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Dalmia Bharat and OCL India Plan to merge 07 November 2016
India: Dalmia Bharat and OCL India have agreed to merge creating the fourth largest cement producer in the country with a production capacity of 25Mt/yr. Dalmia Bharat already owns a 75% share in OCL and the merger has been described as a move to ‘simplify the ownership’, according to Puneet Dalmia, managing director of Dalmia Bharat Group, in comments to the Economic Times.
“The merger will simplify the holding structure and create further consolidation in the cement sector,” said Dalmia. “This action further strengthens our position as one of the leading cement players in India, uniquely placed to support India’s economic growth, and demonstrates our commitment towards achieving simplification and consolidation.”
North Korea: Traders are importing more cement from China to meet demand for rebuilding following floods in North Hamgyong. The government has warned traders that future tenders will rely on how much cement they are currently providing for reconstruction work, according to DailyNK. A source quoted by the media source said that imports are favoured over local cement due to quality differences. The trading companies reportedly buy the cement in China and then donate it for free towards the restoration drive.
FLSmidth signs US$200m cement contract in Iraq 04 November 2016
Iraq: FLSmidth has signed a contract worth more than US$200m with Iraq Cement Co. to build a 6000t/day production line in the Al Muthana region. The contract is a full engineering, procurement and construction order, comprising engineering, all FLSmidth equipment supplies, erection and construction, as well as commissioning and training once completed.
"By signing the contract, Iraq Cement Co. is making the first step in raising financing for the project, which is an important milestone in its pursuit to realise the project. We are pleased to have been selected to support it on that journey. FLSmidth has a long history in Iraq and the Middle East and is maintaining its leading role in serving the rapidly-expanding cement market. The growing economy and increasing infrastructure investments in the region continue to offer business opportunities," said Group Executive Vice President of the Cement Division, Per Mejnert Kristensen.
Ambuja Cement presents mixed results so far in 2016 04 November 2016
India: Ambuja Cement’s sales volumes have risen slightly to 16.1Mt in the first nine months of 2016. Its net sales fell slightly to US$1.04bn and its net profit after tax rose by 41% year-on-year to US$147m. The cement producer said that sales volumes fell due to poor demand but profits have risen due to increased prices.
Titan results gather momentum in first three quarters of 2016 04 November 2016
Greece: Titan’s turnover has risen by 9.2% year-on-year to Euro1.12bn for the first nine months of 2016 from Euro1.03bn in the same period of 2015. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 24.2% to Euro205m from Euro165m. It attributed the result to growth in the US market and improvements in Egypt.
In the US the cement producer’s turnover rose by 17.7% to Euro584m and in Greece it grew by 4.9% to Euro188m despite negative currency effects. This was due partly to increased production and sales volumes and partly to the decline in production costs following the gradual conversion of its plants to solid fuels.
In addition, the group concluded its deal to buy a 50% stake in Cimento Apodi in Brazil in September 2016. Cimento Apodi owns a cement plant in Quixeré that has operated since 2015 and a grinding cement plant in Pecém near Fortaleza, that has been in operation since 2011. It has a production capacity of over 2Mt/yr.