Global Cement Newsletter

Issue: GCW751 / 18 March 2026

Headlines


Votorantim and Huaxin Cement were both linked to the impending divestment of Companhia Siderúrgica Nacional’s (CSN) cement division this week. Bloomberg reported that Morgan Stanley is assisting with the process and that the sale price could be up to US$3bn. Other buyers are also being considered. Discussions are still at an early stage, but CSN hopes to wrap up the deal by the autumn.

CSN announced a debt reduction plan of up to about US$3.5bn in January 2026. In its fourth quarter results for 2025 released in early March 2026 it said that it remained “...
pressured by the high cost of debt and the progress of growth projects.” During this quarter its net debt to earnings before interest taxation, depreciation and amortisation (EBITDA) ratio over the last 12 months rose to 3.47. It said that this was the first increase in leverage after three quarters of decline and that the result reflected a reduction in cash availability due to paying off debts and increased spending. In late 2025 it transferred its minority stake in rail freight company MRS Logística to its mining subsidiary CSN Mineração (CMIN) for about US$645m. CMIN was designated in January 2026 as the group’s “main growth avenue” generating 33% of group revenue and 57% of earnings in the third quarter of 2025. The group stake in CSN Cimentos was confirmed for divestment at the same time. This division generated 11% of both revenue and earnings. Notably, in a notice to the market in January 2026, the group described its plan for the cement division as a ‘sale of control’ rather than an outright divestment. Of the group’s other subsidiaries, CSN Infra was set for a sale of a ‘significant’ equity stake in 2026, CSN Steel is being assessed for “strategic alternatives and partnerships aimed at maximising short-term cash generation” and CSN Energy is being retained.

Readers may recall that CSN Cimentos expanded in 2022 through the acquisition of Holcim’s business in Brazil. The company started as a steel producer and this remains the source of half of its revenue, although its earnings were just 18% in the third quarter of 2025. It entered the cement business in 2009 and bought Cimento Elizabeth in 2021. The Holcim deal made it the third largest cement producer in Brazil with an integrated production capacity of 12.6Mt/yr from seven clinker producing plants. The company placed its total cement production capacity in early 2026, including grinding plants, at 17Mt/yr. It paid US$220m for Cimento Elizabeth and then US$1.03bn for Holcim Brazil. This covered six of its seven integrated plants. If the US$3bn price tag for the whole cement business is realistic, this would amount to a significant increase in value for clinker capacity in four years. One other point to note is CNS’s focus on its mining business. This is reminiscent of FLSmidth’s pivot to mining also and the divestment of its cement division. The latter company is, of course, a supplier of industrial equipment not a cement producer.

Graph 1: Cement sales in Brazil, 2016 - 2025. Source: Sindicato Nacional da Indústria do Cimento (SNIC). 

Graph 1: Cement sales in Brazil, 2016 - 2025. Source: Sindicato Nacional da Indústria do Cimento (SNIC).

As can be seen above in Graph 1 data from Sindicato Nacional da Indústria do Cimento (SNIC) shows that cement sales in Brazil peaked in 2021, then dipped a little before recovering in 2024 and 2025. Cement sales were just under 67Mt in 2025, an increase of 3.7% year-on-year from 2024. SNIC attributed this growth to the Minha Casa, Minha Vida (MCMV) housing programme in the residential sector and the promotion of concrete road building by the Ministry of Transport in the infrastructure sector. SNIC expressed concern about national interest rates in 2026 but has forecast growth in cement sales.

CSN’s decision to sell its cement division means that two of the three largest cement producers in Brazil are potentially for sale. InterCement is reportedly under the control of its creditors in Brazil. Its subsidiary in Argentina, Loma Negra, has been taken over by a consortium led by businessman Marcelo Mindlin. Back in 2024 CSN was signing exclusivity agreements with InterCement to buy its operations in Brazil and Argentina! Debt appears to be the theme here for both CSN and InterCement to varying degrees. It will be revealing to see which companies emerge with the appetite to take on either of these cement companies in the coming months.


Spain: Cemex has appointed Eva Masa Pinto as VP of Global & EMEA Sustainability and EMEA Corporate Affairs.

Masa Pinto previously worked as Cemex’s Global Sustainability Director from mid-2025. Before this, she was the group’s Head of Climate Action. Earlier in her career she worked for Cemex España from the early 2000s, first in maintenance management roles and then as Director of Operating Support in Spain & EU until 2017. She holds an undergraduate degree in chemical engineering from the Universidad de Valladolid.


US: The American Cement Association (ACA) has appointed Leah Pilconis as Vice President of Government Affairs and General Counsel.

Pilconis holds over 20 years of professional experience in legal advocacy, compliance and federal policy. She worked as General Counsel for the Associated General Contractors of America from 2023 to 2026. She previously held positions at this association from 2000 onwards, notably as Senior Legal Advisor. She holds an undergraduate degree in biology from Gettysburg College and was later awarded a Doctor of Law in energy, environment and natural resources law from Penn State Dickinson Law.


Sweden: SaltX has appointed Karl Björnfot as its Chief Technology Officer (CTO) and has confirmed Kristine Johansen as its permanent Chief Operating Officer (COO).

Björnfot holds over 15 years of experience in the energy, chemicals and process industries and has held senior technical roles in large-scale industrial development and startup projects. He has worked on major energy projects at Shell in the Middle East and Europe, contributed to the development of Northvolt Ett in Skellefteå, and built the engineering organisation and process safety functions at Stegra. Most recently, he served as CTO at the chemical company Sekab.

Johansen has been confirmed as permanent COO after working as acting COO since October 2025.

Sweden-based SaltX develops and markets sustainable technologies for the electrification of emission-intensive industries such as the lime and cement sectors.


Canada: Amrize has launched a ‘Product of Canada’ cement label to certify that its products are fully manufactured domestically, from raw materials through to final production.

The label will be introduced across its key operations, starting with the Exshaw plant in Alberta and the Bath plant in Ontario. Amrize said that the label confirms compliance with national manufacturing requirements, while supporting local supply chains, jobs and communities.

The company operates five cement plants in Canada and plans to expand the initiative alongside a US$900m investment programme in 2026 to increase production capacity across its network, from Alberta to Quebec.

The senior vice president of Canada cement commercial for Amrize, Cory Cannon, said “With our ‘Product of Canada’ label, we are giving customers confidence that their building solutions are made in Canada with local-to-local service. We are committed to investing in and advancing Canada’s building industry, supporting jobs, communities and the economy.”


France: Hoffmann Green Cement Technologies has signed a strategic partnership with Le Coq Construction to expand the use of its 0% clinker cements in Brittany. The agreement follows several completed projects demonstrating Hoffmann Green’s low-carbon cement solutions, which it says reduce the carbon footprint of construction works. The partnership aims to accelerate adoption of these products across future projects and strengthen Hoffmann Green’s regional presence.

Co-founders Julien Blanchard and David Hoffmann said “The signing of this partnership with Le Coq Construction illustrates the relevance of our regional expansion strategy and the growing confidence that structural construction professionals have in our 0% clinker cement solutions. Following several successful initial projects, we are delighted to formalise this collaboration in order to accelerate the adoption of our technologies in Brittany.”


Togo: The government has introduced three new cement standards aimed at improving product quality, ensuring fair competition and enhancing safety in the construction sector.

The standards were presented to producers and importers at a meeting in Lomé, led by the ministry in charge of investment promotion and economic sovereignty, alongside the Haute Autorité de la Qualité et de l’Environnement and the Agence Togolaise de Normalisation.

The new framework establishes technical requirements for cement composition, performance and testing of the cement sold in Togo, with the aim of ensuring that products comply with recognised specifications. According to the ministry, the measures will help prevent the circulation of substandard materials that could compromise infrastructure safety and consumer protection. The reform is also intended to create a level playing field between domestic producers and importers, while improving overall construction quality.

Togo’s cement market is dominated by four companies: Heidelberg Materials, through CimTogo; CIL Metal (Cimco); WACEM; and Dangote Cement.


Slovenia: Austria-based producer Alpacem Cement and Slovenian photovoltaic solutions provider Enertron are developing a 20MW solar power project with a battery energy storage system (BESS) in Anhovo, western Slovenia. The project will expand the existing solar facility by adding more than 25,000 panels and include a BESS with 16MW operating power and 32MWh capacity. The plant is expected to generate around 20,000MWh/yr of electricity. Alpacem said the project will increase the share of electricity from its own renewable sources from 4% to 18% and reduce CO2 emissions by approximately 5000t/yr. Completion is scheduled for May 2028.


Brazil: Votorantim and Huaxin Cement have entered talks to acquire the cement division of Cia. Siderúrgica Nacional (CSN) for a purchase price as high as US$3bn. CSN is evaluating the sale with Morgan Stanley and expects to conclude transactions in the third quarter of 2026, but talks are still in the early stages, with other companies also in the running. CSN’s debt rose by 11% to US$8bn in the fourth quarter of 2025. The company reportedly plans to use shares in its cement division as collateral, the size of which may amount to US$1.3-1.5bn.


Bangladesh: Cement producers have rejected claims by the US Trade Representative over alleged overcapacity in the sector, stating that production reflects domestic demand driven by infrastructure projects and economic growth, according to The Daily Star. The comments come amid a US trade investigation into Bangladesh and more than a dozen other countries, reportedly examining whether their policies and production practices contribute to global overcapacity that could harm American manufacturing. In its complaint, the US cited unused capacity in Bangladesh as evidence of ‘unfair trade.’

The Bangladesh Cement Manufacturers Association said that the country has 41 plants with a combined capacity of 86.0Mt/yr and domestic demand of 39.8Mt in 2025, up by 6% year-on-year. The country exports a minimal amount of cement, with around 20,000t/yr going to India. The association said that installed capacity reflects long-term planning and seasonal demand rather than overproduction. The deputy managing director of Fresh Cement Mohammod, Khourshed Alam, said that cement demand in Bangladesh has grown at an average annual rate of 8%, and that if this continues at the current rate, the existing capacity could be fully absorbed within eight to nine years.

Alam said “Bangladesh’s cement capacity should not be interpreted simply as overcapacity, as the sector is preparing for future demand in a growing economy. In a country of 170 million people with ongoing urbanisation and infrastructure development, production capacity must anticipate future demand.”


Bosnia & Herzegovina: Heidelberg Materials Cement BiH recorded a net profit of €31.4m in 2025, up by 21% year-on-year. Sales rose by 7% to €98.6m, while expenditures increased by 1% to €63.6m. Heidelberg Materials has operated in Bosnia & Herzegovina since 2000, following the acquisition of Tvornica Cementa Kakanj and expanded to Croatia in 2010, where it owns two subsidiaries.


India: Fourth Partner Energy will supply 15MW of wind-solar hybrid power to a facility operated by Max Cement (Green Valley Industries) in Meghalaya. The renewable energy will be delivered via the company’s Kudligi Inter-State Transmission System park in Karnataka, which the company says will enable power transfer across regions and overcome local resource limitations. It said the arrangement will provide reliable electricity supply, while reducing costs through waived inter-state transmission charges.

Fourth Partner Energy said "The cement industry remains one of the most energy-intensive sectors globally, and meeting its massive electrical demands requires more than just standard green solutions; it requires the scale and flexibility of an Inter-State Transmission System framework."


Europe: Ecocem, Heidelberg Materials and Holcim are three of more than 100 companies to sign an open letter calling on EU leaders to maintain a 'strong and credible' EU Emissions Trading System (ETS). Coordinated by Business for CBAM Coalition, Cleantech for Europe, Corporate Leaders Groups and We Mean Business Coalition, the letter underscores why the ETS remains central to Europe’s competitiveness, investment certainty and industrial decarbonisation.

Ecocem said in a post to Linkedin "A slower phase-out of free allocations weakens the incentive for the sector to follow at pace. Any slowdown in the current ETS trajectory impacts the desire, not the ability, to decarbonise."

The letter states that the undersigned companies are 'deeply concerned' with the competitiveness of European industry and that recent discussions had been 'misdirected’ towards amending or even suspending the ETS, which it said would be a 'serious misdiagnosis' of the problem. It said that the upcoming revision of the ETS offers an opportunity to improve its design in 'very targeted' ways, while remaining 'crystal clear' on the trajectory.


Ireland: CRH has announced plans to delist its ordinary shares and 7% preference shares from the London Stock Exchange following a review of trading activity costs and regulatory obligations arising from maintaining the shares. The company requested the UK Financial Conduct Authority to cancel the listings and expects the delisting to take effect on 20 April 2026, with the last day of trading on 17 April 2026.

CRH’s primary listing has been on the New York Stock Exchange since September 2023 and, following the delisting, its ordinary shares will be listed solely on the NYSE. The company also plans to cancel its 5% and 7% preference shares, subject to shareholder approval. The proposed cancellations would be in exchange for a cash payment of an amount equal to 40 times the annual dividend per preference share. The cancellations are expected to become effective in mid-2026.


India: Humboldt Wedag India has commissioned a pyroprocessing line and material handling system at the JSW Cement Nagaur plant. The project was awarded to Humboldt Wedag India in 2024.

The plant operates an 8000t/day pyroprocessing line using a KHD preheater and rotary kiln, which the company says is designed to deliver high thermal efficiency, operational reliability and consistent clinker quality. Humboldt Wedag India also supplied a material handling system to transport raw materials and clinker across the plant.


Azerbaijan: Cement production exceeded 4.14Mt in 2025, according to the Azerbaijan Construction Manufacturers Association. Exports of cement and clinker reached approximately 957,000t, up by 13% year-on-year. Nearly 25% of the country’s cement production is exported.


Indonesia: Culture minister Fadli Zon has proposed converting the former Indarung I cement plant in Padang, West Sumatra, into an educational and cultural space. The plant was run by state-owned cement producer PT Semen Padang for nearly 90 years until 1999. The plant’s archives from 1910-1972 were registered with UNESCO’s Memory of the World Committee for Asia and the Pacific in 2024. The Indonesian government has also designated several buildings at the site as national cultural heritage.

Zon said “This site can be utilised as an amphitheatre to hold exhibitions and theatrical performances. Having been recognised as a cultural heritage site, this place can be reactivated as an art space for artistic and cultural expressions.”


US: Amrize reports that it increased revenues to US$11.8bn and delivered US$1.2bn of net income and US$3.0bn of adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA). It said that demand grew for cement and aggregates in 2025 and that data centre construction continues to be a ‘bright spot’ for the company. It expects further growth in 2026 as customers accelerate investments in manufacturing, warehousing and logistics. However, it said that the residential market remained ‘soft’ in 2025, with interest rate and affordability concerns limiting construction activity.

In 2025, it invested US$788m in capital expenditure and plans to increase this figure to US$900m in 2026. Amrize is expanding production capacity at its Midlothian, Exshaw and St. Constant cement plants across the US and Canada.


Türkiye: KHD will install a Pyrorotor alternative fuel system at the Batisöke Söke Çimento Sanayii cement plant in Söke. The project began in February 2026 and includes supply of the Pyrorotor unit, spare parts and supervision of erection and commissioning.

KHD CEO Matthias Jochem said “This order confirms the growing momentum for decarbonising cement production in the important Turkish market. We are delighted to be working with Batisöke Söke Çimento Sanayii on this project. The company’s investment is a clear statement of its commitment to increasing the use of alternative fuels and reducing its carbon footprint. We look forward to supporting them on that journey.”

KHD said that the Pyrorotor technology enables plants to use low-quality locally available fuels with no preprocessing, including plastics, biomass and tyre chips. The company has sold 21 Pyrorotor installations worldwide, including in Cambodia, China, Portugal, South Korea, Thailand and Türkiye.

Jochem said “This latest order reinforces our commitment to Türkiye’s cement sector at a time when the industry faces increasing pressure to reduce CO2 emissions and improve fuel flexibility. The Pyrorotor is proven to deliver on exactly these challenges, and we look forward to demonstrating that once again in Söke.”


Syria: 12 companies have applied to invest in the Al-Muslimiyah cement plant in Aleppo and the Adra cement plant in Damascus, according to the General Company for Cement and Building Materials Industry and Marketing (OMRAN). Director Mahmoud Fadila said that applications are being evaluated on technical and financial criteria to select investors and support the cement sector ahead of reconstruction.

Rehabilitation work is reportedly progressing on the mills at the Tartous Cement plant, carried out by UAE-based QBZ Group, alongside work to rehabilitate and operate the third production line at the Hama cement plant by Iraq-based Vertex Group, with the aim of increasing production capacity. The company said offering the plants for investment forms part of a broader plan to strengthen industrial infrastructure, increase production efficiency and comply with safety and environmental standards.


Vietnam: Vietnam exported 2.81Mt of cement and clinker worth US$100m in February 2026, down by 7% year-on-year in volume and by 8% in value, according to the government’s National Statistics Office. In the first two months of 2026, exports reached 6.47Mt, worth US$230m, up by 24% year-on-year in volume and by 24% in value. In 2025, Vietnam exported 37.1Mt of cement and clinker worth US$1.37bn, up by 25% in volume and by 21% in value.


Spain: Five people have been arrested in Marbella after police seized 1.5t of cocaine hidden inside 1000 bags of cement from Brazil, which entered the country through the port of Algeciras. The criminals used a shell company based in the German city of Bremen to cover the transport of the illegal goods. The bags were all marked with a small ‘x’ to identify which bags contained the packages of drugs.


Colombia: Cemex will divest certain operations in Colombia through several transactions ‘with different parties’, for a combined purchase price of approximately US$555m. The producer signed an agreement with Holcim to sell the Caracolito cement plant, the Santa Rosa grinding mill and selected ready-mix concrete, aggregates, mortar and admixture plants for a purchase price of US$485m. The transaction with Holcim is expected to close at the end of 2026, subject to regulatory approvals.

Cemex is also negotiating with other parties on the sale of remaining assets in ‘the same general geographic area’, that were not included in the Holcim transaction, for approximately US$70m. Following the completion of the transactions, the company will retain the Maceo and Cúcuta cement plants, with a combined installed capacity of 1.6Mt/yr, as well as the Clemencia grinding mill, ready-mix concrete plants and aggregates quarries.

CEO Jaime Muguiro said “We are pleased with the continued progress we are making in further streamlining our portfolio, while we focus on investing and strengthening our position in key geographies and businesses in the US, Europe and Mexico. We began our portfolio rebalancing effort in 2018 and have accomplished most of what we have set out to do.”

Holcim said that the acquisition will add more than 20 production sites, and complement its existing operations in Colombia, which include one cement plant in Nobsa, eight ready-mix concrete plants, one admixtures plant and one aggregates plant.


Italy: Cementir Holding recorded cement and clinker sales of 11.0Mt in 2025, up by 3% year-on-year, with growth in the Asia Pacific region, Egypt and Türkiye offsetting declines in the Nordic & Baltic region and Belgium. Group revenue was €1.64bn, broadly stable year-on-year, while earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 15% to €460m and profit before tax rose by 10% to €325m. Net profit reached €246m. The company said that exchange rate movements, particularly the devaluation of the Turkish Lira, reduced sales by around €97m.

For 2026, Cementir Holding expects sales of approximately €1.70bn, mainly supported by price increases in line with inflation and by a slight recovery in volumes in the second part of 2025, with the exception of China and Türkiye. EBITDA is expected to be between €400-420m. The company plans investments of approximately €128m, including €32m for sustainability projects.

Chair and CEO Francesco Caltagirone Jr said “2025 was a year of consolidation for our group. We optimised our industrial footprint and delivered higher profitability and return on capital, despite results being affected by the strengthening of the Euro against all reference currencies, and in particular against the Turkish Lira. We are prepared to face the next three years with a strengthened industrial base and a very solid financial position, enabling us to look at future challenges with renewed confidence.”


Sweden: Heidelberg Materials has withdrawn its application to build a carbon capture and storage (CCS) facility at its Slite cement plant after the Swedish Energy Agency rejected its request for nearly €747m in funding. The company had applied for an environmental permit in June 2024 and previously planned to complete the facility by 2030. It announced in November 2025 that it had ‘paused’ the project.

Head of public affairs Hannes Borg said “This is a result of us putting the CCS project on hold in November 2025 until there is more clarity about the financing. A permit application cannot be put on hold, while it was in the schedule for us to submit additional information. Since we still have not resolved the crucial issue of financing, we therefore had to withdraw the application. However, the ambition to build a carbon capture facility in Slite remains.”

Borg added that if the company bears the full cost of the project, the costs for end consumers would be too high for the project to be commercially viable. However, he said that the company remained ‘fully committed’ to getting a CCS facility in place in Slite, and was now working to identify sustainable financing solutions and ‘continuing the dialogue’ with decision-makers.


Spain: Molins has published its 2025 Sustainability Report, outlining progress in environmental, social and governance matters, as well as on progress on its Sustainability Roadmap 2030. The report details progress in areas such as decarbonisation, circular economy, natural resource management, biodiversity and social impact.

The company aims to reduce emissions to below 460kg/t of cementitious material by 2030. It will invest more than €65m over the next few years to reduce its carbon footprint. It also reported a 25% alternative fuel substitution rate and said that renewable electricity represents 44% of global consumption and 100% in Spain. The report also mentioned progress in social matters, stating that 22% of management positions are held by women.

Director of corporate development and sustainability Carlos Martínez said “At Molins, we understand sustainability as a strategic pillar that guides the evolution of our business. This report reflects the work carried out in different areas of the company to move towards an increasingly efficient and responsible industrial model.”