Steppe Cement shares financial report
The company posted net profit of US$9.7 million in 2019, but expects a potential decrease of 10% in demand due to the COVID-19 pandemic.
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The company posted net profit of US$9.7 million in 2019, but expects a potential decrease of 10% in demand due to the COVID-19 pandemic.
For the greenfield project in Thanh Thang, LOESCHE will supply two vertical roller mills type LM 53.3+3 CS.
Manila Bulletin reports that the company will continue to supply food packs to vulnerable communities, despite the easing of quarantine restrictions.
The plant is currently under construction and will produce cement in Porac, near Angeles City in the Central Luzon region.
According to GlobalData, the Hong Kong construction industry was in dire straits in 2019 as political unrest disrupted the market – the COVID-19 induced economic weakness is now expected to further exacerbate the scenario.
The COVID-19-induced economic uncertainty has disrupted Singapore’s construction industry, with output now expected to plummet by 14.1% in 2020, according to GlobalData.
The company signed an agreement last year with San Miguel Corporation for the sale of its entire 85.7% shareholding in Holcim Philippines Inc., however the agreement has since lapsed.
According to the company, construction output is set to contract in South and South-East Asia as a result of the coronavirus causing disruption to the construction industries.
The company predicts that COVID-19 and lower oil prices will drive Australia’s construction industry to contract.
Due to COVID-19 related disruptions and worsening economic conditions, GlobalData forecasts the Russian construction industry to contract by 3.8% in 2020.
The company’s results show a 2% growth in sales, reaching US$3.1 billion.
The company’s Q1 results are encouraging, despite the disruption caused by the ongoing COVID-19 crisis.