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Steppe Cement Ltd - Karaganda, Kazakhstan-based cement manufacturer - Sells 214,832 tonnes of cement for KZT4.94 billion, around £8.7 million, in the first quarter of 2023. In the same quarter of 2022, the company sold 281,968 tonnes of cement for KZT6.30 billion. This represents a 24% decline year-on-year in cement tonnes sold and a 21% year-on-year decline in the price of cement sold. Adds that its market share reduced to 13% in the quarter from 14% in the same quarter the year prior. Explains the fall in shipment came against a backdrop of increased interest rates and logistical issues arising from an overloading of the rail network. Currently estimates that Kazakhstan’s cement market demand will reduce to between 10 million tonnes per year to 10.5 million tonnes per year, but adds there is a ‘high degree of uncertainty’ regarding this due to the geopolitical situation. Current stock price: 33.25 pence, down 24% in London on Thursday afternoon 12-month change: up 7.3% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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