutions. Technology and innovation play a central role, with the active participation of academia, funding agencies and the construction supply chain.”


Serbia: Lafarge Srbija, part of the Holcim group, has officially changed its name to Holcim Srbija to align its corporate identity with the global group. Lafarge Srbija has been part of Holcim since 2015.“The name change completes the company’s corporate profile and represents an even more decisive step towards a future that is more sustainable, responsible and innovative,” said Dimitrije Knjeginjic, CEO of Holcim Srbija.

The company operates a cement plant in Beočin, along with several concrete facilities, and plans to build a new €112m cement plant in Belgrade’s Obrenovac municipality. The company acquired the Jazovnik stone quarry in Vladimirci, around 30km from the planned Obrenovac site, earlier in 2025.


India: Cement and clinker transport from Meghalaya has been at a complete standstill since 27 October 2025, as members of the newly formed Meghalaya Commercial Truck Owners Association (MCTOA) continue their protest, according to local press. The strike has impacted despatches from all major cement plants in the Jaintia Hills, leading to a reported cement shortage across Meghalaya and neighbouring northeastern states.

The MCTOA launched the protest to demand that government-notified transport rates be extended to inter-state transportation outside Meghalaya. The protest has reportedly disrupted supply chains and halted plant despatches, with thousands of workers and transporters affected by the shutdown of all cement plants in the region.

In a statement issued on 6 November 2025, the Jaintia Hills Cement Manufacturing Association (JHCMA) described the strike as ‘unjustified and economically damaging,’ adding that it has caused ‘significant losses and hardship’. The association urged authorities to ‘take immediate steps to restore normalcy, ensure the safe movement of goods and safeguard the interests of the industrial sector.’


Iraq: Operations have officially commenced at the VAN Cement Plant, according to Van Company for Industrial Investment and General Trading. The facility has a clinker production capacity of 7000t/yr and produces a range of cement types, including sulphate-resistant cement, ordinary Portland cement and CEM II. The plant will reportedly help to meet Iraq’s growing domestic demand for cement.


France: Titan Group has entered into exclusive negotiations to acquire Vracs de L’Estuaire, which operates a grinding plant at the port of Le Havre in northern France. The acquisition would strengthen Titan’s presence in the French market, building on its existing operations in Marseille. The transaction remains subject to customary legal procedures and is expected to close in the first quarter of 2026.


India: Kaushalya Logistics has opened three new depots in Uttar Pradesh for JK Cement. The new facilities are located in Fatehpur (Choudagra), Unnao (Radhaganj), and Balia (Rasara), are expected to handle around 3000t/month of cement.


Germany: Heidelberg Materials increased its revenue by €51m, representing 1%, year-on-year to €5.81bn in the third quarter of 2025, while its result from current operations (RCO) rose by €54m, or 5%, to €1.18bn. The company expects full-year RCO to be €3.3-3.5bn. Specific net CO₂ emissions per tonne of cementitious material are projected to decline slightly compared to 2024.

Chair of the managing board Dr Dominik von Achten said "We continued our growth trajectory in the third quarter of 2025, despite ongoing political and economic uncertainties. Our uncompromising focus on active price and cost management in all group areas contributed significantly to improving our result and further expanding our profitability in the third quarter.” He added “We remain confident about the year as a whole. Based on the business development to date, we confirm our positive outlook for 2025.”


Ireland: CRH recorded total revenues of US$11.1bn in the third quarter of 2025, up by 5% from US$10.5bn in the same period in 2024. Net income rose by 9% year-on-year to US$1.5bn, while adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 10% to US$2.7bn, supported by strong pricing, acquisitions and operational efficiencies.

The group completed nine acquisitions during the quarter with a total value of US$2.5bn.

CEO Jim Mintern said “CRH delivered a strong third quarter performance driven by favourable underlying demand, positive pricing momentum and further contributions from acquisitions.” He added “We are pleased to reaffirm net income and raise our adjusted EBITDA guidance for 2025, representing another record year for CRH. We have completed 27 acquisitions year-to-date, including the acquisition of Eco Material Technologies. Looking ahead to 2026, we expect favourable market dynamics and the continued execution of our strategy to underpin another year of growth and shareholder value creation.”


Greece: Titan Group recorded sales of €684m in the third quarter of 2025, up by 3% year-on-year, supported by growth across all regions. Earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 20% to €187m, driven by firm pricing, cost management and operational improvements.

In Greece, sales and EBITDA grew strongly, supported by double-digit volume increases across product lines amid continued construction market expansion. In the US, improved market conditions and favourable weather helped raise cement, ready-mix, aggregates and fly ash volumes, while sustained pricing strength delivered higher sales and EBITDA in dollar terms. Southeast Europe also recorded strong growth, with higher cement volumes and firm pricing reversing the softer performance seen earlier in the year. In the Eastern Mediterranean, Egypt accounted for most of the region’s revenue and profitability following the sale of Adocim in Türkiye in May 2025, posting strong domestic and export sales.

For the first nine months of 2025, Titan’s sales rose by 1% year-on-year to €2.01bn, while EBITDA grew by 8% to €473.6m (+13% when adjusted for the Adocim sale and currency effects). Domestic cement volumes totalled 13.2Mt, up by 2%.


Morocco: Cement deliveries reached 12.3Mt at the end of October 2025, up by 11% from 11.2Mt in the same period of 2024, according to the Ministry of National Territorial Planning, Urban Planning, Housing and Urban Policy. The growth was driven by the performance of members of the Professional Association of Cement Manufacturers (APC), including Asment Temara, Ciments de l’Atlas, Ciments du Maroc, LafargeHolcim Maroc and Novacim. In October 2025, APC members recorded deliveries of 1.5Mt, up 16% year-on-year from 1.3Mt in October 2024.


India: Ramco Industries will build a new fibre cement board plant in Maksi, Madhya Pradesh, with an installed capacity of 58,000t/yr. The project, estimated to cost US$23.8m, will be financed through US$15.2m in term loans and internal accruals, and is expected to be completed within 12 months. The company said the investment aligns with its growth strategy and responds to rising demand for fibre cement boards in the construction industry.