Friday, April 8, 2011

EUROPA: Lafarge unit attracts PE bid interest



The funds are not, however, interested in making an offer for the whole plaster division, the sources said. "It's Europe that interests them," one of the sources told Reuters.

BNP Paribas and Citi have been mandated to study a sale of the whole plaster division but have not launched a formal auction process, the sources added.

Lafarge, the world's biggest cement maker, is targeting 750 million euros ($1.07 billion) of disposals this year in order to reduce its debt.

The company could sell the plaster unit in separate geographic blocks, although Lafarge has not taken a definitive decision to sell, the sources said.

The plaster division, the smallest at the company, generated about 9 percent of the group's sales last year, with revenue of 1.4 billion euros and current operating profit of 58 million. It is estimated to be worth between 1 and 2 billion euros.

Lafarge has a market value of around 13 billion euros.

Lafarge and the banks declined to comment.

TURKEY: Cement sales expected to hit nine-month peak

The first month of spring has brought good news for cement producers as sales for March are expected to reach a nine-month high, while prices have increased by four to six per cent.

Sales are expected to surge by 23 per cent to 3 million tons on a monthly basis, the highest in the last nine months, according to Topline Securities.

Cement sector stocks have rallied seven per cent in last 10 days, reflecting positive investor interest due to the rise and expected sales, said Topline Securities analyst Furqan Punjani in a research note.

Sales to cross 3m mark

Cement sales are expected to cross the three million mark in March 2011, up 23 per cent from February, with commendable improvement from the local side. From these, local sales are expected to increase by 25 per cent to 2.2 million tons while exports are expected to depict a growth of 23 per cent to 0.85 million tons.

Higher margin in local sales

Strong price discipline adopted by cement producers has increased prices by up to six per cent, to Rs375 per bag in a few days.

The new price hike comes on the back of an additional 1.5 per cent special excise duty on cement price imposed recently.

However, the impact of special excise duty was only Rs5-6 per bag, while prices have surged by Rs15-20 per bag, adds the research note.

The gap between local and export selling prices have further widened with this increase.

Local selling prices stand 36 per cent higher at Rs245 per bag, compared with export price of around Rs180 per bag ($42 per ton).

The price differential bodes well for producers having higher share of local dispatch is their sales mix, added Punjani. With domestic dispatches picking up, cement producers will continue to pass on cost pressures on to the final consumer; thus protecting their margins.

CHINA: Win-win Cooperation for a Bright Future:the Development of HeidelbergCement in China

eidelbergCement which has it's headquarters in Germany, is a very large cement and building materials producer with a history of 140 years. HeidelbergCement is the global market leader in aggregates and a prominent player in the fields of cement, concrete and other downstream activities, making it one of the world's largest manufacturers of building materials. Since the 1990s, a series of investments and acquisitions have accelerated its internationalization. It's acquisition of Hanson plc in August 2007 (a very significant acquisition in that industry) had further strengthened its market position and has allowed HeidelbergCement to become a leading producer of aggregates. Currently, HeidelbergCement's branches are established in more than 50 countries and regions, mostly in emerging markets with large potential growth. It is also important to note that the Chinese market is a crucial market for its internationalization progress.


Line-distribution in China: The Newcomer
Since the establishment of the "opening up and reform policy" China has made impressive economic and social strides. It is apparent that China has comprehensively integrated into the world economy and has growing international status. With it's dramatic economic development, Chinese government has been vigorously develop its infrastructure construction such as roads, airports, ports, bridges, water conservancy projects and communications, which created a substantial potential market for any international cement company. As one of the top five cement producers in the world, HeidelbergCement did not want to miss that opportunity.

In 1995, HeidelbergCement entered the China market by entering into an agreement with Guangdong Yuexiu Cement on cement and ready-mixed concrete, which is its first investment project in China. However, since the 1980s, many foreign companies have profited from the China market, such as Dalian Onoda Cement, Yadong Cement, Shandong Daewoo Cement, Yantai Mitsubishi and etc. Compared to those foreign-funded enterprises, HeidelbergCement is a newcomer without a preemptive advantage; on the other hand, HeidelbergCement is far behind the largest cement producer Lafarge in terms of expansion in China. Facing fierce competition, rapid expansion is necessary to acquire a larger market share and thus further development. However, in ensuing ten years since the cooperation, HeidelbergCement has kept its plans on the backburner and has been waiting for the appropriate time since a building and construction boom has long been expected.

In Chinese cement industry, it is clear that the market in the east and south (being developed regions) is saturated, and in the western provinces there are still untapped market opportunities. Few domestic and foreign groups have established production lines in the western areas except for Jidong Cement. It can therefore be concluded from the current situation of Chinese cement industry, that the west China market is a place of strategic importance for the whole cement industry, and that area is also the focus for HeidelbergCement's expansion within China. In 2005, HeidelbergCement announced equal-equity cooperation with Jidong Cement, and two cement companies were founded in Shaanxi province: Jidong Heidelberg (Fufeng) Cement Co. Ltd. (10000 t/d) and Jidong Heidelberg (Jingyang) Cement Co. Ltd. (10000 t/d) with an annual production capacity of nine million tons. Thus HeidelbergCement has gained a valuable position in western China by its strategic cooperation.

A corporation culture "Trust and Fairness"
As a foreign company, HeidelbergCement has faced many cultural issues, and "Trust and Fairness" is the basis of its strategy and culture. Its cooperation with Jidong Cement is actually more than a strategic plan, efforts and plans are made for smooth cooperation and integration since HeidelbergCement and Jidong have similar corporate cultures and backgrounds. For those reasons, a trusting relationship has been established between the two enterprises.

HeidelbergCement insists on a localized management strategy by hiring native talents. All new employees are required to take training programs to ensure a comprehensive understanding of rules, cultures and duties. The COO (Chief Operating Officer) of HeidelbergCement China, Mr. Ludek Bogdan, was recently interviewed by a journalist from "China Cement Net", where he said that "it surprises me that Chinese staff were ready for changes when business commenced The employees are not against foreign cultures; in addition, they are willing to learn different things, and it's wonderful. The situation is unavailable in Europe." Once the employees intend to change a position or study abroad after entry, they can make an application then the information would be recorded into the "talent pool". Based on fair competition, the company would satisfy the candidates as far as possible once there is an opportunity.

Certainly, inherent contradiction is inevitable, but the point is: how to solve such problems. In practice the managers of HeidelbergCement searches for the best solutions by open and inclusive communication and balancing the interests of various parties. Mr. Bogdan said that the door of his office is always open to his staff and that anyone can come to him immediately when there are problems, and that he would make every effort to help them. It is that cultural atmosphere based upon "Trust and Fairness" that has helped HeidelbergCement to gain trust from partners, staff and customers.

Energy conservation and environmental protection for a bright future
HeidelbergCement as a company is committed to sustainable development and in China the company adheres to its social responsibilities regarding energy conservation and the protection of the environment.

In energy conservation, Jidong Heidelberg (Fufeng) Cement Co. Ltd. has adopted low-temperature waste heat power generation technology as well as other new environmental-protection and energy-saving equipments and technologies. It is necessary to note that coal consumption has become equal to the international advanced level per ton of clinker. Moreover, WHPG technology reform has led to an increase in electricity-generating ratio by as much as 20 percent. Electricity output has surpassed the theoretical maximum value, and has reached 43KW•h. The electricity generated by each ton of clinker is kept steady at more than 40KW•h for maximum energy conservation. Another company: Jidong Heidelberg (Jingyang) Cement also places emphasis on environmental protection through the whole production process. Tens of millions of Yuan investment have been funneled into an almost 10-thousand-square-meter virescence area, and employees are responsible for planting trees and maintaining a sanitary environment; in addition, the results of performance are evaluated. Moreover, the company also focuses on dust collecting technology and equipment as well as noise control.

For ecological protection and circular economy, the project investment by Guangzhou Cement Plant New (HeidelbergCement Shares) is some 70 million yuan for sludge treatment which was started in 9 March, 2010. That program was designed by the Tianjin Cement Industry Design & Research Institute (TCDRI) Co. Ltd., using the residual heat from the kiln for sludge drying; the dried sludge is then burned in the kiln. From that process, 600 tons of sludge with water content of 80% and 60 percent of sludge (in Guangzhou) can be disposed of per day, and it is also currently the largest sludge disposal project in China and the world. Mr. Bogdan claims that co-processing sludge with cement kiln is the least invasive and the most environmental-friendly solution, since resources utilized and an economically optimal method for solid waste disposal are used. Using this process municipal waste such as used tires as fuel for cement production can solve problems of waste disposal as well as saving coal. Moreover, Silica and other minerals contained in the sludge can also be utilized as part of the cement clinker. In all, using sludge as both a resource and a fuel leads to utilization and re-use of waste, and offers environmental protection, and it also advances the development of circular economy and creates a balance between corporation benefit and social interests.

"For better building" is the desire and unremitting pursuit of HeidelbergCement. As a developing market China has always been of great importance to HeidelbergCement. HeidelbergCement will further strengthen the bilateral cooperation in achieving the goals of being complementary advanced and innovation. Foreign advanced management methods and the latest technologies are utilized for green and environmentally-protecting enterprises, and for cooperative development between the enterprise and an energy-saving and environment-friendly society. Moreover, HeidelbergCement also is committed to a win-win-win situation in terms of economy, society and environment which of course will make great contributions to the development of the China cement industry. 

REPUBLICA DOMINICANA: Industria dominicana del cemento presenta informe anual 2010



El Consejo de directores de la Asociación Dominicana de Productores de Cemento Pórtland (ADOCEM) presentó su informe anual correspondiente al año 2010, el cual refleja el crecimiento alcanzado por la industria dominicana del cemento.

Este primer informe que entrega la asociación, la cual aglutina a las principales empresas cementeras del país, muestra los logros y objetivos de la industria, los avances en el comercio exterior, el desempeño ambiental y social, así como el impacto que este sector tiene sobre la economía en la República Dominicana.

“Este documento que hoy mostramos revela un sector productivo que trabaja con el compromiso de lograr un crecimiento continuo. Es por ello que en la actualidad, nuestro país cuenta con una industria cementera sólida, confiable, competitiva y comprometida, que nos permite ver con optimismo el futuro.” Expreso Julissa Báez, Directora Ejecutiva de ADOCEM 

Así mismo agregó, “Este primer Informe resume nuestra actividad y compromiso como industria y como Asociación sectorial, haciendo especial hincapié en el valor sostenible y el modo en que desde nuestra propia actividad estamos contribuyendo en el desempeño general de nuestra Nación”

Un aspecto importante a destacar, es el significativo aumento alcanzado en el volumen de producción de cemento para la comercialización exterior. La Industria Dominicana del Cemento exporta anualmente un aproximado del 25% de su producción, mayormente hacia países del área del Caribe.

En este encuentro almuerzo, en el cual se reunió a periodistas, líderes de opinión, amigos y relacionados, se hizo un reconocimiento póstumo a la memoria y los valiosos aportes a la industria del Presidente de ADOCEM, el Lic. Huáscar Martín Rodríguez, quien falleciera el pasado 2 de febrero.

PERU: No habrá alza de aranceles para cemento



El TC declaró infundada demanda de Cementos Lima contra el Ministerio de Economía por la reducción del arancel al cemento de 12% a 0%.



Finalmente, el Tribunal Constitucional (TC) declaró infundada la demanda que hiciera Cementos Lima contra el Ministerio de Economía y Finanzas. En su pedido, la empresa argumentaba que la reducción del arancel al cemento de 12% a 0% había sido abrupta y no gradual.

En su sentencia –emitida el 24 de marzo– el TC señala que la reducción de las tasas arancelarias favorece a los consumidores en términos de precio, oferta y calidad.

En enero del presente año, el Ejecutivo, mediante decreto supremo, dispuso fijar en 0% la tasa del derecho arancelario a la importación de cemento, dejando sin efecto una sentencia del TC emitida en marzo de 2010 y en la que se establecía que el arancel debía situarse en 12%

AFRICA: NIGERIA: Solving the Cement Price Hike



THE Federal Government on recently convened a 'Stakeholders' meeting in Abuja to address the soaring price of cement in the country.

In attendance was the Minister of State for Commerce and Industry, Chief Mrs. Josephine Tapgun and representatives of the Cement Manufacturers Association of Nigeria (CMAN). In this report, our correspondent, Obinna Nwachukwu analysis the situation on ground and offers solutions to the lingering problem


Apparently worried by the current price of cement which sells as high as N2400 per bag in some cities in Nigeria, the Minister at the meeting 'expressed surprise' over the continuous rise in the price of cement across the country, adding that the increase was having negative effect on the construction industry.

According to Mrs. Tapgun: "There has been public outcry regarding the recent increase in the price of cement, and as a Ministry, we also need to express our concerns. We had thought that things were going on fine in the cement industry, but we are alarmed that in the last three weeks, there have been continuous rise in the price and government feels it should not be so.

We are ready to partner local cement manufacturers to ensure that Nigeria achieves self-sufficiency in cement production". The Minister, therefore, called on cement stakeholders to come up with suggestions on how to immediately reduce the present price of cement. This clarion call informs the writing of this paper.

State of the cement industry

The concern of the Minister is indeed the concern of every body given the place cement occupies in the nation's construction industry. But the government seems to have forgotten quickly the genesis of the present crisis.


As a background information, the Federal Government in June 2001 directed cement producers to embark on what it called "backward integration programme", which meant investing in the local manufacturing of the essential product. Cement producers were given 18 months to complete the process after which government said it would ban cement importation.

The 18 months period was not only short but the programme itself was devoid of wide-spread consultation because government failed to carry along all stakeholders. Even the Inter-Ministerial Committee that was later set up to deliberate and advise the government on cement self-sufficiency was ineffective because of insincerity on the part of some of the members and the pursuance of parochial and self interest rather than national interest.

The result of this has been constant postponement of the deadline and this will continue until things are done aright. The mismanagement of transition period from importation to self-sufficiency is a major cause of the present problem. The second issue is the oligopolistic market structure that is stifling competition in the sector.


Based on revised government's projections, Nigeria is expected to achieve self-sufficiency in cement production and become an exporter of the commodity by 2013 when local production is expected to reach 22 million metric tones.

Last year's consumption figure was 18 million metric tones out of which supply from local manufacturers was about 10.5million MT representing 65 per cent of total cement supply that year.

I used the word 'revised' because the issue of meeting equilibrium point between demand and supply of cement in Nigeria has always been a mirage. On several occasions, government had come out with lofty ideas on how to make cement available and affordable. However there remains lack of proper planning, inadequate consultations, absence of quality and sincere input from key stakeholders and policy somersault.

Given the peculiar nature of Nigerian economy as a developing nation coupled with the ever fluctuating Gross Domestic Product (GDP) growth rate, it would take a long time before we strike a balance. The truth is that even the government cannot claim to have accurate statistics on annual rate of consumption of cement in Nigeria.


For instance, houses are regularly built; a poor man today may hit it big tomorrow and decide to build himself a mansion at home and in the city; a contractor may next month win housing or road construction contract; a new Governor or President may as his priority programme embark on mass housing scheme as against what his predecessor did.

There are many more instances. For example, the quantity of cement being used in the current massive construction and rehabilitation of roads in Abuja, Akwa Ibom, Rivers and Lagos States to mention but a few wouldn't have been captured by statisticians four years ago. As the economy improves, so do all sectors of the economy, the building/construction industry inclusive.

Right from 1957 when local production of cement commenced at the premier cement factory, Nigercem, Nkalagu, local production has never been able to meet demand even in the mid-80s when demand for cement was declining.

Local production remained at less than 50 per cent of total installed capacity, which was largely concentrated in just two plants. Of the annual demand estimated at 18-million tonnes, local production could only supply between 6 and 6.5 million tonnes of cement yearly.


However as of today, inspite of various good intentions of the Federal Government, the price of cement has continued to increase. There is no need saying the fact that the cement industry in many ways contribute to economic growth.This informed the Backward Integration Policy of Government in 2001 wherein importers were encouraged to open local plants aimed at bridging the deficit of 11.5 million tonnes in the supply of cement, and temporarily reduce price which was considered high at that time - N800 per bag.

As a major input provider, it provides linkages to other sectors of the economy, especially building and construction. These potentials are yet to be fully tapped. Official statistics shows that consumption of Cement in Nigeria is currently one of the lowest in the world.

It estimates consumption at around 91kg per capita, well below the global average of 450kg per capita and those of other African countries such as South Africa, Egypt, Ghana and Morocco.

PARAGUAY: Más de US$ 100 millones se invertirán en una nueva fábrica de cemento



Una nueva fábrica de cemento empezaría a operar desde el 2012 en Paraguay, mediante la inversión de la firma Yguazú Cementos, del grupo Camargo Correa. Los empresarios piden a cambio al Gobierno paraguayo un seguro de riesgo político.

“Estamos construyendo una fábrica con una inversión de 105 millones de dólares, es la mayor inversión privada hasta el momento. Vamos a seguir porque creemos en Paraguay. Es un país con grandes oportunidades”, dijo Cleber Ceroni, gerente general de la empresa, tras reunirse con el ministro de Hacienda, Dionisio Borda.

El empresario mencionó que debido a la excesiva demanda de cementos en la región, la firma está importando el producto de Europa, principalmente de Portugal para asegurar la provisión durante el 2011.

"Para potencializar nuestros negocios acá y potencializar el mercado paraguayo creemos también que permitiendo esta anuencia del Gobierno- al seguro de riesgo político- varios otros inversionistas van a estar seguramente buscando a Paraguay para invertir” dijo.
Ceroni.

Aseguró explicó que el seguro de riesgo político es un procedimiento normal en el Brasil, país de donde proceden los inversionistas, y no implicará ningún compromiso financiero para el gobierno paraguayo.

HONG KONG: Cement shutdown

Shui On Construction (0983) plans to phase out cement production, possibly by selling its stake in an under-performing China joint venture to partner and the world's largest cement maker Lafarge, as it shifts focus to real estate, its chief executive said.

Established in 2005, the joint venture, Lafarge Shui On Cement, posted an 80 percent drop in net profit for 2010 despite a strong rebound in China's cement sector that fuelled earnings for rivals.

"We are extremely disappointed by the performance of the joint venture," said Philip Wong, chief executive at Shui On Construction. "We will gradually phase out the cement business but its performance was bad and it can't be sold for a good price," he said. "Selling back to Lafarge is an option."

Lafarge Shui On is 45 percent held by Shui On, and 55 percent owned by Paris-based Lafarge

AFRICA: Africa Cement Manufacturing Capacity Reaches Beyond 200 Million Tons

The CW Group, based in the US with on-the ground research in several markets around the world, has announced its latest research report on cement, the Cement Facilities of Africa, which is the first comprehensive review of all types of cement plants on the African continent.

The analysis shows that the total cement capacity in Africa reached 207 million tons in 2010. Across the continent, there were over 190 functioning production units, about a quarter of which where integrated cement production units. The global cement majors, including Lafarge, Holcim, HeidelbergCement, and Italcementi controlled about 45 percent of the installed nameplate capacity.

North Africa remains dominant in terms of production capacity, representing 55 percent of the total cement output potential. However, several new additions have been seen in West Africa, which have raised its share to almost 20 percent. New additions and expansion in 2011 will further change the regional mix in the next few years.

As the age and nature of the plant infrastructure varies significantly across Africa’s sub-regions, the average theoretical output capacity per cement production line also varies notably, ranging from 0.36 million tons per year per production line in Middle Africa to 1.10 million tons in West Africa.

Lafarge has the largest number of operations in 14 countries, and every region of Africa. Sixty percent, or about 25 million tons, of the company’s African manufacturing capacity is located in Egypt, Algeria and Morocco. In contrast to Lafarge, Holcim and HeidelbergCement, Italcementi and recent regional major, Dangote maintain the majority of its operations in only one or two regions.

The report is a first in that for the first time a single source details all the integrated gray, integrated white, grinding stations and slag cement plants for all countries on the continent, providing details on principal cement type produced, plant capacity, number of production lines, ownership structure, and affiliation with global groups.

In conjunction with the release of the report, the CW Group also published a large-scale poster showing the location and nature of all cement units across Africa. This industry-first is a new way of visualizing the supply-side in Africa in a single, easy to understand format, and allows for a strategic understanding of the geographic profile of manufacturing units.

The report and poster are available directly from CW Group, by contacting them at sales@cwgrp.com or by visiting their website at www.cwgrp.com/research

Note to editors: The CW Group is recognized throughout the global cement industry for it’s industry-leading information services, including the leading global cement industry new and data services platform CemWeek.com, and comprehensive research and analysis services, as well as cement industry research reports. The CW Group and CemWeek are recognized as go-to resources for cement companies, investment analysis, asset managers, consultants, equipment vendors and manufacturers that need the broadest and deepest cement industry coverage and insights.

PARAGUAY: Importan 120.000 bolsas de cemento

Bulimpex SA importó 120.000 bolsas de cemento y en tres semanas estaría trayendo otras 120.000 bolsas más, con miras a paliar la escasez de cemento. 

El presidente y el director de la empresa, Velizar Filipov y Roberto Chamorro, informaron en conferencia de prensa sobre la compra del material de construcción, que se comercializarán en el mercado local bajo la marca “Comodoro”, en representación exclusiva de la Petroquímica Comodoro Rivadavia, de Argentina. 

Si bien hubo múltiples inconvenientes para realizar el emprendimiento, se logró finalmente introducir este cemento a nuestro país, “que posibilitará el cumplimiento de los planes de empresarios y constructores, dando fin a una etapa de enormes contratiempos, pérdidas materiales, financieras y empresariales”, indicó Chamorro.

Ingreso mensual

El director de la empresa informó además que la cantidad de cemento importado dependerá de las necesidades locales; no obstante, se prevé un ingreso mínimo de 200.000 bolsas por mes. 

Explicó que las dos primeras partidas de 120.000 bolsas ya se están comercializando desde el Puerto de Asunción, por la gran demanda, pero a partir de la tercera, se realizará la venta en el depósito de Bulimpex, en Bruno Guggiari c/ Fernando de la Mora. 

La idea es tener más adelante otro depósito más grande, en Capiatá, ya que la circulación de camiones de gran porte en Asunción podría crear dificultades. 

Precio y características 

El precio será un valor competitivo, acotó Chamorro, de 48.000 guaraníes por bolsa de cemento. En cuanto a las características del producto, mencionó que están establecidas en las normas IRA 50.000 y 50.001 y que el mismo es el resultado de la molienda de clínker altamente resistente a los sulfatos y pequeñas cantidades de yeso para regular su fraguado. 

Este material puede ser utilizado para varios tipos de obras, como las de albañilería y las civiles en general, para los pavimentos urbanos, carreteras, puentes, estabilización de suelos, hormigón compactado, estructuras y elementos pretensados y postesados de hormigón, entre otros.

BELGIUM: Does cap-and-trade work? Still a work in progress

In these days of concern over global warming, a cement factory in southern Belgium is abandoning coal and moving to more unorthodox fuels: old tires, plastics, sewage sludge, city garbage, ground cattle bones.

The result is less carbon dioxide wafting from the smokestack—and in Europe, less carbon is worth more cash under a much vaunted EU scheme that allows industries to swap CO2 pollution rights just like any commodity.

So, has cap-and-trade actually dented Europe's greenhouse gas emissions?

Views vary, but an evaluation today shows that the system has so far delivered more promise than results. But gradually, most analysts say, it is changing the way Europeans manufacture goods, produce energy and conduct business.

"It was not built to revolutionize our economy. It was meant to give impetus to long-term change," said Hans Bergman, a top official of the European Commission on Climate Action, the European Union's executive arm that drafts policy to fight climate change.

"It takes some time to create bigger things," Bergman told The Associated Press.

Europe has been attacking climate-changing pollution for 20 years, and boasts it has done more than any other economy to slash its greenhouse gases. By 2010 emissions were 17 percent less than the international benchmark year of 1990, and are easily on target to meet the EU commitment of a 20 percent reduction by 2020. If Europe boosts its energy efficiency, that decade-ending figure could even reach 25 percent.

Six years ago, stepping up the pressure on its heaviest polluters, the EU launched cap-and-trade, meant to compel power plants and heavy industries to reduce emissions—or make them pay. The European Trading Scheme, or ETS, covers about half of all emissions, with the rest coming from cars, houses, and the routines of daily life.

About 12,500 individual factories or power plants are given a set number of emission rights. They are supposed to receive fewer allocations than they need, driving them to invest in carbon-saving technology. Those that pollute more than allowed can buy credits from industries that emit less and have permits to spare.

Since then, carbon dioxide, an invisible, almost intangible waste product, has come to be traded like copper or corn futures. Last year more than $120 billion in pollution allowances changed hands through banks, traders and commodities exchanges. One credit, representing one ton of CO2, averaged about euro15 ($21) until Japan's nuclear disaster drove the price above euro17 ($24).

The result: Industries covered by the scheme are emitting 11 percent less carbon than in 2005, while production levels have climbed back to 98 percent of 2005 levels after a bruising two-year recession.

Point Carbon analyst Kjersti Ulset said that means pricing carbon is having a positive effect. "Emissions are increasing less than production ... and because of that we can see the ETS is working," she said by telephone from Oslo.

But critics say planning flaws, coupled with the 2008-2009 recession that slowed industry's pace, has stripped the system of much of the incentive to go green. The economic downturn, they say, is the real reason for the cleaner skies.

Oscar Reyes, of the Barcelona-based nonprofit group Carbon Trade Watch, said the system is merely directing funds to the wrong places. "It hasn't really reduced emissions," he said. "It has pushed money in the wrong direction and actually acted as a subsidy for the heaviest polluters."

Rather than feel a financial bite, some companies—including some of the worst polluters—are making windfall profits. Power companies were given free carbon permits, but they raised electricity fees anyway—as if they had paid the market price for their permits—and pocketed the markup. Many companies were allocated too many allowances, often the result of powerful industries lobbying the governments that give the permits.

"Overallocation, yes, that's a problem," said Bergman. "From the next phase the allocation will be more restrictive."

After 2013, free allocations will be sharply reduced, forcing companies to pay for their permits, and fewer will be distributed.

But companies can save against that day. They don't have to sell leftover allocations, but can "bank" them to use or sell in future years, allowing them to further delay carbon-reduction measures.

Many companies acknowledge that the downturn and fuel costs had more impact than energy innovation.

"In terms of being a driver for us to change our behavior, the answer is yes—but not as much as intended," says Ian Dobson, a carbon trader for Heidelberg Cement. "The bigger factor was the recession."

The factory in Lixhe, one of about 50 Heidelberg installations under the ETS, is an example of how the system works.

It began looking for cheaper fuel alternatives years ago, after the oil crisis of the 1970s, long before a price was put on carbon emissions.

Now, rather than pay for coal, Heidelberg gets paid for disposing of rubbish.

About 3,000 old tires are shoveled daily into the kiln of its factory in Lixhe. At another plant in Maastricht, 10 kilometers (6 miles) across the Dutch border, a crane grabs a claw-full of stuffing—a mixture of paper, shredded plastic, carpet threads and other textiles, for its oven. Nearby, a grinder prepares animal and bone meal to feed into the kiln, along with sewage sludge trucked from cities all over the southern Netherlands.

"CO2 is having quite an influence on our strategy to deal with alternative fuel," says Jan Theulen, the company's sustainability manager, who is always looking to increase the biomass component and further cut the CO2 content.

Because they were early to convert to low-carbon fuels, the Maastricht and Lixhe plants normally emit less than permitted. The Maastricht facility has an annual allowance of 716,000 tons, but emitted 528,000 tons in 2010.

It's up to people like Dobson, Heidelberg's Brussels-based trader, to make the most profit of that excess.

"It all depends on the price now and what your expectations are. Everyone's been saying for years the market is tightening and the price is going up to euro30 or euro40, but it hasn't," he said at a trader's meeting in Amsterdam.

Lotta Fogde, vice president of the Swedish mining company LKAB, says her energy-efficient company sought to lower its fuel bills, but not because of cap-and-trade.

"I wouldn't say that so far it has fueled so many investments that we wouldn't have made anyway," she said. "The price of CO2 has not been decisive so far," although it is a factor in long-term planning.

However, Jos Cozijnsen, a Dutch consultant on emissions trading, argues that the price of carbon has spurred many industries to action. For example, Dutch power company Essent keeps a daily chart showing the cost of coal, gas, and CO2 to help it decide what fuel is cheapest at any given time. Shell, Europe's largest oil company, diverts CO2 waste from a hydrogen factory to farmers' nearby greenhouses.

"If there were no premium for CO2 or penalty, then they would not have done this," he said.

Environmentalists say the process is not moving fast enough to avert the trend of a warming world.

The rule-makers at the European Commission "don't understand the nature of the crisis we're in," says Sanjeev Kumar, of the environmental watchdog E3G. Kumar says cap-and-trade should work, but only when companies are truly squeezed to emit less.

"We now have all the key bits of architecture in place," he said. "You just need to tighten the cap."

Wednesday, April 6, 2011

CHINA: Conch Cement Expects 150% Increase In 1Q Net Profit



Anhui Conch Cement (600585, 0914.HK) anticipates a 150 percent year-on-year rise in net profits attributable to shareholders in the first quarter of 2011, reports yicai.com, citing a company filing. The company benefited from a steady uptick in demand and a rise in selling prices.

Guotai Junan Hong Kong said that the figure is in line with previous expectations as the brokerage predicted that gross profit margins will exceed 110 yuan per ton in the first quarter, up more than 100 percent year-on-year.

The affordable housing policies and limitation on capacity would drive the industry’s profitability and valuation, said by the brokerage.

Guotai Junan Hong Kong set the company’s 2011 gross profit margin estimate at 125 yuan per ton.

INDIA: Cement sales in India up in March

Cement dispatches by major manufacturers improved in March on the back of a strong pick up in demand across regions. 

Owing to the revival in demand, cement companies hiked prices by INR 10 to INR 25 per bag in March. The revision follows a similar hike in February due to the surge in input cost.

An analyst said that demand firmed up in March with many real estate companies putting some of their projects, which were close to completion, on fast-track to meet the financial year deadline. He added that the demand growth remains uncertain unless infrastructure activities gather steam. Infrastructure projects in five states Tamil Nadu, Kerala, Puducherry, Assam and West Bengal have come to a standstill after Assembly elections were announced.

A cement company official said that “Cement companies are betting on real estate projects, especially in rural areas, for demand to hold up in the coming months. “Besides the rising raw material cost, transportation and fuel expenses for cement companies have jumped sharply. If the demand continues to remain strong, we will not have a problem in passing on the increase in cost.”

Demand for cement grew 4.5% in April to December 2010 and capacity utilization was at 75%.

Larger players such as ACC, Ambuja Cements and UltraTech Cement have marginally outperformed the market whereas the mid-sized companies such as Shree Cement, JK Lakshmi Cement, JK Cement, India Cements, Madras Cement and Orient Paper & Industries continue to lag.

AFRICA: MOZAMBIQUE: Mozambique to produce 4 million tons of cement as of 2013

Mozambique is expected to reach production of approximately 4 million tons of cement by 2013 when two more factories are due to start operating, the country’s Minister for Industry and Trade, Armando Inroga said in an interview with Mozambican weekly newspaper, Domingo.

Mozambique currently has five factories, which each year produce 1.3 million tons of cement, and Cimentos de Moçambique, of the Cimentos de Portugal (Cimpor) group, is the biggest producer, with around 600,000 tons per year.

The Cimentos de Moçambique plant, located in Matola, a city close to the capital Maputo, is now installing new equipment to increase production to 1 million tons per year.

As a result of the new factories, the minister said he expected cement prices to fall as of 2013.

Several companies are investing in the cement sector in Mozambique, including Chinese, Portuguese and South African companies.

In August, 2010, Macauhub reported that a group of Chinese businesspeople planned to build a cement plant in the district of Magude, in Maputo province, Southern Mozambique, by investing US$78 million.

Another Chinese company, Bill Wood, plans to set up a cement factory in Cheringoma district, the second of its kind in Sofala province.

As well as Bill Wood, another group of Chinese businesspeople plans to install a cement plant in Cheringoma district.

South African company Pretoria Portland Cement (PPC) announced an investment for this year of US$200 million to set up a cement plant.

Several Chinese companies have asked Mozambique’s Ministry for Mining Resources for licenses to prospect and survey for limestone and clay, raw materials that are essential for cement production, namely Africa Great Wall Cement Manufacturer and China – Mozambique Cement & Development Company.

China – Mozambique Cement & Development Company asked the Ministry for Mining Resources for a license to prospect and survey for limestone in the district of Buzi, Sofala province, whilst Africa Great Wall Cement Manufacturer, plans to prospect and survey for white clay in the Magude district of Maputo province.

In its turn, Sogecoa Moçambique has asked for licenses to prospect and survey for gold in the districts of Chifunde and Gorongoza, in the provinces of Tete and Sofala respectively.

The China International Fund and SPI set up CIF-Moz, which carries out prospecting and surveying for clay and iron, and has concluded that conditions are suitable to set up a cement factory in the Matutuine district, an investment of 1.25 billion meticals (US$35 million).

INDIA: Cement sales expected to hit nine-month peak



The first month of spring has brought good news for cement producers as sales for March are expected to reach a nine-month high, while prices have increased by four to six per cent.

Sales are expected to surge by 23 per cent to 3 million tons on a monthly basis, the highest in the last nine months, according to Topline Securities.

Cement sector stocks have rallied seven per cent in last 10 days, reflecting positive investor interest due to the rise and expected sales, said Topline Securities analyst Furqan Punjani in a research note.

Sales to cross 3m mark

Cement sales are expected to cross the three million mark in March 2011, up 23 per cent from February, with commendable improvement from the local side. From these, local sales are expected to increase by 25 per cent to 2.2 million tons while exports are expected to depict a growth of 23 per cent to 0.85 million tons.

Higher margin in local sales

Strong price discipline adopted by cement producers has increased prices by up to six per cent, to Rs375 per bag in a few days.

The new price hike comes on the back of an additional 1.5 per cent special excise duty on cement price imposed recently.

However, the impact of special excise duty was only Rs5-6 per bag, while prices have surged by Rs15-20 per bag, adds the research note.

The gap between local and export selling prices have further widened with this increase.

Local selling prices stand 36 per cent higher at Rs245 per bag, compared with export price of around Rs180 per bag ($42 per ton).

The price differential bodes well for producers having higher share of local dispatch is their sales mix, added Punjani. With domestic dispatches picking up, cement producers will continue to pass on cost pressures on to the final consumer; thus protecting their margins.

PARAGUAY: Gremios se oponen al aumento de los precios oficiales del cemento

Gremios de distribuidores y de la construcción se oponen al incremento oficial del precio de productos de la Industria Nacional del Cemento (INC), por considerarlo “injustificado”. Sostienen que se estaría premiando la ineficiencia en la estatal y perjudicando a los compradores finales.

Fuentes de la INC confirmaron que las autoridades de la cementera manejan la posibilidad de aumentar el precio oficial del cemento, en aproximadamente 7.000 guaraníes por bolsa del material. La justificación es el encarecimiento del fueloíl, combustible utilizado en el horno de clínker.    

Esta intención de la administración actual, presidida por Optaciano Gómez Verlangieri, ya había sido difundida de manera extraoficial en diciembre pasado y el objetivo real sería mejorar la pésima situación económica por la que viene atravesando la cementera desde hace meses.    

Actualmente, el cemento tipo compuesto se vende en la INC a 34.000 guaraníes por bolsa para distribuidores; el puzolánico, 35.000 guaraníes; y el de albañilería, 26.330 guaraníes. Vale decir que si el encarecimiento se llegara a realizar y con el mismo valor mencionado para las tres variedades del material, los precios pasarían a  41.000, 42.000 y 33.330 guaraníes, respectivamente, para “depositeros”.

No hay  justificación para el  encarecimiento    

Ya a fines del año pasado, la Mesa Sectorial de la Construcción de UIP, que aglutina a 13 gremios del sector, había dejado su postura clara sobre este tema: Un encarecimiento sería “injustificado”, ya que se estaría “premiando la ineficiencia y corrupción de INC”. Eso,  atendiendo a que si la estatal tiene mayores costos en su fueloíl no es por un encarecimiento del producto a nivel internacional, sino por las compras irregulares de empresas  contratadas sin licitación, por el uso de transporte terrestre en lugar de fluvial, etc.    

El presidente de la Mesa Sectorial, Luis Tavella, recalcó ayer a nuestro diario que un incremento de precios sería “tomado de los pelos”, ya que si hoy se tiene déficit en la cementera es únicamente “por ineficiencia de la administración”.

La medida no acarrearía una solución a la problemática del cemento, ya que seguirán las licitaciones amañadas, las contrataciones de servicios innecesarios excesivamente caros (como usar flete terrestre en lugar de fluvial) y la producción no aumentaría.

Tavella indicó que algunas empresas constructoras que tienen obras estatales habían pedido el incremento del precio oficial del cemento porque actualmente lo compran a valores mucho más elevados que el de INC, mientras que el Estado solo reconoce la cotización de la cementera.    

“Pero sería muy injusto perjudicar a la mayoría, principalmente al pequeño constructor y al pequeño propietario, para beneficiar a grupos de empresas”, subrayó, agregando que la intervención a la INC es lo que se debería hacer, de cara a controlar su manejo administrativo.

Aumento para sueldo de los contratados

“Las veces que hay aumento de precio oficial, uno piensa que es para mejorar la producción, pero se termina gastando esa suba para pagar el sueldo de contratados y la fábrica no mejora”, destacó por su parte el directivo de la Cámara de Vendedores de Materiales de Construcción (Cavemaco), Conrado Valenzuela. 

Coincidió con Tavella en que “no se justifica” el encarecimiento, si finalmente iría a parar al pago de gastos corrientes. “Lo que INC tiene que hacer es disminuir su personal”, reiteró, haciendo referencia a que entre los tres frentes de la estatal (Vallemí, Villeta y Asunción), se tienen alrededor de 600 empleados contratados por Gómez Verlangieri.

“La INC se volvió una empresa familiar de las autoridades, que beneficia a correligionarios y amigos. Por eso estamos en contra de la suba”, puntualizó. Agregó que muchos “depositeros” prefieren trabajar con el cemento importado, ya que hay demasiadas trabas para acceder al nacional.    

A su vez, la vicepresidenta de Asociación de Distribuidores de Alto Paraná (ADAP), Miriam Román, señaló que los “depositeros” de la zona decidieron apostar por el cemento extranjero. “Nadie más quiere comprar de la reventa, porque otros consiguen del cupo que nos corresponde a nosotros y nos vuelven a vender”, apuntó.

También la Cámara Paraguaya de la Construcción (Capaco) rechaza un aumento de precio sin un estudio previo que lo sustente. El vicepresidente del gremio, Juan José Barrail, indicó que si hay suba tiene que ser para que la INC se capitalice y produzca más, “no para manterner más empleados”.    

Explicó que Capaco propuso meses atrás subir el precio del cemento oficialmente, para combatir la especulación. Pero si se llega a dar el encarecimiento, “tiene que haber una ley que garantice que la suba sea para la producción, porque no queremos subsidiar la corrupción, que es lo que estamos haciendo ahora”.

Lamentó que en lugar de aprovechar el cemento nacional, las obras tengan que construirse con producto extranjero. “El sector privado se movió para poder importar, porque la pérdida por falta de cemento es inconmensurable”, puntualizó.

Ultimo aumento

El último aumento de precio oficial de INC se había dado el 17 junio de 2008, cuando el cemento pasó a valer de   28.270 a  35.000 guaraníes por bolsa.

El presidente de la  INC de ese entonces, Luis Carlos Gamarra (ANR), justificó  el aumento con  el encarecimiento del 70% en el precio del fueloíl. Ahora, Optaciano Gómez  tiene el mismo argumento y quiere subir cerca de G. 7.000 por bolsa.

Monday, April 4, 2011

AFRICA: NIGERIA: ‘We are close to being a cement exporting nation’


There have been reported cases of rising price of cement from N1,600 to 
over N2,000. What is responsible for this?

I find it difficult to believe that cement is being sold at such a price when the product being rolled out from factories is being sold to distributors at N1,380 per bag. Outside this country, cement manufacturers don’t invest in haulage or transportation of the product, but here, we are investing massively in haulage to ensure that the product gets to the end users at the appropriate rate.

Dangote is investing heavily in transportation to lessen the impact on consumers. Currently, the company has 3,000 trucks that each lifts 600 bags, (about 40 tonnes) of cement. With this, the company dispatches cement to depots scattered across the country from where it reaches end users. So, as I said, it’s difficult to believe these stories of price hike.

We went to Port Harcourt, Abuja, Kano and Lagos and had sessions with our major distributors where we explained to them that if we fail, the government can reverse the policy. In return, we pledged to sustain the supply, give them ex-factory price and absorb the price fluctuation in diesel and gas price. We also encouraged them not to pass any cost to the end–users. To stabilise the business, we take the products to our depots through our haulage section and this goes for other manufacturers who take their products very close to their customers to beat the transportation logistics problems.

From your investigations, what have you discovered as possible reasons for the current hike and what are the measures being taken to address it?

I still believe that the perceived scarcity and price hike are out of the question in the cement market. There must be something wrong in the distribution chain with transportation and too many middlemen are also possible causes of scarcity and price hike. Some unscrupulous people and those whose interest may have been touched as a result of their selfish motives would prefer to sustain importation, but we want to discourage our nation from being made a dumping ground for foreign products. If the trend is not checked, it will mean that we are indirectly sustaining their factories while killing our local industries. In the last two years, we have not changed our prices and we have sustained our production.

Can the combined capacity of Dangote Cement Industries satisfy the local market?

I have been in the cement industry for 40 years. As a young engineer, I got to know that all geographical zones in the country have a measure of limestone deposit, which is a primary raw material for cement manufacturing.

Dangote Cement controls between 55 and 60 per cent of Nigeria’s cement market with eight million tons total annual output from its Obajana and Gboko manufacturing plants.

Obajana is the biggest cement plant in Africa. With the new expansion going on at the plant, those factories will double their capacity of five million tons to 10.5 million tons per annum. The new production line for that plant will be inaugurated by the second half of this year.

We expect six million tons from Ibeshe Plant when it is fully operational, and 2.5 million from Larfage WAPCO. All these coming up in one year is a huge output considering that the aggregate of all of them taken together will give you 14 million tons of cement this year. Place this side by side with the fact that total national demand for last year was 14 million tons and you will see that we are already there.

With these realities on ground and volume of expansion, no matter how high the local demand is, I can assure Nigerians that we are at a point where we will be calling ourselves a cement producing nation that is self-sufficient, while the surplus would be exported to the ECOWAS sub-region. In the last 18 months, we had excess capacity, almost one-and-half million tones that we couldn’t use. Before now people used to wait for at least six months before they can get delivery, but we are building excess reserve in products and stocks because we have enough capacity.

What was the picture like in the past?

Before now, what we had were foreign firms and they were not interested in making us self reliant in cement production. Until Dangote, a discerning investor acquired BCC in Gboko, Benue State and built the Obajana Plant and took advantage of the government backward integration in 2002 where they encouraged cement importers to go into manufacturing. Before now, we used to import about seven million tons per annum but now it has reduced to six million.

As a company, we believe that importation of cement will stop this year because there will no longer be a justification to dump cement here. With the lull in construction overseas, those countries are using us as a dumping ground. There is no reason for us to import cement. In post-1960, the government built some cement plants, in the mid-70s, the government relaxed the economy and with globalisation, importation started increasing. The administration of President Olusegun Obasanjo gave cement importers which were about 17 to start thinking of investing in building cement plants.

The government made it a condition that if you import, you must show signs of building plants, but most importers were not interested except for UNICEM, Lafarge WAPCO and Dangote cement which built plants.

Has the government given any specific incentives for local manufacturers of cement?

Government granted zero duty on equipment and also reduced the duty on gypsum.

List the challenges confronting cement manufacturers?

As l said initially, we resorted to bringing the cement we manufacture close to our customers through our haulage department. We took it upon ourselves as a sacrifice outside our clime. No cement manufacturer engages in the transportation of the product. We are doing everything possible to vindicate the government in the policy it made to encourage the local manufacturing of cement in our favour.

In some cases, we experience difficulty getting black oil for our plants, especially when there is a breakdown such as the one experienced in Kaduna refinery in the recent past. These are challenges. One can also not write off the huge amount we have invested in providing energy and other infrastructure in our plants and for our host communities.

Nigerians should encourage the government and local manufacturers to see that we are not made a dumping ground to sustain overseas economy while ours is comatose. We must jointly discourage those who want the country to continuously import cement while there are abundant human and material resources available in the country.

What is the position of Dangote Cement Industries on unbridled importation of cement?

We are a fully owned Nigerian company and our chairman insists on what is best for the country. He has always said that his interest is to serve the interest of Nigerians. We also want local manufacturers to be protected against importers who don’t have the interest of the nation at heart but what they can make from it. Opening our borders to importation is equivalent to killing our local industries while sustaining factories in those countries they are importing from.

We are providing employment to thousands of Nigerians in direct and indirect employment as we turn around otherwise distressed government cement production plants. We will soon be known as a cement exporting country. Currently, we have cement manufacturing companies in Senegal, Zambia, South Africa, Ghana and we are still counting.

Tell us your expectations from Nigerians.

We are a wholly indigenous company, the best Nigerians can do is to support us as we have all it takes to make this nation self sufficient in cement manufacturing because God blessed us with over 95 per cent of the raw materials with just about five per cent of additives imported. We should all agree to reject the toga of a cement importing nation where substandard cement finds space.

In terms of infrastructure we have invested heavily, the cement plant in Obajana is the most modern and biggest in Africa with a princely cost of $1.2 billion. In addition we spent $12 million to lay gas pipes to power our plants from Ajaokuta as we have three turbines each to power the plant. No foreigner can do this. Alhaji Aliko Dangote means well for the country and should be encouraged.

INDIA: Strong cement sales in March catapult Jaiprakash Associates

Jaiprakash Associates rose 2.62% at Rs. 97.80 at 12:39 IST as the company's cement shipments rose 22% to 1.56 million tonnes in March 2011 over March 2010.

Meanwhile, the BSE Sensex was up 196.50 points, or 1.01%, to 19616.89.

On BSE, 10.54 lakh shares were traded in the counter as against an average daily volume of 23.80 lakh shares in the past one quarter.

The stock hit a high of Rs. 98 and a low of Rs. 95 so far during the day. The stock had hit a 52-week high of Rs. 162.85 on 26 April 2010 and a 52-week low of Rs. 70.25 on 9 February 2011.

The stock had outperformed the market over the past one month till 1 April 2011, gaining 14.82% compared with the Sensex's 5.28% rise. The scrip had however underperformed the market in past one quarter, sliding 10.01% as against 5.31% decline in the Sensex.

The large-cap engineering and construction firm which also has interests in hospitality, power and cement, has an equity capital of Rs. 425.29 crore. Face value per share is Rs. 2.

Jaiprakash Associates has capacity to produce 21.3 million tonnes of cement a year.

Jaiprakash Associates' net profit surged 125.8% to Rs. 232.66 crore on 0.5% rise in net sales to Rs. 2893.71 crore in Q3 December 2010 over Q3 December 2009.

PARAGUAY: Empleados de INC de Villeta, hartos de los negociados e irregularidades

Hartos de los negociados de sus autoridades, los funcionarios de Villeta de la Industria Nacional del Cemento (INC) pusieron al descubierto que hay máquinas en desuso por el simple desinterés de la administración actual, que en lugar de repararlas hace contrataciones irregulares.


Las denuncias contra la administración de Optaciano Gómez Verlangieri y su equipo se incrementan a medida que pasan los días. Cinco sindicatos unidos decidieron plantarse y enfrentar a sus autoridades, porque están cansados de tanta corrupción en la INC. 

Se trata de los sindicatos Sitrainc, Protecminc, Siteinc, Sinctratur y Sintrauninc, que con manifestaciones y protestas vienen exigiendo desde la semana pasada doce ítems para transparentar la gestión en la cementera estatal. 

Entre esos ítems se encuentra el descuido hacia el área técnica y la falta de compra de repuestos, que son necesarios para reparar máquinas de la fábrica utilizadas en la producción. 

Como ejemplo, ponían una máquina que traslada clínker, con cuchara de 4 metros cúbicos de capacidad; la misma está descompuesta desde hace meses y la inversión necesaria para su reparación rondaría los 5 millones de guaraníes, según estimaciones de las autoridades. 

Sin embargo, indicaron los sindicalistas, en lugar de reparar este equipo, Gómez Verlangieri y sus gerentes decidieron contratar el servicio de otra máquina similar, pero con cuchara de solo 1,5 metros cúbicos, por valor de 4.800.000 guaraníes por día. 

Los funcionarios de Villeta presumen que los equipos alquilados son del mismo presidente de INC o de algún amigo de su entorno, lo cual no fue comprobado hasta el momento. Pero lo que sí fue corroborado es que las autoridades de la cementera no hicieron ningún concurso de precio ni licitación para contratar el servicio tercerizado, violando una vez más la Ley 2051 de Contrataciones Públicas.

Reparación salió menos de G. 1 millón 

Para demostrar que solo faltaba interés para reparar la máquina, los técnicos de la estatal unieron esfuerzo (y sobre todo dinero) y compraron todos los repuestos que se necesitaba para poner en condiciones el equipo. 

Además de utilizar sus propios recursos financieros, repararon ellos mismos la máquina, ya que la INC cuenta con técnicos especializados, con décadas de antigüedad en el lugar y con vasta experiencia en el área. 

El fin de semana pasado, los trabajadores lograron hacer funcionar el equipo con poco más de 937.000 guaraníes, según informó el sindicalista Ricardo Idoyaga.

En conversaciones con ABC, Idoyaga dijo ayer que continúan firmes en su lucha de transparentar la estatal. “Mañana (por hoy) seguimos con la lucha de atacar los focos de corrupción”, destacó el sindicalista. 

Los funcionarios piden también la renuncia de varios jefes y del mismo titular de INC.

BRASIL: Votorantim Cimentos Raises $750M

Votorantim Cimentos on Thursday sold $750 million of notes in the 144a private placement market, said IFR, a Thomson Reuters service.

Bank of America Merrill Lynch, Itau BBA and JP Morgan were the joint bookrunning managers for the sale.

ARGENTINA: Construcción aumentó 13,2% durante febrero

El Indicador Sintético de la Actividad de la Construcción (ISAC), registró en el mes de febrero de 2011 con respecto a igual mes del año anterior, aumentos del 13,4% en la serie con estacionalidad y del 13,2% en términos desestacionalizados. 

Dentro de las ventas de los insumos considerados para la elaboración de este indicador, en comparación con igual mes del año anterior, se observan los principales aumentos en Asfalto (18,9%), Cemento Portland (18,4%) y Ladrillos huecos (17,2%). 

En referencia a la encuesta cualitativa se observa que, entre quienes se dedican principalmente a realizar obras públicas, el 77,8% cree que el nivel de actividad se mantendrá sin cambios durante el mes de marzo, mientras que el 19,4% sostiene que aumentará y el 2,8% restante, que disminuirá.