Skip to main content

Suez Cement working to limit damage

Published by
World Cement,


According to the latest report by Bloomberg, Suez Cement is working to minimise the impact of Egypt’s dollar shortage on its operations and has no plans to withdraw from the country.

Egypt has been facing a hard currency crunch that has damaged economic growth and forced the central bank to help make currency available to struggling companies. Italcementi, the holding company of Suez Cement, announced that it was unable to repatriate €50 million from Egypt, and that it faced difficulties paying foreign suppliers.

Italcementi is planning to increase its investments in Egypt and plans to spend 700 million Egyptian pounds (US$89 million) to shift two of its plants to coal from natural gas in 2017. The company may consider other options for its regional investments if the foreign-currency crunch in Egypt persists.


Edited from source by Joseph Green. Source: Bloomberg

Read the article online at: https://www.worldcement.com/africa-middle-east/14032016/suez-cement-working-limit-damage-686/

You might also like

 WCT2020

Optimisation 2020

Optimisation 2020 provides a unique online forum for cement industry professionals to hear first-hand from experts through a series of exclusive presentations from cement producers and industry experts.

Find out more and register for the series »

 

 Spotlight

World Cement Spotlight with Rockwell Automation

World Cement Editor, David Bizley, sat down with Michael Tay, Advanced Analytics Product Manager at Rockwell Automation to discuss his recent article in World Cement.

Entitled ‘Smooth Sailing’, this article explains how machine learning can help save energy, reduce downtime and predict equipment failures, thus enabling the smooth running of cement plant operations.

Watch the interview now »

 
 
 

Embed article link: (copy the HTML code below):