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Volyn Cement removes two supervisory board members
Written by Global Cement staff
08 January 2014
Ukraine: On 1 January 2014 Volyn Cement (part of Dyckerhoff Ukraine) relieved two members of the supervisory board, chairman of the supervisory board Otto Lose and supervisory board member Volker Sonnabend. The posts remain vacant.
Volyn Cement suffered a loss of Euro2.69m in 2012 according to the International Financial Reporting Standards. Its net revenues increased by 1.85% year-on-year to Euro59.2m in 2011.
US: Cemtrex has announced that it is experiencing an increased level of inquiries relating to its emission monitors from cement companies. Although the technology company has not reported how much its enquiries have risen by, it stands to benefit from the US Environmental Protection Agency's (EPA) amendments to the National Emission Standards for Hazardous Air Pollutants for the Cement Manufacturing Industry that have a compliance deadline date of 9 September 2015.
In a press release Cemtrex detailed monitoring instruments that it sells to measure mercury, hydrogen chloride, particulate matter and total hydrocarbons (THC) that are discharged from cement kiln stacks. Cemtrex estimates that each system will cost approximately US$0.50m and there are about 156 kilns that will be affected by this EPA MACT Rule in the US.
Semen Baturaja to build new cement plant 08 January 2014
Indonesia: PT Semen Baturaja plans to build a new 2Mt/yr cement plant. CEO Pamudji Rahardjo announced the project while detailing a 40% increase in the Indonesian cement producers' plant investment fund to US$240m from US$205m, according to Investor Daily.
Zuari Cement to build 3Mt/yr plant at Gulberga 08 January 2014
India: Zuari Cement plans to expand its cement production capacity with a 3Mt/yr cement in Gulberga. The Italcementi subsidiary has invested US$400m towards capacity development in spite of what it called 'tough' market conditions. Other projects include setting up a grinding plant in Solapur and a terminal at Kochi.
EAPCC adjusts financial reports following US$2m cement theft 08 January 2014
Kenya: The East African Portland Cement Company (EAPCC) has adjusted its previous financial reports following the discovery of a theft of cement worth US$2m. The fraud led to the under-declaration of its overdraft by US$1.4m for cement lost in 2012, with the firm also overstating its sales and VAT payments by the same amount.
"The company lost cement worth US$1.4m and US$0.66m during the years ending 30 June 2012 and 30 June 2013 respectively through fraud, which was discovered in 2013," the EAPCC said in its latest annual report.
"The financial statements have been restated to correct these misstatements."
The Treasury and the National Social Security Fund (NSSF), which have a combined stake of 52% in the EAPCC, have questioned the accuracy of the EAPCC's accounts, which are examined by the National Audit Office and its agent Ernst & Young. The EAPCC management has disputed this claim.
In 2013, EAPCC suspended seven of its employees who were charged with allegedly stealing cement worth US$2m.