Global Cement Newsletter

Issue: GCW771 / 05 August 2026

Headlines


Half-year financial results from some of the major cement producers outside of China show a general positive trend in 2026 to-date. The North American market is still delivering for these companies but the focus on growth for some has shifted to aggregates. Elsewhere in the world, in developing markets, the effects of geopolitical events in the Middle East are having an effect on balance sheets. Read on for our round-up.

Figure 1: Sales of selected major multinational cement producers in first half of 2026. Source: Company financial reports. Note: Figures calculated for Indian companies.

Figure 1: Sales of selected major multinational cement producers in first half of 2026. Source: Company financial reports. Note: Figures calculated for Indian companies.

CRH’s sales in the first half of 2026 benefited from its acquisition of Eco Material Technologies in 2025 and higher prices for aggregates. Cement sales volumes in its Americas Materials Solutions division grew but pricing slowed. Both cement volumes and prices increased in the group’s international division outside of North America. Sales volumes of aggregates were high (above 5%) everywhere. CEO Jim Mintern pointedly described the company as the “leading aggregates and critical infrastructure player in North America” in the second quarter results in connection to the June 2025 announcement that it is buying Arcosa for US$8.5bn.

Heidelberg Materials’ sales revenue from cement fell slightly in most regions with the exception of North America. Sales of aggregates, ready-mixed concrete and asphalt rose. In Europe, the group’s largest area, it said that for cement “construction activity remains subdued as a result of higher interest rates, a decline in real purchasing power and a significant rise in construction costs.” Cement and clinker volumes in North America grew modestly with a significant increase in the Midwest US and a moderate decline in the Northwest region. Cement and clinker volumes in the group’s Africa-Mediterranean-Western Asia group area fell slightly and this was attributed to poor market conditions in certain countries.

Holcim reported organic growth of 5% year-on-year in the first half of 2026. However, like-for-like sales barely rose. This was due to the divestment of Amrize in June 2025. The acquisitions of Cementos Pacasmayo and Xella in the first half of 2026 were insufficient to compensate much so far. Encouragingly, much of that organic growth came from the sale of building materials. The group’s largest geographic area by revenue, Europe, reported sales driven by markets in Germany, Switzerland, Spain, Greece and East Europe, with help from its acquisition of precast concrete producer Alkern in January 2026. Its Asia, Middle East & Africa segment was noticeably smaller in the first half of 2026 due to the sale of Lafarge Africa in mid-2025. Volumes did rise in Türkiye, where the company increased its stake in subsidiary Akçansa to 79% from 40% in June 2026.

Cemex enjoyed a strong first half with sales, earnings and cement volumes driven by good performance in Mexico. It attributed this to rising demand, cost cutting and a “pricing strategy designed to offset input cost inflation." Sales were up elsewhere but earnings fell in the US. This was blamed on rising material and freight costs, as well as bad weather in Texas. In Europe the group singled out promising cement sales volumes in Spain and the Czech Republic. It also said that the EU Carbon Border Adjustment Mechanism (CBAM), along with the reduction in allowances, “have been and should continue to be supportive of higher prices.”

Of the other companies covered, UltraTech Cement reported sales growth of 16% year-on-year to US$2.57bn in the first quarter of its 2027 financial year (to 30 June 2026). It noted that it had turned a net loss for its acquisition of The India Cements in the corresponding quarter in 2025 to a profit in the current one, demonstrating its “ability to rapidly stabilise, integrate and improve acquired assets.” Its cement sales volumes were up by 13% to 39.2Mt with a capacity utilisation rate of 81% from a local production capacity of around 200Mt/yr. The news it didn’t share so readily was that its costs grew by 16% in the most recent quarter compared to 8% last year. By contrast, Adani Cement’s main subsidiary Ambuja Cements did point out the effects of higher imported fuel costs, including petcoke and thermal coal, and logistics costs originating from “geopolitical developments in West Asia.” Both its sales volumes of cement and revenues fell in the first quarter of the 2027 financial year. It further warned of peak fuel cost inflation in the second quarter. The company aims to fight this with cost cutting and efficiency savings.

Finally, Dangote Cement delivered a robust result in the first half of 2026 with its international markets rebounding. Inflation may have picked up at home in Nigeria but the company still managed to increase its sales volumes of cement by 8% to 9.7Mt. Volumes and revenue jumped up elsewhere but earnings were flat. The company also noted that exports of cement from Nigeria rose by 62% to 1.1Mt. It will be interesting to see whether this once more becomes an issue for Dangote Cement should the price of cement in Nigeria be deemed too high again in the court of public opinion.

That’s it for this selective view on the first half of 2026. We will follow this up in the coming weeks with a review of the situation in China.


Armenia: The government has appointed David Gevorgyan as the manager of Ararat Cement. Economy Minister Gevorg Papoyan made the announcement, according to the ARKA News Agency.

Gevorgyan was appointed Deputy Minister of Territorial Administration and Development in 2018. He later worked as Governor of Aragatsotn Province from 2018 to 2021. In 2022 he was appointed an assistant to the prime minister. Before working for the government he ran a printing business. Gevorgyan holds an undergraduate degree in marketing from the Armenian State Economics University.

Ararat Cement was placed under the control of the Ministry of Economy in mid-July 2026 following an investigation into the former owner Gagik Tsarukyan under charges of misappropriating assets. Tsarukyan, a businessman and former world arm wrestling champion, ran against the current prime minister’s political party in elections in June 2026.


Czech Republic: IKN Czech has appointed Karel Vičar as its managing director. He succeeds Tomas Plch in the role, who managed the company since its spin-off from PSP Engineering in 2012. Vičar previously worked for IKN Czech as Sales & Kiln Service lead since 2020. Before this he worked in kiln service and kiln design.

Germany-based IKN acquired PSP Engineering in 2002. IKN Czech specialises in process calculations, rotary kiln engineering and technical services, primarily serving the cement and incineration industries.


Japan: Mitsubishi UBE Cement is reportedly planning to list on the Tokyo Stock Exchange as soon as December 2026, according to Bloomberg. The Tokyo-based company is working with joint global coordinators Citigroup, Morgan Stanley and others on its initial public offering (IPO). The company applied to list on the Tokyo Stock Exchange in July 2026, but there were no details regarding the timing or size of the offering. It said that through the listing of its shares, it aims to strengthen its fundraising capabilities and enhance its governance structure. Details may still change.


Morocco: The cement market experienced a slight decline in the first seven months of 2026. Deliveries reached 8.22Mt at the end of July 2026, compared to 8.28Mt for the same period in 2025, representing a decrease of 0.75% year-on-year, according to data from the Moroccan Cement Industry Association (APC). In July 2026, cement deliveries reached 1.42Mt, compared to 1.4Mt in July 2025, an increase of 2%.


Austria/India: RHI Magnesita has announced the completion of its joint venture with India-based Khemka Refractories. The new company will operate under the brand MINPRO, and will be a dedicated refractory recycling business focused on advancing circular solutions in India. MINPRO will be established as a refractory recycling platform in Odisha to recover, process and reuse spent refractory materials. RHI said that MINPRO will increase the availability of high-value circular minerals or refractory production and other applications.


Thailand/Canada: The Thai Cement Manufacturers Association (TCMA) has advanced its collaboration with Canada by piloting carbon capture technology. The project is called ‘Decarbonisation of the Cement and Concrete Sectors in Thailand’ and involves the deployment of a mobile carbon capture unit (MCCU). The MCCU will be rotated across cement plants operated by TCMA member companies in Saraburi province. The project is funded by the government of Canada through Environment and Climate Change Canada, with the United Nations Industrial Development Organisation (UNIDO) serving as the implementing agency.

The MCCU was developed by the Clean Energy Technologies Research Institute (CETRI) at the University of Regina, Canada. It will be tested in Thailand to evaluate its performance and applicability within the cement industry. The MCCU will be rotated across cement plants operated by TCMA member companies in Saraburi province.


Lebanon: ES Processing has launched its fully autonomous Kiln Process Optimiser (KPO) at Sibline Cement’s Kiln 2, a SECIL Group subsidiary. The equipment produced a 2% rise in kiln throughput, a 3% fall in specific electrical energy consumption, a 2.5% fall in thermal energy consumption and a 15% fall in essential climate variable-based variability.


Pakistan: Cement despatches increased by 6% year-on-year in July 2026 to 4.47Mt, compared to 4.22Mt in July 2025. Data released by the All Pakistan Cement Manufacturers Association (APCMA) shows that local cement despatches in July 2026 were 3.77Mt compared to 3.21Mt in July 2025, showing an increase of 17% year-on-year. Exports, on the other hand, declined by 30% as volumes dropped from 1Mt in July 2025 to 0.7Mt in July 2026.


Dominican Republic: Cementos Progreso has launched ‘Amigos Progreso,’ a guided tour programme that opens the doors to its cement plant in San Pedro de Macorís, one of the largest in Caribbean, and its concrete plant. The initiative aims to familiarise visitors with the cement and concrete manufacturing process, quality controls, sustainability practices and the role the sector plays in the country’s economy. The programme began with the participation of engineering students from the Technological Institute of Santo Domingo and professionals from the Diploma in Management and Sustainability from the Ibero-American University (Unibe), who visited the Los Pinos concrete plant to learn about quality control and sustainable construction.


Colombia: Officers of the Special Operations Group for Traffic and Transportation seized more than 1t of cocaine that was hidden among a shipment of cement on the Pan-American Highway. The truck was stopped for a routine inspection. Local press reports that the driver’s nervousness and the presence of several poorly sealed packages aroused officers’ suspicions, prompting them to conduct a more detailed search. Inside the vehicle, they found 34 black sacks containing 30 red packages with over 1t of cocaine hidden among cement bags. Authorities seized the 34t of cement the vehicle was carrying, as well as the truck itself and a mobile phone.

"With this result, we continue to significantly impact the finances of criminal organisations dedicated to drug trafficking. Our Traffic and Transportation police maintain permanent controls on the country's main road corridors, strengthening institutional capabilities to detect new concealment methods and prevent these illicit substances from reaching their destination," said Colonel Jair Alonso Parra Archila, Director of Traffic and Transportation for the national police.


Philippines: Holcim has agreed to sell its Philippine operations to China-based Huaxin Building Materials in a multi-stage transaction valuing the company at US$807m. Under the terms of the agreement, Holcim said that it will initially sell a 67.6% controlling stake to Huaxin for US$527m, with the remainder to be sold over the next three to five years for a minimum price of US$280m. Holcim said that the overall valuation could rise ‘based on incremental value creation during this period.’

The initial sale of the majority stake is expected to close in the first half of 2027, subject to customary closing conditions and regulatory approvals. The money raised from the sale of the Philippines business will be used to fund large acquisitions and further investment in Holcim's existing business.

Holcim owns a minority share in Huaxin Building Materials and describes it as a joint-venture. In its annual report for 2025, it stated that it had an effective participation of just under 42% in the company.


Nigeria: Dangote Industries has signed a memorandum of understanding (MoU) worth over US$800m with China-based Sinoma International Engineering to expand the production capacity of its Itori cement plant in Ogun State from 6Mt/yr to 12Mt/yr. The agreement was signed by the president of Dangote Group, Aliko Dangote, and the chair of Sinoma, Lin Zhong.

The expansion project is expected to raise Dangote Cement’s production capacity, enabling the company to meet rising domestic demand and expanding exports to African and other international markets. Dangote attributed the decision to expand the Itori facility to the government’s renewed emphasis on using concrete for road construction as well as growing opportunities to supply cement to African countries facing shortages.

“This US$800m investment represents another bold step in our commitment to strengthening Nigeria’s industrial base and reinforcing our leadership in Africa’s cement industry,” said Dangote. “The expansion of our Itori plant from 6Mt/yr to 12Mt/yr will not only enhance our ability to meet growing domestic demand, but also significantly increase our export capacity, thereby generating valuable foreign exchange for the country.”


UK: Heidelberg Materials UK has said that groundwork is progressing well at its Padeswood site in north Wales, where it is building the UK’s first carbon capture and storage (CCS) facility. More than 60,000t of aggregate has been used to establish the working areas and over 600 concrete piles have already been placed by two piling rigs, as part of the construction of a retaining wall. All of the concrete being used to construct the facility incorporates evoZero carbon captured ‘near-zero’ cement.

“We are delighted with the pace of construction of our Padeswood CCS project and it is great to watch as our plans turn into reality,” said Simon Willis, Heidelberg Materials UK CEO.

“We are using evoZero cement wherever possible to lower the carbon impact of the project and there is a symmetry to using a product produced using CCS to help build the infrastructure for another.”

This phase of the groundwork is being carried out through Worley which, along with Mitsubishi Heavy Industries, was awarded the engineering, procurement and construction management contract to build the Padeswood facility. The completed groundwork on site includes installation of newt and security fencing, diversion of overhead powerlines and cables, and removal of 25,000t of topsoil, which has been stockpiled for re-use in reinstatement works on site. Currently, around 80 construction workers are on site each day, which is expected to double by the end of 2026.

The Padeswood facility is designed to capture around 95% of the CO₂ emissions from the existing cement works - around 800,000t/yr once running at full capacity.


DRC: The Democratic Republic of Congo (DRC) has renewed temporary restrictions on imports of cement, clinker and lime in parts of the country as the government steps up efforts to strengthen domestic manufacturing and reduce reliance on imported construction materials, according to Business Insider Africa. The policy allows exemptions where local production cannot meet demand, helping to prevent supply shortages. Its success will depend on whether local producers can supply enough materials at competitive prices to reduce the need for imports.

The renewed measures, signed by Foreign Trade Minister Julien Paluku Kahongya, continue restrictions on grey cement and clinker imports into the country’s western and southeastern regions, while lime imports remain restricted in the southeast. The policy allows companies to apply for exemptions when locally produced materials cannot adequately meet industrial or consumer demand. Importers seeking waivers must provide documentation validated by SEGUCE-RDC, the country’s foreign trade platform. The decision extends a trade policy first introduced in July 2024, when Kinshasa imposed temporary safeguards to protect domestic cement and lime producers from cheaper imported products while encouraging investment in local production.


India: Tiruchi Corporation has intensified efforts to dispose of non-recyclable plastic waste, aiming to reduce the burden on the city's landfills, according to The Hindu newspaper. Tiruchirappalli generates about 450 - 470t/day of waste, of which nearly 70% is segregated at the source. Waste collected from households and businesses is segregated into different categories, and non-recyclable single-use plastics are sent to Dalmia Cement for use as refuse-derived fuel (RDF) in its cement kilns.

Around 4000t of plastics have been diverted to cement plants for use as fuel since July 2024. 8 - 10t of plastic waste are transported by truck from resource recovery centres in all five zones of the city. So far, about 454 trips have been completed.


Switzerland: Holcim recorded net sales of €8.5bn, up by 5% year-on-year, in the first half of 2026. Operating profit was €1.37bn. In the second quarter of 2026, net sales reached €4.7bn. for Its Building Materials product line, which includes cement, it recorded sales of €3.42bn It said that net sales of its sustainable ECOPlanet product amounted to 40% of total cement sales. It upgraded its guidance for the 2026 financial year to ~5% organic net sales growth from 3-5% previously.

CEO Miljan Gutovic said “In the first half of 2026, we achieved strong profitable growth while completing two value-accretive, strategic acquisitions: Xella across 22 European markets and a majority stake in Cementos Pacasmayo in Peru. Holcim delivered strong organic growth in net sales in the first half, driven by its leading positions in highly attractive markets. Building on our strong results and our resilient and proven business model across all economic cycles and market conditions, we upgrade our full-year 2026 guidance.”


Ireland/US: CRH recorded revenues of US$10.8bn in the second quarter of 2026, up by 6% year-on-year, driven by demand and contributions from acquisitions. It recorded a net income of US$1.5bn, 13% higher than the same period of 2025, and an earnings before interest, tax, depreciation and amortisation (EBITDA) of US$2.6bn. It said that cement volumes declined by 2%, impacted by adverse weather in certain markets and subdued residential demand. Its division Americas Materials Solutions, which includes cement, recorded total revenues of US$4.96bn, up by 10% from the second quarter of 2025. Its division International Solutions recorded revenues of US$3.7bn, up by 5% year-on-year. Cement volumes were up by 6% compared to the previous corresponding period.

Jim Mintern, CEO, said “We delivered a strong second-quarter performance driven by good commercial execution, favourable underlying demand and further contributions from acquisitions. We remain focused on active portfolio management, completing three non-core divestitures, while reallocating capital into higher-growth, connected businesses. Notwithstanding current geopolitical and macroeconomic uncertainties, we remain encouraged by the underlying demand across our key markets and are pleased to reaffirm our guidance for 2026 net income and adjusted EBITDA, leaving us well positioned to deliver another year of growth and value creation.”


Greece: Titan recorded sales of €1.42bn in the first half of 2026, representing an increase of 7% year-on-year, which is attributed to higher sales in all regions supported by overall increased volumes in its core products. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 9% to €312m. Cement sales volumes reached 9.5Mt, up by 7% year-on-year.

For the second quarter of 2026, it reported sales of €784m, up by 14% year-on-year, and earnings before interest, taxation, depreciation and amortisation (EBITDA) of €174m, up by 4% year-on-year. It said that this was supported by a strong performance in June 2026 and balanced growth contributions.

In the US, performance remained strong despite mixed local market conditions, as softer demand in Florida was offset by robust activity in the Mid-Atlantic. In Greece, growth continued, driven by increased demand across all product categories. In Western Europe, the group faced a ‘challenging’ construction market across most countries. Southeastern Europe saw strong performance and so did the Eastern Mediterranean region, including Egypt and Türkiye.

John Ioannou, Group CFO, said “The group delivered a very strong financial performance in the first half of 2026, driven by disciplined execution, the earlier than expected financial contribution from the acquisitions and a continuous focus on profitability and cash generation. Performance was further supported by the successful launch of PRIME, the group’s cost optimisation and self-help initiative, which has helped offset inflationary and geopolitical cost pressures, while reinforcing operational efficiency. We maintain a strong financial position, supported by the successful bond issuance, which enhanced our acquisition capacity while preserving a solid balance sheet and comfortable leverage levels. Our strong first-half performance positions us well in delivering another year of strong profitability growth.”


Thailand/Germany: The Thai Cement Manufacturers Association (TCMA) has expanded on its partnership with Germany’s development agency, the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), to accelerate the adoption of low-carbon technologies in Thailand’s cement industry. The collaboration aims to transfer proven technologies and expertise from developed economies to support Thailand’s transition toward net zero emissions by 2050. Members of TCMA will advance towards net zero emissions through expansion of low-carbon cement, improved energy efficiency, increased use of alternative fuels and raw materials and greater reliance on renewable energy.  The cooperation covers technology transfer, capacity building, access to ‘green’ finance and support for industry readiness.

Nopadol Ramyarupa, vice chair of TCMA, said "TCMA now has tangible progress and clear direction. The challenge is scaling up while maintaining competitiveness." 


Germany: Heidelberg Materials recorded a rise in 6% year-on-year to €6bn, with a result from current operations of €1bn, an increase of 4% year-on-year. It said that the share of revenue from sustainable products grew to 38% in the first half of 2026, while specific net emissions were 510kg of CO₂/t of cementitious material, in line with the previous year. It commissioned a new 1.25Mt/yr kiln line at its Airvault cement plant and the construction of the carbon capture facility in Padeswood, UK.

In the first half of 2026, volumes were impacted by ongoing political and economic uncertainties, ad­verse weather conditions in certain regions – particu­larly in Europe and northeastern US – and the escalation of the conflict in the Middle East, although the situation stabilised in the second quarter. Overall, this led to a slight increase in volumes compared to 2025. The group’s cement and clinker deliveries were slight­ly above the 2025 levels. While volumes de­clined slightly in the Africa-Mediterranean-Western Asia and Europe areas, North America and Asia-Pacific recorded noticeable increases in vol­umes.

Heidelberg Materials said that it expects demand in the construction sector to further stabilise, with a focus on price adjustments and cost management. Result from current operations is expected to be between €3.4bn and €3.65bn.

“In an environment that remains geopolitically and economically very challenging, we generated strong momentum in the second quarter of 2026. A first noticeable recovery in demand in our core markets contributed to the good business performance,” said Dominik von Achten, chair of the managing board of Heidelberg Materials. 

“In addition, we further accelerated our growth through strategic transactions. With acquisitions in North America and Türkiye, we have continued to expand our presence in attractive markets. We expect a good second half of the year and are confident that we will achieve our specified outlook for the financial year 2026.” 


Spain: In the first half of 2026, Molins recorded sales of €751m, up by 50% year-on-year. It said that performance was driven by the consolidation of Secil, price discipline and other acquisitions. There was an adverse impact from foreign exchange fluctuations, particularly in Argentina. Earnings before interest, taxation, depreciation and amortisation (EBITDA) amounted to €164m, up by 66% year-on-year. Molins said that Europe maintained a positive performance and that South America delivered solid results. Africa also recorded a stable performance within a demanding competitive environment.

“This first half of the year represents a strategic milestone for Molins. We delivered solid results, improving margins in a demanding environment, while incorporating, for the first time, the contribution from Secil’s operations, an acquisition that strengthens our profile as a more diversified and balanced company. Integration is progressing as planned thanks to the commitment of our teams. In addition, the start of trading on the Spanish Continuous Market marks another important step in our journey as a listed company and contributes to increasing our visibility in capital markets”, said Marcos Cela, CEO.


Afghanistan: Nabiullah Arghandiwal, spokesperson for the National Development Corporation, said that the plant's cement output has increased to 700t/day, from just 150t/day in 2025, according to Bakhtar News Agency. Arghandiwal said that the cement produced is being used in several infrastructure projects across the country. He said that Units 1 and 2 are currently operational, while construction of Unit 3 is progressing on schedule. Once completed, the plant's total production capacity is set to reach 5000t/day.


Norway: The Northern Lights carbon capture and storage project has received a fourth CO2 tanker, completing the fleet required for the first phase of its CO2 transport and storage operations in Norway, the company said in a statement on 29 July 2026. The tanker Northern Purpose has arrived in Norway, adding to three other CO2 tankers that Northern Lights has for the 1.5Mt/yr storage facility in the Norwegian North Sea.

"The vessel secures Northern Lights' transport capacity and supports growing demand for CO2 transport and storage services across Europe," it said, noting that the tanker would ‘support upcoming customer operations.’

Northern Lights started the first liquid CO2 injections in August 2025, with Heidelberg Materials supplying CO2 from its Brevik cement plant from June 2025. CO2 is transported via a 100km pipeline from the receiving terminal and injected into the Aurora reservoir, located 2600m below the seabed in the North Sea. Heidelberg Materials plans to capture and store 0.4Mt/yr at full capacity. The first phase of Northern Lights is fully subscribed. Northern Lights is a joint venture between Equinor, TotalEnergies and Shell.


Puerto Rico: Cement production and sales are on the rise in Puerto Rico, due to public investment with federal reconstruction funds from the Federal Emergency Management Agency (FEMA). Data from the Puerto Rico Planning Board’s economic summary reveals that cement production increased by 2% in June 2026, totalling 739,000 bags of cement, and sales increased by 1%, reaching 1.3 million bags sold. FEMA approved more than US$35m in post-disaster funding in July 2026. Nearly US$9.8m will be sent to the Puerto Rico Port Authority to restore Rafael Hernandez International Airport in Aguadilla following damage from Hurricane Maria in 2017.

President of the Puerto Rican chapter of the General Contractors Association of America Ismael González said that unemployment would decrease due to more construction jobs available.