AIX-EN-PROVENCE, France: Lafarge’s chief executive Bruno Lafont said his company remained cautious about future cement sales.
AIX-EN-PROVENCE, France: Lafarge’s chief executive Bruno Lafont said his company remained cautious about future cement sales.
"Our forecast is a mix of developed countries, which are in a recession, and emerging markets that are overall slightly positive; still negative in Central Europe but very positive in Asia, the Middle East and Africa. We will issue a new estimate if needed at the end of July,” he said.
The company is sticking to a forecast made in May for a drop of between 2% and 5% in global cement sales this year.
Lafarge had to lower an initial forecast for a full-year fall of as much of 3% as economic conditions continued to deteriorate, hitting construction activity worldwide.
Lafarge will use the proceeds of a recent 750m euro bond to refinance its debt which surged 94% year-on-year to nearly 17bn euros at the end of 2008 following the 8.8bn euro acquisition of Orascom Cement.
