For the 12 global cement companies that we follow, the US was by far the largest contributor to their 2020 EBITDA accounting for 33.4% (+3.0pp) of the total. This was followed by India at 10.7% (+2.6pp), Mexico at 5.6% (+0.2pp) and Nigeria at 5.4% (+0.5pp).
The Chinese companies continued to dominate the global cement company rankings in 2020. Three of the largest five cement companies when ranked by capacity where Chinese. They were also two of the top three when ranked by sales and the top two when ranked by EBITDA. In 2020, the two largest Chinese cement companies CNBM …read more →
In our view, companies should be explicitly including for environmental costs in their development appraisals, and we expect the providers of new equity and debt for these projects to increasingly insist upon this. A new cement plant typically has a cash cost of production of $30-40 per tonne. Adding $20-25 per tonne for carbon costs …read more →