Global Cement Newsletter

Issue: GCW754 / 08 April 2026

Headlines


There have been several big stories in the cement sector from the Americas this week. Firstly, Cementos Argos revealed its plan to re-enter the US market through a spin-off. Then, the long-running restructuring of Brazil-based InterCement reached a milestone as a new consortium of investors took control. Holcim has also started preparing to delist Cementos Pacasmayo from the New York Stock Exchange. Let’s take a look at the first two stories in more detail.

The Argos story seems similar to Holcim’s spin-off in North America and the creation of Amrize. The US and the Latin American businesses will separate over the next two years.It’s more of a statement of intent so far though. Cementos Argos sold its stake in US-based Summit Materials to Quikrete in early 2025. It has since started importing aggregates into Florida in the US with more destinations in the south of the country planned. It has also appointed US executive Jason Teter, with experience from Vulcan Materials and Lafarge, as the head of Argos Materials, the new US subsidiary.

That divestment in 2025 left Cementos Argos with what it says is a war chest of over US$4bn. The group says it is targeting the aggregates sector in the US because it believes that prices are more stable than cement over the long term. To this end it aims to become a serious supplier of aggregate in the US market, adding up to US$300m of earnings by 2030. This compares to its adjusted earnings of around US$360m in 2025. The group’s competitors may have other ideas. Yet as Cementos Argos said in February 2026 about the sale of its stake in Summit Materials, it was “...consolidating a historic return equivalent to an annual yield of over 20% in US dollars since its entry into the US market - an unprecedented value creation record for Colombian companies in the country.”

Meanwhile, Brazil-based InterCement said that it had completed the second stage of its debt recovery plan on 4 April 2026. The summary of this process is that InterCement entered bankruptcy protection in late 2024, a consortium of investors led by LATCEM, Redwood Capital Management and Moneda Patria Investments took on the company’s debts, injected US$100m into InterCement and has taken control of it in the process. They now intend to restructure the company and have more breathing room than the previous owners, Mover, with less debt now owed (US$450m) and no debt maturities owed until 2031, according to Bloomberg.

Much of the attention about the new owners of InterCement has been focused on the fact that LATCEM is controlled by Argentina-based businessman Marcelo Mindlin. He has also been appointed as the president of Loma Negra, InterCement’s subsidiary in Argentina. InterCement Brazil reported revenue of US$640m in 2025. Loma Negra, by comparison, reported revenue of US$607m at the same time. It is a significant subsidiary in other words.

The Cementos Argos and InterCement stories are pretty different. Cementos Argos is looking to head back into the US market and reinvest some of the proceeds from its sale of Summit Materials. It is aiming at aggregates not cement this time. It is planning on using a similar approach to Holcim by spinning off its US subsidiary, although it intends to do this as it builds the business. InterCement, meanwhile, may have bought itself some time with the new investors. Its debts appear much reduced but are still large, suggesting there is considerable impetus for restructuring the business. Potential entrants to the cement market in Brazil take note. The link by Mindlin to Argentina suggests that Loma Negra may be more likely to stay together but we’ll just have to wait and see.


Colombia: A series of senior appointments have been announced at Cementos Argos as part of the group’s restructuring towards its 2030 strategy. As part of this process, the company will split its operations into two independent companies: Argos Materials in the US and Argos Latam everywhere else.

Carlos Horacio Yusty has been appointed CEO of Argos Latam, with responsibility for integrating and leading operations across Colombia, Central America, the Caribbean and the Trading decision. As part of this process, operations across the fifteen geographies outside the US will report to the CEO of Argos Latam, while the company continues to consider its structure.

He holds an undergraduate degree in industrial engineering from Pontificia Universidad Javeriana, a specialisation in engineering management systems from the same institution, and executive education in senior management from Universidad de San Buenaventura. He currently works as Vice President of the Colombia Region at Cementos Argos and brings more than two decades of experience within the company, including roles as chief financial officer and Corporate Finance Manager.  

Tomás Restrepo has been appointed Executive Vice President of Cementos Argos, with responsibility for leading the Corporate Support Centre, advancing the company’s transformation agenda and overseeing the transition process toward the operational separation of Argos Latam and Argos Materials, as well as strengthening engagement with the board of directors and investors. He will work with the CEOs of Argos Latam and Argos Materials on the design, structuring and definition of their strategic roadmaps.

Restrepo holds an undergraduate degree in mechanical engineering from Universidad EAFIT, a master’s degree in product design and innovation and a PhD in industrial engineering from the École Nationale Supérieure d’Arts et Métiers in France. Over his 19-year career at Argos, he has held roles including Vice President of Strategy and Growth, Vice President of Future, Vice President of People and Transformation and Vice President of the Colombia Region.

Natalia Ochoa has been appointed as chief financial officer of Cementos Argos following the move of Felipe Aristizábal to Vice President of Strategy and Finance at Grupo Argos. Since 2022, she has led Corporate Finance at Cementos Argos, playing a role in the merger of Argos USA with Summit Materials, the subsequent divestment to Quikrete and the financial structuring of the US aggregates business (Argos Materials). Previously, she worked as Director of Mergers and Acquisitions at Grupo Argos and as a Risk and Derivatives Analyst at Bank of America Merrill Lynch.

She holds an undergraduate degree in administrative engineering from EIA University, a master’s degree in economics from EAFIT University and a master’s degree in financial engineering from New York University. She is also a CFA Charterholder.

Jason Teter was appointed as CEO of Argos Materials in January 2026. He holds experience in the US construction materials industry and has held senior roles at companies including Vulcan Materials, where he worked for nearly a decade on its executive committee, and Lafarge USA.


Philippines: Holcim Philippines has appointed Mohit Kapoor as its CEO.

Kapoor previously worked as the Country CEO of Bamburi Cement in Kenya from 2023. Before this, he was the Country CEO for Holcim in Qatar. Earlier in his career, he worked as the Head - Growth & Innovation (India) for Holcim and a variety of management roles for Lafarge in India, including Managing Director - Ready Mix-Projects, Vice President – Logistics and Senior Manager – Strategy. He started working for Lafarge in 2001 after a period with Holtec Consulting from 1996. He holds an undergraduate degree in electronics engineering from Nagpur University and a postgraduate management course from the FORE School of Management.


Sweden: Paebbl has appointed Fernando Sosa as its FOAK (first of a kind) CEO to lead the design, engineering and delivery of its first commercial-scale facility. The company says this is the next step in scaling the technology from its Rotterdam research and development centre to industrial production.

Sosa holds experience delivering large-scale industrial projects. He previously worked for battery manufacturer Novo Energy, electric car producer Tesla and engineering and construction company Fluor. He also advised Paebbl previously on FOAK strategy.

Paebbl is developing its process to use captured CO₂ as a feedstock to produce supplementary cementitious materials (SCM). It launched its demonstration plant in Rotterdam in 2025 and is aiming to build its first commercial plant by 2028.


Vietnam: Hoang Long Group has commissioned the 2.3Mt/yr Hoang Long Hoa Binh cement plant in Phu Tho province, according to Viet Nam News. The clinker production line has a capacity of 7200t/day. The plant was built with an investment of around US$196m and sits on a 35-hectare site, including a 30,000m² raw material storage area.

The facility is equipped with a six-stage, seven-level preheater tower and vertical roller mills for raw material and cement grinding. Hoang Long Group said that the plant will increase its total production capacity to around 8Mt/yr and support local economic development.

However, Vietnam’s cement sector continues to face a supply-demand imbalance, with total capacity exceeding 130Mt/yr compared to domestic consumption of 65 - 70Mt/yr, while export volumes of more than 30Mt/yr remain under pressure due to low prices and rising input costs.


US: Total shipments of Portland and blended cement, including imports, reached 6.82Mt in December 2025, up slightly from 6.79Mt in December 2024. For the full year, shipments were 101Mt, down by 2% year-on-year. The leading cement-producing states were Texas, California, Missouri, Florida and Alabama. Texas, Florida, California, Georgia and Arizona together accounted for 47% of cement consumption.

Clinker production was 6.25Mt in December 2025, up by 2% year-on-year, while full-year production reached 69.5Mt, down by 4% compared to 2024. Cement and clinker imports totalled 1.80Mt in December 2025, unchanged year-on-year, while full-year imports reached 25.4Mt, up by 2% compared to 2024.


North Korea: Cement plants are increasing their output, with Sangwon Cement Complex reportedly ‘actively introducing inventions’ and ‘increasing the number of checking equipment’ to increase production, according to state-owned Korea News. The repair of the calciner for Kiln No. 2 is finished, which has also enabled higher daily output at the plant.

Supply of raw materials has increased, with the Sangwon Limestone Mine raising mineral output through improved blasting methods, and the Samchong Mine and Hwachon Coal Mine increasing ‘the proportion of mechanisation’ and equipment utilisation.

Other plants, including the Chonnaeri Cement Factory and Sunghori Cement Factory, are reportedly boosting production, but specific details are not disclosed.


India: Wonder Cement has signed three long-term power purchase agreements with Sunsure Energy to supply solar power to its plants in Dhule, Maharashtra and Aligarh, Uttar Pradesh. The agreements are linked to 30MW of photovoltaic capacity, with power sourced from Sunsure Energy’s 150MW solar park in Solapur and a 49MW plant in Augasi.

The company said the arrangement will offset around 33,000t/yr of CO₂ emissions across the two sites. Solar power will meet approximately 67% of electricity consumption at the Dhule plant and 52% at the Aligarh plant.


Pakistan: Total cement despatches in Pakistan rose by 1% year-on-year to 3.75Mt in March 2026 from 3.71Mt in March 2025, according to the All Pakistan Cement Manufacturers Association. Domestic despatches fell by 0.2% to 3.10Mt, while exports increased by 7% to 0.65Mt from 0.61Mt. This is higher than the projected figure, which expected local cement despatches to decline by 4% to 2.98Mt based on data recorded in the first 24 days of the month. Total cement sales were forecast to reach around 3.65Mt, which is roughly in line with the reported figures.

In the first nine months of the 2026 financial year, total cement despatches reached 38.5Mt, up by 10% year-on-year from 35.1Mt. Domestic despatches rose by 11% to 31.6Mt, while exports increased by 6% to 6.94Mt.

A spokesman of the All Pakistan Cement Manufacturers Association said that the current geopolitical tensions pose serious threats to the manufacturing sectors, particularly cement due to its energy-intensive nature. The current volatility in oil prices and coal will have a serious impact on the sector due to cost escalations and disruptions in supply chains, according to the association.


Argentina/Brazil: A consortium led by LATCEM, Redwood Capital Management and Moneda Patria Investments has taken control of Brazil-based InterCement and indirect control of Argentina-based Loma Negra. The move follows the completion of the second phase of a judicial reorganisation process prompted by InterCement’s high level of debt, according to Bloomberg Línea News. The trio of investors has injected US$110m into InterCement. They now hold around 39%, 27% and 24% respectively of the company. InterCement holds a 52% direct controlling share in Loma Negra via a subsidiary. Marcelo Mindlin, the controller of LATCEM, has been appointed as the president of Loma Negra.


US: Holcim is prepared to delist Peru-based Cementos Pacasmayo from the New York Stock Exchange. Cementos Pacasmayo said that Holcim has filed paperwork with the US Securities and Exchange Commission to this end. As part of the process, and in order to follow the law in Peru, Holcim is required to complete a public tender offer for shares before it can delist.

Holcim completed its acquisition of a majority-stake in Cementos Pacasmayo in late March 2026.


India: Shree Cement plans to build a 1Mt/yr integrated plant at Daistong, East Jaintia Hills District, in Meghalaya. The project has an estimated cost of US$194m and it will be paid for via internal accruals and debt. The plant is forecast to be built by March 2028.


India: Cement plants in Ahmedabad have reportedly waived the fee for accepting spent sulphuric acid. Chemical plants produce about 2000t/day of spent sulphuric acid and 1500t/day of this is accepted by local cement companies, according to the Times of India newspaper. The cement plants were previously charging US$5 – 15/t depending on the quality and acidity level of the spent acid. Under the new agreement the chemical companies will now only have to pay transport costs. Cement companies were reportedly persuaded to cut the gate fee due to a sharp rise in sulphur and sulphuric acid prices and a tighter supply of spent acid. Global sulphur prices have been adversely affected by the ongoing war in Iran.


Iran: The Bandar Khamir cement plant in Hormozgan has been targeted in a drone attack. The unit remains operational and no disruption was caused to the supply chain, according to the state-run Mehr News Agency and the Türkiye-based Anadolu Agency. The deputy provincial governor reported that no casualties occurred in the incident. The ongoing war between the US, Israel and Iran started in late February 2026.


India: Germany-based Qlar has opened a test centre for pneumatic conveying in Bangalore. It is the company’s first test centre in Asia. The 539m2 site is intended to analyse the conveying of a wide variety of materials, including cement and fly ash. It includes a 680m conveyor line to allow for the testing of dense-phase applications.

The company says that its customers will be able to have materials evaluated under real-world conditions at the test centre. After an initial laboratory characterisation, the materials are tested in full-scale conveying setups to assess their behaviour at different feed rates, pressures and venting conditions. Qlar will then determine process‑specific conveying parameters such as required conveying pressure, air demand, conveying velocity and achievable throughput ranges. These results will then be used to support companies in the design of their systems and provide a technical basis for project planning and evaluation.

‘With the new test centre, we are creating a service that provides our customers with early project security and transparency,’ says Rajesh Pathak, Managing Director of Qlar India. ‘In addition to the existing test centre for material grinding, the pneumatic conveying tests offer our customers in Asia a testing environment that is unique in this form and size.’


Colombia/US: Cementos Argos has announced plans to split into two independent companies. Colombia-based Argos Latam will serve Colombia, Panama, Guatemala, Honduras, French Guiana, Suriname and eight Caribbean countries, while US-based Argos Materials will serve the US. Each company will have full autonomy to pursue growth and maximise value in its respective markets. A corporate support centre led by newly appointed executive vice president Tomás Restrepo will oversee the transition. Cementos Argos expects the process to take 24 months.

Cementos Argos previously sold its 31% stake in US-based Summit Materials to majority, now outright, owner Quikrete in February 2025.


Peru: Unacem reportedly plans to maintain its volume of investments in 2026 in line with 2025. The investments will go towards increasing efficiency at the company’s Atocongo cement plant and the construction of its upcoming US$70m, 200,000t/yr Calcem lime plant in Condorcocha, due in 2027. Calcem is a joint venture with Mexico-based Grupo Calidra. Additionally, Unacem subsidiary Celepsa will begin building a US$190m solar power plant at Solimana, Arequipa, later in 2026.

Unacem noted double-digit cement market growth in Peru in February 2026, tempered by rising fuel costs and slowing shipments in March 2026. In the US, the group forecast stabilisation or a slight uptick in 2026, followed by recovery in 2027.

CEO Pedro Lerner said "In 2025, we invested in a new business – lime – a product that in Peru is primarily used in mining, specifically for floatation processes at concentrator plants. Unlike cement, lime ships very well. Cement shipments have slowed down somewhat, mainly from the Condorcocha plant, and we believe this is related to the higher cost of transporting material to its destination. Transporters are unable to pass on the fuel price increases."


Canada: Supplementary cementitious materials developer Carbon Upcycling Technologies closed US$10m in new financing on 1 April 2026. The company says that it will use the funds for a 30,000t/yr commercial CO₂-to-cement project in Ontario.


Türkiye: Cement producers are confronting a ‘dual crisis’ of rising operating costs and ‘acute’ ship shortages, Platts has reported. Energy prices rose by 30% month-on-month in March 2026, while some freight rates rose even more sharply in the same period. Producers reliant on cost-insurance-freight contracts are particularly exposed. Resulting disruptions are reportedly preventing producers and exporters from benefitting from increased cement demand in key export markets.

Exporter Medcem Global’s trading and shipping director Ender Sahin told Platts "The freight on some routes has nearly doubled. It is becoming impossible to survive and continue the business."


UK: The Mineral Products Association (MPA) has asked the Minister for Industry to delay the removal of a temporary €0.06/l discount on fuel and implement additional supportive measures for industry amidst the on-going Iran War. The association called for expanded access to the Energy Intensive Industries compensation scheme, a Carbon Border Adjustment Mechanism, financial support for new home buyers, accelerated public infrastructure funding and new incentives for private construction spending, including a super-deduction and relief on employer national insurance contributions.

Executive Chair of the MPA Chris Leese said "Our sector has already endured a prolonged market downturn over the past four years, impacting jobs, investment and the resilience of this essential foundation industry. Obviously, the events in the Middle East are not going to help. Our policy requests from before the latest conflict are key to get the economy going; now we need to add measures to tackle the imminent spike in energy costs. We need to see a delay to the removal of the cut in fuel duty and support for energy-intensive industries, including cement. During a period of heightened global uncertainty, it is essential that Government provides clear and stable economic policy signals to help businesses plan investment and keep housing and infrastructure delivery on track."