US: Titan Cement subsidiary Titan America has closed its initial public offering (IPO) of 24 million common shares at US$16 per share. The producer sold 9 million new shares, while Titan Cement sold 15 million existing shares.
Titan America received US$137m in net proceeds, to be used for capital expenditure and investments in technology as well as pursuing acquisitions. Titan Cement received US$228m. Titan Cement retains an 87% stake in Titan America with 160 million shares.
Myanmar: The government will allow coal imports for cement plants from February 2025 in order to increase production, according to local news reports. Cement plants which need coal can apply for an import licence. The country's 16 private and three state-run cement plants produce less than 8Mt/yr, while national consumption exceeds 10Mt/yr, requiring cement plants to operate at full capacity.
Argentina: Cement despatches rose by 9% year-on-year to 0.84Mt in January 2025, the Association of Portland Cement Manufacturers (AFCP) has reported. This marks the first increase following 21 consecutive months of decline. The country recorded its lowest volume of cement despatches in 15 years in 2024 due to government capital expenditure cuts. In December 2024, despatches fell by 5% year-on-year, following 12 months of declines exceeding 40%.
Italy: Buzzi has released its preliminary financial results for the 2024 financial year. It recorded cement sales of 26.3Mt in 2024, in line with 2023’s figures. Consolidated net sales also remained stable at €4.31bn. Recurring earnings by interest, taxation, depreciation and amortisation (EBITDA) is expected to rise to €1.27bn.
The company reports that growth remained steady in the US and China, while in Europe, the economy continued to weaken, hampered by ‘sluggish’ domestic consumption and demand. It stated that it remains ‘highly exposed’ to risks associated with escalating geopolitical tensions and potential tightening of US trade policies.
In its home country of Italy, economic activity was reported to have remained weak in the fourth quarter of 2024 after stagnating during the summer months, due to the subdued performance of the manufacturing sector and a slowdown in services.
As for the company’s outlook, it stated ‘Despite an improving trend in the latter part of the year, 2024 showed some weakness in demand across most of the countries where we operate, except for Poland and the Czech Republic, although offset by a favourable development of selling prices. The low production levels negatively impacted operating leverage in Central Europe. The exit from Ukraine and the consolidation of Brazil led to a net positive impact on consolidated results. Therefore, based on preliminary available data, we anticipate that operating results will remain broadly in line with the previous year.”
