Global Cement News

Nigeria: BUA Cement has appointed Chikezie Ajaero as its Acting Chief Financial Director (CFO). He succeeds Jacques Piekarski in the full post of CFO.

Ajaero has worked as the Finance Director of BUA Cement’s Obu plant since 2020. He is an accountant with a master’s of business administration from the University of Lagos. He is a fellow of the Institute of Chartered Accountants of Nigeria and holds over 25 years of experience in financial reporting and control.

Ireland: Ecocem has appointed Sally Anne Sherry as the Managing Director for its UK and Ireland business operations. She succeeds Susan McGarry in the post, who has become the group’s Director of Public Affairs and Sustainability.

Sherry holds around two decades of experience in the property sector and has worked as a non-executive director for several companies. Notably she worked as a Director and General Counsel for property development and investment company Bartra from 2015 to 2023. She holds legal qualifications from the University of Galway.

Germany: Buzzi subsidiary Deuna Zement plans to invest €350m to install a carbon capture system at its cement plant in Deuna, having completed two feasibility studies. The Thüringer Allgemeine newspaper has reported that, when operational in 2029, the system will capture 620,000t/yr of CO₂. This will make the Deuna cement plant carbon neutral. The company has applied for government funding for the project.

Buzzi Unicem said that its subsidiary is ‘Doing pioneering work on the path to decarbonising the cement industry.’ It added “The system will be efficient and take all relevant environmental considerations into account.”

India: Jaiprakash Associates has defaulted on loans worth US$553m, including principal of US$210m and interest payments of US$343m. The Deccan Chronicle newspaper has reported that the producer has total borrowings of US$3.57bn, repayable by 2037. The borrowings are comprised of fund-based working capital, non-fund-based working capital, term loans and foreign currency convertible bonds.

Jaiprakash Associates will now transfer US$2.27bn to a special purpose vehicle as part of a scheme of arrangement, subject to the approval of the National Company Law Tribunal.

Ukraine: CRH has invested €465m in Ukraine since entering the country in 1999, €74.5m of it since the start of Russia’s invasion in February 2022. CRH Central and Eastern Europe president Guillaume Cavalier noted the double role of locally-produced cement in generating employment and state revenues.

Cavalier said "Investing in the expansion of production now is crucial to ensure the potential growth of the Ukrainian cement market following its integration into the EU."