The Regular General Assembly of the Cement Division
On 13th of May 2019: The regular meeting of the general assembly of the Cement Division was held with the attendance of various cement producers in Egypt at the Federation of Egyptian Industries. Medhat Stefanos, Chairman of the Cement Division, welcomed the attendees, before he presented the financial statements of the division in the period from 1/1/2018 till 31/12/2018.
The attendees voted to approve the statements. Furthermore, the activities of the Cement Division during this year were presented. The attendees addressed the opportunities and challenges that face cement producers in Egypt within the support provided by the division to empower the industry and the producers; in which the production capacity exceeded demands by 33 million tons in 2018. Moreover, the production cost increased due to the floatation of the Egyptian pound, the increase of energy cost and the increase of taxations. This is in addition to limited opportunities for exports other countries in the region, due to the growth of the production capacity on the regional level and the increase of the prices of Egyptian cement in comparison to the cement produced in neighboring countries. These factors affected the competitiveness of the Egyptian cement regionally and internationally. The attendees discussed various suggestions in order to raise them to decision makers to deal with the crisis.
The Cement Division was established in 2013 as a subsidiary of the Chamber of Building Materials at the Federation of Egyptian Industries. The division represents 19 corporations, 18 of them owned by the private sector with 52% of foreign investments, a production capacity of 83 million tons and a surplus of 33 million tons in comparison to the demand in the Egyptian market in 2018.