Trinidad Cement Limited (TCL) general manager, Satnarine Bachew, announced yesterday that the temporary surcharge imposed on bagged cement has been removed.
And cement prices are expected to go down in the coming weeks, he said.
Bachew said a 42.5 kilogramme bag of cement was increased by $13 during the recent industrial relations impasse. He said the company was forced to increase prices two weeks after workers began strike action on February 27.
"The additional charge was driven by the higher cost of satisfying the local cement demand due to extenuating circumstances created by the strike (among these, the importation of cement and clinker, an intermediate product in the manufacture of cement) from other TCL Group operations in Barbados and Jamaica, administrative and other logistical challenges," he stated in a release yesterday.
Bachew said cement prices are expected to revert to "pre-strike prices". Cement retailed at $49.50 to $54.50 per 42.5 kilogramme bag of TCL Premium Plus before the strike.
Bachew said the company's production was back to full capacity, removing dependency on imported product and clinker.
"There have been significant operational and financial setbacks from which we are still recovering, however, we indicated that our ex-factory prices would revert by end of July and therefore, we are duty bound to honour our word within the specified timeframe," he stated.
Bachew said, however, that the company will be reviewing its pricing regime in the 4th quarter of 2012. TCL thanked its loyal customers, shareholders, investors, employees and other stakeholders for their understanding and support during a "very challenging period" in the company's history.
TCL began importing bagged cement from its subsidiaries in Jamaica and Barbados, after the Oilfields' Workers Trade Union (OWTU) served strike notice following a breakdown in negotiations. The strike ended 92 days later after the OWTU requested that the matter be referred to the Industrial Court.
Cement prices ranged from $60 to $69 at hardwares polled by the Express yesterday.
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