Global Cement Newsletter

Issue: GCW756 / 22 April 2026

Headlines


It’s been a busy week for slag and cement with the Global Slag Conference taking place in Istanbul and the announcement that SSAB and Heidelberg Materials are working to develop electric arc furnace slag (EAF slag) into an alternative binder in cement.

The Global Slag Conference had many highlights and one can read all about it in the review. Ikram Ahmed Khan’s presentation about doing business in the Middle East with an ongoing war was a standout. There was also plenty of discussion on the valorisation of steel and newer slags. The announcement from SSAB and Heidelberg Materials ties into this. Traditional sources of ground granulated blast furnace slag are expected to decrease as the iron and steel industries decarbonise. The hunt for alternatives is on.

One key question that the conference posed was who exactly should pay the carbon tax related to using slag as a byproduct. During a panel discussion a cement and concrete producer on a panel noted that there is an ongoing debate on the issue. At present in the European Union (EU), iron and steel producers do not pass on any of the emission costs on to slag users. Users of slag, including cement producers, are able to use the byproduct without having to use their own allowances or buy carbon credits. Hence, the EU emissions trading scheme is intended to incentivise the use of low carbon products such as cement or concrete made with less clinker.

Iron and steel producers are primarily interested in making their primary products. Slag can be a lucrative byproduct but is not their main concern. Yet, since the carbon footprint of iron and steel is higher than cement, it is in their interests to attempt to lobby governments to pass on as many of the CO2 emissions (or ‘allocate’ them to the slag byproduct) as they can. They are, of course, free to put up the price of their slag if they are paying more for carbon credits to make their primary products. How practical this may be in a competitive marketplace remains to be seen though.

One example of an attempt to pass on the emissions allocation by steel producers has been the Germany-based Low Emission Steel Standard (LESS). This is a methodology to define low-carbon steel. It permits that a credit of 0.1t CO2e/t be given for granulated slag or comparable by-products, when sold as clinker substitutes for cement production. This figure was derived following consultation with the BMWK Scientific Advisory Board as part of the BMWK stakeholder process ‘Lead markets for climate-friendly basic materials.’

This potential battle between iron/steel and cement/concrete is partly down to how these different commodity markets work and how they pass on their carbon costs. Broadly speaking: steel is at higher risk of carbon leakage but it finds it harder to pass on carbon costs; cement is at lower risk of leakage but finds it easier to pass on costs. The phasing out of the free allocation of carbon credits and the commencement of the Carbon Border Adjustment Mechanism (CBAM) in the EU adds to the pressure on both sectors and is potentially driving debates such as whether allocations should be passed on to byproducts. It is worth noting that political pressure against the EU ETS is mounting, making it uncertain to tell how far it will go.

Cement producers are used to similar issues from the alternative fuels sector. Here, for example, biogenic feedstocks are prioritised in the EU and the emission allocations are not passed on but other ‘fossil’ feedstocks are liable. This, in turn, affects which feedstocks are prioritised and where the investment goes. For slag, the phase out of free allocations, the introduction of the CBAM and the threat of mounting ETS carbon cost is increasing the pressure to find ways to decarbonise heavy industry through any means available. This presents a situation of competing narratives between the iron/steel and cement sectors. If slag is a ‘waste’ then the steel producers might be deemed responsible for the emissions. Yet, if it is a valuable by-product, then they might argue that the emissions should be passed on down the chain. If so, then this starts to alter the economics of using slag as a secondary cementitious materials (SCM) either for cement or concrete.

The 19th Global Slag Conference will take place in April 2027 in Aachen, Germany


UK: The Global Cement and Concrete Association (GCCA) has appointed Diana Casey as Cement and ESG Director. Stephanie Mackrell has also been appointed as Head of Communications. Both roles will be based in the London office and are effective immediately.

Casey previously worked at the Mineral Products Association (MPA) becoming Executive Director, energy and climate change, cement and lime in 2023. She joined the association in 2010 as Technical Advisor Energy and Climate Change. Prior to this she held a position at the UK Environment Agency. She holds a Ph.D in Sustainable Lime Mortars from the University of Bristol.

Mackrel holds over 20 years of experience from the financial and sustainability sectors. Her previous employers include Deutsche Bank, Climate Group, Weber Shandwick, World Gold Council, Teneo and Arrow Resources.


Spain: Oficemen has appointed Elena Guede as its Director General. She succeeds Aniceto Zaragoza in the role, who has been in post for 20 years. She will be the first women to hold the job.

Guede has recently been working as an independent consultant for Tubacex and CELSA Group. She has experience working for cement companies culminating as Senior Vice President for Strategy and Sustainability for CRH from 2021 to 2024. Earlier in her career she was the plant manager of Cementos Lemona and was, at the time in 2013, the first woman to run a cement plant in Spain. She also worked for Cementos Portland Valderrivas. She started her career in the cement sector working as Laboratory Head at Cementos Lemona from 1995. Guede holds a PhD in chemical engineering from the Basque Country University (EHU) and a master’s in business administration qualification from the European Business School.


Mexico: GCC has reported higher-than-expected sales and operating cash flow at the start of 2026, thanks to favourable market conditions in the Mexican market. The revenue of the Chihuahua-based company rose 20% in the first quarter of 2026 compared to the same period in 2025, driven by favourable conditions in both of its markets, but especially in Mexico, where revenue increased by 28%. This was due to higher cement and concrete sales volumes, as well as currency appreciation and increased demand in the residential and infrastructure segments.

“GCC started the year with a solid performance, achieving outstanding growth in revenue and profits, driven by disciplined operational execution, favourable weather conditions, and increased activity in our markets,” said Enrique Escalante, the company’s CEO, to the Mexican Stock Exchange.

In the US market, quarterly sales grew by 16% to account for nearly 70% of sales by GCC. Here, the company also saw an improvement in volumes that offset the decline in cement prices.


Uganda: A 6000t/day cement plant will officially be opened in the northeast of Uganda in the week beginning 27 April 2026, according to Ecofin Agency. Authorities say that the US$300m investment will reduce the country’s reliance on imports, currently estimated at over 2.5Mt/yr at a cost of US$154m in 2024.

In the medium term, increased local production will reportedly stabilise prices and improve access to cement. It is also expected to support job creation and stimulate local economic activity in largely underdeveloped areas.


Ireland/UK: Ireland-based CRH has completed the delisting of its shares from the London Stock Exchange (LSE), two years after making its Wall Street debut. The company, which left the Euronext Dublin Stock Exchange in 2023, said its London-listed ordinary and 7% preference shares had been cancelled as of 08:00 on 20 April 2026.

CRH’s ordinary shares are now listed only on the New York Stock Exchange, where it was admitted to the S&P 500 index - the most influential in global stock markets - late in 2025.

In March 2026, the Irish Times reported that CRH had asked the Irish Government to change the law on financial reporting, seeking Companies Act exemptions that could cut its annual accounting costs by more than €10m. The Dublin-based building materials giant has made direct approaches to the departments of finance and enterprise, saying it has faced a ‘burdensome anomaly’ under Irish law since moving its main market listing to New York in 2023.

CRH’s revenues rose by 5% to US$37.4bn in 2025, with growth of 6% in the final quarter, the group said in full-year results published in February 2026. Favourable demand and acquisitions were credited for the gain.


Trinidad & Tobago:  Trinidad Cement Ltd (TCL) has reported that its revenue for 2025 was US$104m. It said that this was a ‘7% increase year-on-year, underpinned by sustained volume growth and effective pricing across core markets.’ Operating earnings before other expenses and other income and credits increased by 6% to US$20m, reflecting solid revenue performance and ongoing cost optimisation initiatives.

TCL’s overall net income for 2025 amounted to US$4m, compared to US$9.4m in 2024. The company attributed the lower profitability primarily to lower sales volumes in Trinidad & Tobago, following a market contraction exceeding 10% and the entry of cement imports into the market during the second half of the year. It also cited restructuring costs in Barbados, where it operates Arawak Cement. The company recently stopped clinker production at Arawak’s St Lucy plant and reduced its workforce accordingly.


Pakistan: Local cement despatches are expected to increase by 10% year-on-year in April 2026, reaching 2.94Mt, despite a month-on-month decline attributed to recent price increases. According to JS Global, the projection is based on actual figures from the first 19 days of April, with sales recorded at 1.78Mt. The northern region's sales averaged between 87,000-90,000t in the first week, increasing to approximately 100,000t/day in the second week. The third and fourth weeks are expected to see average daily sales of around 95,000t/day. Meanwhile, the southern region's sales remained steady at about 20,000t/day.

Overall, total cement sales in Pakistan for April 2026 are projected to be around 3.61Mt, marking a 3% rise compared to April 2025, but a 4% fall compared to March 2026. In the period covering the first 10 months of the fiscal year 2026, total cement sales are anticipated to reach 42.1Mt, a rise of 9% year-on-year. This growth is largely driven by an 11% increase in domestic sales, while exports are also expected to rise by 4%. Cement capacity utilisation for April 2026 is estimated at 51%, slightly lower than in March, but higher than in April 2025.


Pakistan: Pakistan has approved seven new cement plants backed by US$700m in investment following approval by the Special Investment Facilitation Council, according to Pakistan Today. The approvals were issued in coordination with the Punjab government, resolving regulatory delays affecting the projects. Companies that received approvals were Flying Cement, Lucky Cement, Bhutta Cement, Asian Precious Minerals, Orient Cement, Dandot Cement and Maple Cement. No details regarding capacity or location of the plants were disclosed.

Officials said that the new plants will increase domestic cement production capacity, support exports and reduce reliance on imports. The projects are also expected to create jobs and support related sectors including logistics and infrastructure.


France: Heidelberg Materials has ignited the rotary kiln at its modernised Airvault cement plant. The line has produced its first clinker and has now entered the final commissioning phase. The project was completed 1289 days (3.5 years) after the first stone was laid, and the company said that it used 18,000t of steel and 38,000m³ of concrete to build the upgraded production line.

The plant is reportedly designed to increase the use of alternative fuels to around 90%, reducing reliance on fossil fuels. The site will now progress with the planned GoCO₂ carbon capture project.


Thailand/Iran: One of two vessels belonging to Siam Cement Group has departed the Strait of Hormuz, following diplomatic engagement between Thailand, Oman and Iran to secure safe passage, according to the Thai Ministry of Foreign Affairs. Deputy Prime Minister and Foreign Minister Sihasak Phuangketkeow paid an official visit to Oman to seek assistance in coordinating with Iran over the safe passage of nine Thai vessels that still await transit through the Strait. The ministry said that it would continue to monitor the vessel’s journey and provide further updates once it arrives in Thailand. No details were released regarding the ship or its cargo.


Ireland: Irish Cement has commissioned a 1MW rooftop solar installation at its Platin Works plant. The project involved installing solar arrays across two buildings on site, with the electricity generated used to support the plant’s operations. The company said that the project will support its decarbonisation goals by increasing the use of renewable energy.

Environmental manager James Weir said “Ireland’s solar output is highly seasonal due to longer daylight hours with around 70% of annual solar electricity generated from April to September. We are looking forward to seeing how well the panels perform over the summer.”


Ireland: Ireland’s cement industry believes that it can reduce fossil fuel use by 90% over the next 15 years by increasing the use of solid recovered fuel (SRF) in kiln operations. A report commissioned by Cement Manufacturers Ireland (CMI), the lobby group that represents the industry, indicated that the cement sector used around 325,000t of SRF in 2024. The report was compiled by consultancy firm SLR, and states that Ireland’s four cement kilns rely on SRF, and that cement production accounts for 22% of residual waste treatment through the use of SRF.

The country has capacity to produce 430,000t of SRF, with potential to increase to 860,000t subject to investment and regulatory approvals. However, it warned that recycling targets and any downturn in cement production could reduce availability and demand for the fuel.

Chair of CMI David O’Brien said “The use of SRF contributes to reduced fossil fuel consumption, diverts waste from landfills, lowers greenhouse gas emissions and supports Ireland’s broader circular economy initiatives. To secure SRF as a sustainable long-term solution for Ireland’s cement sector, co-ordinated efforts are essential among government entities, the waste industry, cement manufacturers and academic institutions. Addressing legislative challenges, market fluctuations, and operational risks will be critical for the future success of SRF in decarbonising the cement industry.”


Türkiye: Turkish conglomerate Sabanci Holding will sell its remaining 39.7% stake in Akçansa to Heidelberg Materials, according to an exchange filing made on 20 April 2026. Sabanci said that Heidelberg Materials exercised its right of first refusal after a binding offer valued the company at US$1.1bn. Following the transaction, Heidelberg said that its stake in Akçansa will double to 79.44%.

Akçansa operates three cement plants, 26 ready-mix concrete plants, five aggregate quarries and five cement terminals across Türkiye’s Marmara, Aegean and Black Sea regions.


Japan: Domestic cement demand in Japan is projected to fall to 30Mt in the 2026 financial year, below the 31Mt recorded in 1964, when Tokyo hosted the Olympic Games for the first time, according to the Japan Cement Association. Demand reached a peak of 86.3Mt in 1990 and has reportedly been declining since then. In the 2024 financial year, it fell for the sixth year running to 32.7Mt, driven by reduced construction activity, labour shortages and work reforms that limited overtime. The industry said that construction projects now take longer to complete, reducing cement consumption and demand.

According to the Japan Times, Mitsubishi Ube Cement will halt production at part of its Kyushu plant in March 2027, converting the area into a recycling hub for waste plastics and other materials. Tokuyama is also suspending some facilities at its Tokuyama plant in Yamaguchi Prefecture, and plans to sell its cement sales business to Taiheiyo Cement.

The association said that lower production could reduce the sector’s ability to respond to a sudden increase in demand for reconstruction supplies following a natural disaster, such as the 2011 earthquake and tsunami.

Masako Sasahara, a senior research analyst at Meiji Yasuda Asset Management, said “The drop in shipments caused by work-style reforms will probably persist for a while. However, replacement demand and new demand tied to public infrastructure and other projects should eventually help put a floor under the decline. Cement demand is expected to increase in the US, Australia and Southeast Asia," adding that expanding exports will be essential to sustaining domestic cement production.


India: UltraTech Cement has commissioned three new cement grinding units in Shahjahanpur, Uttar Pradesh; Patratu, Jharkhand; and Vizag, Andhra Pradesh. The company said the units will strengthen regional supply across North India, Jharkhand and coastal Andhra Pradesh. Following the commissioning, UltraTech Cement’s installed domestic cement capacity has increased to 200Mt/yr. Its global capacity, including overseas operations of 5.40Mt/yr, has reached 206Mt/yr.


Afghanistan: The National Development Company said construction of the third phase of the Ghori cement plant in Baghlan province has reached 10% completion, and is progressing ‘rapidly’, according to TOLO News. The company said the project will increase production capacity from 700t/day to 5700t/day once completed.

Afghanistan currently has five additional cement projects under development, which aim to improve self-sufficiency. Domestic production only meets around 5% of demand and more than 90% of cement is imported from Iran, Uzbekistan, Tajikistan and Kyrgyzstan.


Algeria: Biskria Ciment exported 20,000t of white cement from the port of Annaba to Guatemala on 18 April 2026, according to the Port Authority. The shipment reportedly forms part of efforts to increase non-hydrocarbon exports and expand Algerian products into international markets, including Latin America.


India: Property development and manufacturing conglomerate Elpro International has acquired a minority stake in Adani Group subsidiary Ambuja Cements for US$649,000, ScanX News has reported. It notified the BSE Limited stock exchange of the transaction on 13 April 2026.


Austria: Austria will require a 1000km-long CO₂ pipeline through the Alps to serve its 2050 goal of 100% industrial carbon capture. A study by the Federal Environment Agency (UBA) found that the pipeline would cost €10.7bn and transport 9.2Mt/yr of CO2 by 2040, 13% of Austria’s entire CO2 emissions. A main line would run from Linz in Upper Austria to Vienna, then on to Burgenland and Styria before entering Italy, where CO₂ would be exported for storage under the Adriatic or North Seas.

UBA studied 31 Austrian industrial plants, including all cement and lime plants nationally, and found that carbon capture is presently uneconomical for all plants, based on an EU Emissions Trading Scheme (ETS) credit price of €70/t. It modelled one proposed scenario in which the government funds 50% of the entire cost of industrial carbon capture systems and transport infrastructure, at a total €7.3bn over a 13-year construction period.


Indonesia: Government Minister for Standardisation and Industrial Services PoIicy Emmy Suryandari says that the Indonesian cement sector’s revenues rose by 6.2% year-on-year in 2025. Exports were valued at US$443m, up by 18%, with their primary destination being Bangladesh, followed by Australia, the Philippines, Sri Lanka and Taiwan. The industry serves a domestic demand of 64Mt/yr, with a current installed capacity of 122Mt/yr. It employed 900,000 people in 2025. In 2010 – 2025, the sector reduced its clinker factor from 81% to 68%, raised its alternative fuels (AF) substitution rate from 3% to 13%, and reduced its Scope 1 and 2 CO2 emissions from 724kg/t to 566kg/t of cement equivalent, surpassing its 2025 target.

LKBN News has reported that Suryandari said "The global cement industry is currently navigating a complex business environment shaped by three major influences: urbanisation, decarbonisation and digitisation."


New Zealand: Fletcher Building has reported its sales volumes across its business during the third quarter of its 2026 financial year (1 January – 31 March 2026). Cement subsidiary Golden Bay cement sold 98.3Mt, down by 2% year-on-year; concrete subsidiary Firth sold 94.3Mm³ of ready-mix concrete, down by 1%, and 62.6Mm³ of concrete blocks, down by 0.8%, and concrete pipes subsidiary Humes sold 50.8Mm³, down by 5%.

Fletcher Building characterised its heavy building materials performance during the period as ‘mixed,’ with new major infrastructure project starts helping to offset declines elsewhere.


Indonesia: The Ministry of Industry’s Standardisation and Industrial Services Policy agency has told Indonesian cement producers that it will enact policy frameworks in line with the industry’s five-pillar cement decarbonisation strategy, LKBN News has reported. The strategy consists of: process optimisation; alternative fuels and raw materials substitution; technology upgrades; electrification/renewables and carbon capture.


US: Türkiye-based producer Medcem plans to begin operations at its brownfield clinker grinding facility in western Florida by September 2026, following construction that began in February 2025, according to the company’s business development and investments director Enver Çelikbaş. The facility has two mills and will initially operate one line, with full capacity reaching 450,000 - 500,000t/yr when both lines are operational. Commissioning and testing are scheduled for August 2026 ahead of commercial production, according to Platts, part of S&P Global Energy. Medcem will supply clinker from Türkiye to support the project, which follows a long-term lease agreement signed in May 2024. The site has been idle since 2008.

The company is planning to increase clinker capacity in Türkiye by 500,000-600,000t/yr and is evaluating further investment opportunities in the US. Enver Çelikbaş said “The US is our biggest export market, and US cement imports have increased from 15Mt to 22Mt over the last seven years, and we expect this trend to continue. That is why we want more investment in the US, and we are already engaged in discussions - solely and together with some potential partners - for a few more locations and also actively searching for both greenfield and brownfield investments there."

Çelikbaş said that beyond standard cement production, Medcem plans to use the mill's flexibility to grind ground granulated blast furnace slag in the near future, though no supplementary cementitious materials will be used from day one. Production volumes are expected to ramp up gradually through 2027, when both grinding lines become fully operational, with further increases targeted for 2028. Medcem is also considering further investment in Manatee, Florida by utilising the additional leased area, he said.


US: Amrize has expanded its ‘Made in America’ cement label to four additional plants, bringing the total to nine plants across the US. The label confirms that cement is produced entirely in the US, from raw materials to processing and production, meeting national performance standards and supporting local jobs. The newly added plants are located at the company sites in Ada, Oklahoma; Alpena, Michigan; Joppa, Illinois; and Paulding, Ohio. The label first rolled out at five sites in November 2025, including at its flagship Ste. Genevieve plant in Missouri. Amrize said that it is increasing production at its major cement plants as part of a US$900m investment programme, which will expand its ‘Made in America’ offering.

Patrick Cleary, senior vice president of US cement and supply chain, said “As America’s builders prioritise domestic materials, our ‘Made in America’ label offers our customers the confidence of US performance standards along with reliable supply at scale, while supporting local jobs and communities.”


Iraq: The General Company for Cement reported production of 676,000t of cement in February 2026, attributing the increase to stable and continuous operations across its plants, according to local press.

Director general Awad Kazem Abd al-Amir said that more than 664,000t of cement were sold in February 2026, which met domestic demand and reportedly strengthened the position of locally-produced cement. He said that several plants recorded year-on-year growth, led by the Kubaisa cement plant at 37%, followed by the Qaim plant at 17% and the Sinjar plant at 14%. Kubaisa produced more than 1.7Mt of cement in 2025 and is approaching its designed capacity of 1.8Mt/yr.

The domestic cement market is estimated at around 25Mt/yr, supported by housing, oilfield infrastructure projects and ongoing reconstruction efforts. The company said that efforts are ongoing to improve plant performance and expand capacity to support self-sufficiency.


Brazil: Cement sales in Brazil reached 15.9Mt in the first quarter of 2026, rising by 2% year-on-year, according to the National Cement Industry Union (SNIC). Sales in March 2026 totalled 5.80Mt, up by 9% year-on-year. The growth was supported by a strong labour market, rising employment and continued activity in the housing sector, including the Minha Casa Minha Vida programme (MCMV). The government’s goal of reaching 3 million units by the end of 2026 could reportedly increase cement demand by around 5Mt.

However, the sector continues to monitor interest rates, debt levels and labour shortages, despite a rise in consumer confidence in March 2026. SNIC said that the war between the US and Iran had ‘generated instability’ in markets and the global economy, which is directly reflected in international prices of oil and gas, causing concern regarding production and logistics costs. Around 90% of cement transport relies on road freight in Brazil, making costs sensitive to diesel prices. It added that co-processing using biomass, industrial waste and refuse-derived fuel had enabled a 30% thermal substitution rate, helping to avoid 2.8Mt of CO₂ emissions in the past year, while work continues on decarbonisation initiatives like the Net Zero 2050 Roadmap and the development of a national emissions trading system.

President of SNIC Paulo Camillo Penna said “Despite a resilient start to the year, the projection for 2026 is for moderate growth. The sector's performance will depend on internal aspects — such as inflation, interest rates, and economic activity — and external factors, linked to the end of the conflict and the duration of its effects. If, on the one hand, there is an effort to reindustrialise the country with government programmes being implemented, on the other hand, there are initiatives such as changes to working hours that, without the necessary technical analysis, are aggravated by occurring in a pre-election period. Furthermore, the regulation of freight price fixing without the necessary technical depth affects the stability, predictability, and resumption of growth in Brazilian industry.”


India: JK Cement will procure 7MW of power from Mehrauni Electro Power’s 40MW solar project in Prayagraj, Uttar Pradesh under a group captive arrangement. The power will supply JK Cement’s manufacturing operations in Prayagraj. The company has invested US$225,000 to acquire a 9.77% stake in Mehrauni Electro Power, which is a special purpose vehicle of Onward Solar Power. It has acquired 2.1 million equity shares at a face value of around US$0.11 each. JK Cement said that it increased its green power procurement to 51% in the 2025 financial year from 19% in the financial year 2020, with 101.84MW sourced from wind and solar. It currently holds around 274MW of power purchase agreements for renewable energy procurement.