Cement markets still difficult

ZURICH: Holcim, the world's second biggest cement group, yesterday warned business remained difficult in key developed markets.

ZURICH: Holcim, the world's second biggest cement group, yesterday warned business remained difficult in key developed markets.

Holcim said in a trading update that markets remained "restrained" and there had been no upturn from the difficult conditions reported with its first quarter results. The US, Spain and eastern Europe were singled out as being particularly difficult.

Cement makers like Holcim and France's Lafarge, the world's largest cement supplier, are indicators of world infrastructure spending plans.

The Holcim trading update came as the group revealed terms of the SFr2.1bn rights issue announced last month to finance an Australian acquisition and expansion in China.