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2013 CEMWEEK’S INDIA CEMENT SECTOR SENTIMENT SURVEY

Supported by:

4TH ANNUAL

INDUSTRY SURVEY

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MAGAZINE

THE BESTTALENT ANENGINEER CAN HAVEIS THE WILL TO LEARNSOMETHING NEW EVERY DAY

There’s always something new to learn in India. For further information please call +91 120 4018500, write an E-mail to [email protected] or visit www.loesche.com

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CemWeek’s 2013 India Cement Sector Survey 1

FOREWORD

The CW Group is pleased to release the 4th Annual India Cement Sector Business Sentiment Survey and share the findings with the members of the industry.

For the past three years in a row, the CW Group has been at the very heart of the global cement industry, providing comprehensive and reliable market intelligence data and extensive coverage on important industry topics. With the release of the 4th edition of the Annual India Cement Sector Business Sentiment Survey, we continue to bring you insightful information about the evolution of the views of the individuals participating in the development of this exciting global industry.

The task of surveying the second largest cement market in the world would not have been possible without the support of certain industry members that manifested a particular dedication to understanding India’s cement sector and the sentiment among its professionals. In this respect, we thank Loesche, Testing Bluhm & Feuerherdt and GMI Global for their support, and our own India’s Cement and Construction Materials journal.

As a leading cement sector research house, the CW Group is aware that the survey only mirrors the reality of the industry at a certain point in time. As such, the Survey is not intended to provide a complete view, nor answer all questions that may arise about the market. However, we see it as a starting point for further discussion and a source of insight for the development of future tailor-made business strategies. Do not hesitate to contact us should you wish to continue the dialog and hear more about our views.

Robert MadeiraManaging Director and Head of Research, CW GroupE: [email protected] | T: +1-702-430-1748

Laura GoldnerSenior Consultant, CW GroupE: [email protected] | T: +1-832-622-8921

Tudor MirceaMarket Services & Marketing Manager, CW GroupE: [email protected] | T: +4-075-223-4426

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INTRODUCTION

CemWeek’s 2013 India Cement Sector Survey

SURVEY EXECUTIVE SUMMARY

Optimism continues to be the name of the game for the Indian cement industry – a function of long-term trends as well as human nature. But on a closer

look, the survey shows that the optimism only runs skin deep and that it has already been eroded by an increasing percentage of industry members who feel dissatisfied with the overall performance of the field last year.

For instance, the percentage of those who believe the industry performed “well” dropped from 43 percent in 2012 to 26 percent in 2013, while the number of respondents who believe the industry performed poorly almost tripled from 8 percent last year to 22 percent in 2013.

Regarding the future evolution of the industry, survey participants continue to be on the optimistic side and hope for a “somewhat better” or “much better” performance compared to the last 6 months.

Confidence in career prospects looks nearly the same in this year’s survey of the industry, with the overall career-related sentiments on

the positive side. A substantial part of respondents – 47

percent, believe they have a fairly good chance for a career boost during

the next period. Some confidence erosion manifested in the percentage of those highly confident about their prospects, whose numbers dropped from 21 percent in 2013 to 13 percent this year.

The first two major challenges for the industry to overcome in the next year are no surprises: industry overcapacity and profitability. These stay on the minds of 34 percent and 20 percent of respondents, respectively.

Energy price stands third in the top of concerns for the next year, in spite of the global fuel price downtrend reported during the last period. India’s solid fuel supply-demand gap and dependence on imported coal will further deteriorate – by May 2013 imports year over year increased by 43 percent. Currently energy prices are strongly subsidized – an element which may change in the near future.

Expectations about improvements in profitability are moderate. The findings show that the proportion of those who believe that the profitability will actually decrease more than doubled compared to last year, from 11 percent to 23 percent. This correlates with concerns about profitability mentioned earlier, and signals that in spite of declared optimism, more members of the industry are circumspect about its future evolution.

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Our data reveals that capital expense reductions are on an upward trend. Survey participants who foresee cuts in capital expense doubled from 8 to 16 percent from last year, while the number of those expecting an increase in capital expenditures dropped from 57 to 36 percent.

In terms of input costs, about 60 percent of survey participants believe these will be reduced or stay the same over the next year. This is an almost 15 percent drop compared to last year. On the other hand, the number of those who expect input costs to exert even more pressure on total costs increased from 25 to 40 percent. However, half of participants believe their company will hire “a bit more/a lot more” headcount in the next 12 months. This may indicate that the industry needs to identify in the near future ways to relieve the pressure of input costs on the total costs of doing business, ways which may include keeping the same headcount, or even reducing it.

The overall pulse of the industry continues to be on the positive side, but this year’s survey highlights an underground current of concern and dissatisfaction. Issues such as energy price, overcapacity, controlling costs and operational efficiency linger in the

minds of both top and middle management. While as a whole the economy is expected to slow down even further, cement industry’s flag continues to fly high. But for how long?

cwgrp.comCemWeek’s 2013 India Cement Sector Survey4

SURVEY DEMOGRAPHICS

INDUSTRY FUNCTIONAL AREA AND ORGANIZATION LEVELThe companies that participated in the survey represent a variety of roles within the industry – from sales and marketing, production and engineering, to trading and logistics and planning.

Several categories of companies in the cement industry answered the questions of the survey. As with previous editions, most of the respondents were cement producers – 50 percent, followed by equipment vendors with 18 percent of respondents and industry analysts with 12 percent.

Thirty-four percent of survey participants identified themselves as senior management – defined at CEO, General Manager, Senior or Executive Vice President level. Another 23 percent were classified as managers (i.e., regional manager, director), and 42 percent as professional staff.

For both 2013 and 2012 the sample base comprised a mix of Indian industry professionals, aiming to capture an accurate overview from their experience, perceptions and

approaches. Compared to 2012, the pool of respondents has overall remained the same, but 2013 did experience a slight decrease in cement company and equipment vendor involvement.

Consulting and research

Other

Planning, finance & other administrative

Production, operations & engineering

Sales & marketing

Trading and logistics

47%

4%11%

13%

8%

28%

Cement company

Cement trader

Equipment vendor

Industry analyst, consultant

Other

50%

9%

18%12%

11%

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LOCATIONThe sample corresponds to the five regions that comprise the Indian cement industry. The northern and western regions each participated at 28 percent and 32 percent respectively, consistent with last year’s survey, followed by the southern region which reached 25 percent survey presence (a 1% increase). The eastern and northeastern regions participated at 7 percent each.

42%

23%

34%

Senior management

Management

Professionalstaf

35

30

25

20

15

10

5

0

7% 7%

28%25%

32%

East

North

Northeast

South

West

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SURVEY FINDINGS


RECENT PERFORMANCE

The 2013 survey included an increasing number of negative responses concerning thepast performance of the industry. While in 2012 only 9 percent believed

the industry performed poorly or terribly, the percentage ramped up to 26 percent in 2013.

Generally speaking, how has the cement industry performed in the past 6 months?

Q.

INDUSTRY PERFORMANCE IN THE LAST SIX MONTHS

8% 26% 41% 22% 4%

12% 43% 36% 8%

Excellent Well OK Poorly Terrible

We suspect the reason behind the increase in negative responses may be the recent

YOY PRODUCTION

Q2F

Y20

12

Q3F

Y20

12

Q4F

Y20

12

Q1F

Y20

13

Q2F

Y20

13

Q3F

Y20

13

Q4F

Y20

1312%

8%

4%

0%

Source: CW Group Research

1%

deceleration of the cement output growth rate, as illustrated in the table below.

2012

2013

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Of the different functional areas, cement traders were the least positive about the recent performance of the industry, with 40 percent of the group considering it as “poor” or “terrible”.

INDUSTRY PERFORMANCE IN THE LAST SIX MONTHS BY FUNCTIONAL AREA

3%

29%

47%

18%

3%

4%

46%

35%

15%

15%

13%

38%

28%

6%

0% 10% 20% 30% 40% 50%

Excellent

Well

OK

Poorly

Terrible

14%

47%

35%

1%

3%

11%

40%

39%

10%

10%

42%

35%

12%

1%

0% 10% 20% 30% 40% 50%

Excellent

Well

OK

Poorly

Terrible

2013 2012

Senior Management Management Professional Staff

PAST PERFORMANCE VERSUS EXPECTATIONS

Cement production expanded significantly between 2010 and 2012 by a 7 percent growth rate to 236 million tons in 2012, driven by housing and

commercial real estate investments. The rapid increase in cement demand created a very positive business climate, but after the credit to both sectors started to decline in mid-2012, cement production growth rate slowed down.

The industry did not see this change coming and almost half of the respondents to the 2013 survey feel their expectations about the past industry performance were not met.

Looking back at the past 6 months how did it meet your expectations?

Q.

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SURVEY FINDINGS


3%

11%

42%

42%

3%

19%

26%

55%

10%

13%

42%

23%

13%

0% 20% 40% 60%

Far exceeded

Exceeded

Met my expectations

Met my expectations

Below my expectations

Nowhere near my expectations

5%

28%

43%

20%

4%

5%

21%

45%

26%

3%

23%

46%

30%

1%

0% 20% 40% 60%

Far exceeded

Exceeded

Below my expectations

Nowhere near my expectations

INDUSTRY PERFORMANCE VS. EXPECTATIONS

4% 14% 36% 41% 5%

3% 24% 45% 26% 2%

Far exceeded Exceeded Met my Below my Nowhere near expectations expectations my expectations

Disappointment was particularly high in the professional staff and senior management groups, with 58 percent and 45 percent of

INDUSTRY PERFORMANCE VS. EXPECTATIONS BY RESPONDENTS FUNCTIONAL AREA


2013 2012

2012

2013

participants respectively stating that the results were “below” or “nowhere near” their expectations.

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EXPECTATIONS FOR THE FUTURE

Participants are more optimistic about the future as compared to the previous year.Caution seems to be the rule in 2013 among survey participants,

as the percentage of respondents that think the industry will improve in the next 12 months remained unchanged from last year, at 55 percent.

FUTURE INDUSTRY PERFORMANCE

13% 42% 37% 7% 1%

12% 43% 33% 11% 1%

Much better Somewhat better About the same Somewhat worse A lot worse

However the industry looks more optimistic than in 2012, and this year only 8 percent believe things are going to get worse – a decrease of 4 points versus last year. Industry analysts and cement companies are the most optimistic groups, with 62 and 55 percent anticipating a better future. This comes to contradict the projected growth rate for this year, which falls behind the 8.2 percent registered in 2012. Market perspective on a longer term still looks favorable, with stimulus offered in the construction sector through decreases in interest rates. However, the impact will be less visible in 2013, when the industry is expected to expand by only 5 percent versus the initially projected 7-8 percent.

How will the next 12 months perform compared to the last 6 months?

Q.

2012

2013


SURVEY FINDINGS

MORE COMPANIES FORESEE A DECLINE IN PROFITABILITY

It is highly noticeable that the pro-portion of participants that believe the profitability will deteriorate over the next period more than doubled from 2012.

How will profitability change?

Q.

13%

34%

47%

5%

8%

58%

31%

4%

15%

40%

32%

13%

0% 20% 40% 60%

Much better

Somewhat better

About the same

Somewhat worse

A lot worse

14%

47%

32%

5%

3%

13%

47%

29%

11%

10%

38%

36%

16%

0% 20% 40% 60%

Much better

Somewhat better

About the same

Somewhat worse

A lot worse

FUTURE INDUSTRY EXPECTATIONS BY RESPONDENTS FUNCTIONAL AREA


2013 2012

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PROFITABILITY IMPROVEMENT PERSPECTIVES

45% 32% 23%

57% 32% 11%

Improve No change Decrease

This loss of confidence could have been triggered by a recent decline in cement prices that started in March 2013 in most regions,

PRICE RS PER BAG

240

250

260

270

280

290

300

310

320

combined with a weak demand that leaves the companies with small room for price increases and with a substantial growth in freight costs.

2012

2013

For the quarter ended March 2013, only three out of the twelve companies included in CW Group’s financial results analysis

increased their net profits, while for most of them the declines were in the range of double digits.

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SURVEY FINDINGS


INPUT COSTS PRESSURE TO INCREASE OVER THE NEXT YEAR

Perception about input costs flipped from 2012 to 2013. Last year 42 percent of participants were positive about an improvement in input costs

and only 25 percent were expecting an increase. In 2013 only a mere 21 percent foresee a decline in input costs, while 40 percent anticipate that costs will climb in the next 12 months.More than 60 percent of respondents expect that input costs will be maintained at current levels or be reduced in the next 12 months.

How do you estimate that your input costs will change?

Q.

PROFITABILITY IMPROVEMENT PERSPECTIVES BY RESPONDENTS FUNCTIONAL AREA

46%

41%

14%

52%

36%

12%

40%

22%

38%

0% 20% 40% 60% 80%

Improve

No change

Decrease

54%

37%

9%

62%

30%

8%

57%

29%

14%

0% 20% 40% 60% 80%

Improve

No change

Decrease


2013 2012

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INPUT COSTS MODIFICATIONS FOR THE NEXT PERIOD

21% 40% 40%

42% 33% 25%

Improve Stay the same Worsen

14%

39%

47%

36%

20%

44%

18%

51%

31%

0% 20% 40% 60%

Improve

Stay the same

Worsen

36%

37%

28%

47%

32%

22%

45%

31%

25%

0% 20% 40% 60%

Improve

Stay the same

Worsen

INPUT COSTS EXPECTATIONS BY RESPONDENTS FUNCTIONAL AREA

2012

2013


2013 2012

Senior management is the less optimistic; only 14 percent of high level executives look forward to reduced input costs, compared to a 36 percent of medium-level executives and 18 percent of professional staff.

Respondents of the management group had the biggest change in expectations from previous year. In 2012, 79 percent of the group was confident that the costs will stay the same or improve, while in 2013 only 56 percent believes so.

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SURVEY FINDINGS


36%

53%

11%

52%

44%

4%

27%

47%

27%

0% 20% 40% 60% 80%

Increase

Stay the same

Decrease

57%

36%

7%

68%

27%

5%

50%

39%

11%

0% 20% 40% 60% 80%

Increase

Stay the same

Decrease

CAPITAL INVESTMENTS EXPECTED TO SLOW DOWN

With the economy slowing down and a weak beginning of 2013, where most cement companies observed a decrease in profitability,

the number of participants expecting their companies to cut capital expenditures in the next 12 months has increased from 2012.

CAPITAL INVESTMENT EXPECTATIONS FOR THE NEXT PERIOD

36% 48% 16%

57% 35% 8%

Increase Stay the same Decrease

CAPITAL BUDGET CHANGES BY RESPONDENTS FUNCTIONAL AREA

How will your company’s capital budget change?

Q. 20

1220

13


2013 2012

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The local cement industry will need to handle overcapacity for at least a few months, so most

of the cuts in capex are expected to come from a slowdown in expansion projects.

CAREER BOOST CONFIDENCE SLIGHTLY DECLINES

This year respondents are somewhat less certain about a boost in their careers compared to last year. Among the three categories of survey participants, only the

professional staff and management groups show confidence about a boost in their careers in the next 12 months.

Are you confident your career will see a boost in the next 12 months?

Q.

CONFIDENCE IN CAREER BOOST

13% 47% 33% 4%

21% 46% 29% 4%

Highly confident Fairly confident Stay the same Highly concerned At risk

Senior management remains the most self-assured of the three groups, but this year their confidence declined. While last year 79% of senior management respondents were confident about a boost in their careers, the percentage was reduced to 66% in 2013.

2012

20134%

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SURVEY FINDINGS


21%

45%

34%

12%

50%

31%

8%

6%

47%

34%

9%

4%

0% 20% 40% 60%

Highly confident

Fairly confident

Stay the same

Highly concerned

At risk

27%

52%

21%

18%

55%

24%

3%

20%

36%

37%

7%

0% 20% 40% 60%

Highly confident

Fairly confident

Stay the same

Highly concerned

At risk

CONFIDENCE IN CAREER BOOST BY RESPONDENTS FUNCTIONAL AREA

Half of respondents working in cement companies say they are fairly confident about career prospects while the rest believe they will remain the same. Cement traders on their side are equally split in saying their jobs are

fairly safe, at risk, highly or fairly secured, while among equipment traders the sentiment varies between fair confidence, with 45 percent, high concern with 20 percent and staying the same with 20 percent of the total answers.


2013 2012

COMPANIES TO RAISE OR MAINTAIN HEADCOUNT

According to half of the survey respondents, headcount in their companies is expected to increase in the next 12 months. However, with pro-

fitability going down, a weaker demand forecast for the following period and expected cost cuts, this seems to be an unlikely scenario.

Will your company hire more employees?

Q.

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EXPECTED HEADCOUNT MODIFICATIONS OVER THE NEXT PERIOD

9% 41% 42% 8%

11% 53% 32% 4%

A lot more A bit more Remain the same Lay off workers

2012

2013

Increase in workforce will likely come from cement producers, as 59 percent of the group’s respondents believe their companies will hire “a bit more” or “a lot more” employees in the next 12 months.

11%

47%

39%

3%

12%

32%

36%

20%

7%

47%

7%

0% 20% 40% 60% 80%

A lot more

A bit more

Remain the same

Lay off workers

14%

59%

24%

3%

13%

57%

27%

3%

6%

47%

43%

5%

0% 20% 40% 60% 80%

A lot more

A bit more

Remain the same

Lay off workers

EXPECTED HEADCOUNT MODIFICATIONS BY RESPONDENTS FUNCTIONAL AREA


2013 2012

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SURVEY FINDINGS


KEY ISSUES OF THE INDUSTRY

With cement prices sliding and no signs of recovery in the short term, controlling costs becomes more important than ever. April

2013 cement price is 10 percent down from a year ago and at this point some companies could be operating with marginal profits. Under this price scenario, it will be a challenge for Indian companies to transfer any future increase in cost to their customers.

About 64 percent of respondents in 2013 classified both cost controlling and improving domestic sales as very important for the company. While in last year’s survey both issues had the same relevance, this year “controlling costs” has surpassed “improving domestic sales” by almost 20 points.

COMPANIES’ AGENDAS MAIN DRIVERS

4% 42% 1%

5% 10%

Alternative fuels

Capacity expansion

Controlling costs

Environmental issues

Finding new export opportunities

What will be your company’s most important theme for the next 12 months?

Q. 20

1220

13 7% 3% 2% 22% 12%3%

5%

7% 30% 3% 6% 29% 10%

Comparative analysis between demographic groups based on type of priority shows that professional staff is the most concerned of the surveyed categories about cost controlling. Senior and middle management share about the same degree of concern for the issues mentioned.

Improving domestic sales

Operational improvement

Securing coal and fuel

Securing limestone

Other

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CEMENT BUSINESS & INDUSTRY INDIA & SOUTH ASIAOctober 9-10, 2013 � Hilton Mumbai International Airport Hotel � Mumbai, India

CBI India & South Asia 2013 Conference will focus on the various aspects of India’s cement industry from a business growth & investment perspective. Notably, the programme will take a dual-track business and technical approach to the issues around:

♦ Market perspective, forecast and competitive outlook

♦ Alternative fuels, new business models

♦ Environmental performance management

♦ Finance and capital markets

♦ Coal as mainstay fuel option and outlook

♦ Efficiency, innovation, new developments

♦ Technology, operations and best practices

GMI GLOBAL

Organized by GMI Global and again with the great support from the India Cement & Construction Materials (ICCM) journal the event is expected to bring together more than 200 cement and lime professionals. GMI is excited to build on the success of CBI India 2012 to expand the scope to include participants from the entire South Asia region this time around.

supported by

Register on-line at www.gmiforum.com or email [email protected] may also call us in the US at +1-203-516-7424

CONFERENCE

india & CONSTRUCTION MATERIALSindiaCemWeek

CEMENT

CBI

cwgrp.com20

SURVEY FINDINGS


5%

11%

35%

3%

22%

11%

3%

5%

5%

4%

8%

31%

8%

4%

31%

4%

4%

8%

2%

4%

53%

2%

18%

18%

2%

0% 20% 40% 60%

Alternative fuels

Capacity expansion

Controlling costs


Finding new export

Improving domestic

Operational


Securing limestone

Other

6%

6%

28%

4%

9%

22%

13%

13%

5%

11%

32%

3%

35%

8%

5%

4%

6%

30%

3%

7%

32%

8%

11%

0% 20% 40% 60%

Alternative fuels

Capacity expansion

Controlling costs


Finding new export

Improving domestic

Operational


Securing limestone

Other

COMPANIES’ AGENDAS DRIVERS BY RESPONDENTS FUNCTIONAL AREA


2013

2012

KEY CHALLENGES FACING THE INDUSTRY

Excess capacity is the main concern in senior management, as 43% of the group

identified it as the biggest challenge to overcome in the next years. Management and professional staff groups also recognized it as the most relevant issue.

In FY 2012 – 2013 estimated utilization rate stood at a disappointing 71 percent from a high 89 percent reached in FY 2009 – 2010.

What is the biggest challenge the Indian cement sector will face in the next few years?

Q.

5%

11%

35%

3%

22%

11%

3%

5%

5%

4%

8%

31%

8%

4%

31%

4%

4%

8%

2%

4%

53%

2%

18%

18%

2%

0% 20% 40% 60%

Alternative fuels

Capacity expansion

Controlling costs


Finding new export

Improving domestic

Operational


Securing limestone

Other

6%

6%

28%

4%

9%

22%

13%

13%

5%

11%

32%

3%

35%

8%

5%

4%

6%

30%

3%

7%

32%

8%

11%

0% 20% 40% 60%

Alternative fuels

Capacity expansion

Controlling costs


Finding new export

Improving domestic

Operational


Securing limestone

Other

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BIGGEST CHALLENGE FOR INDIAN CEMENT SECTOR

10% 34% 4%

Energy Prices

Environment/emissions

Excess capacity

Plant efficiency

Profitability

20135% 6% 20% 6% 4% 6% 6%

Raw materials availability

Regulatory

Securing fuels

Shortage of skilled labor

Other

Profitability was ranked as the second most important challenge by the senior management and professional staff groups, while the management group believed energy prices would remain a concern for the industry over the next period.

The more strategic issue of fuel security was only identified by senior management, while shortage of skilled labor – a more operational aspect, represented the third most important challenge for the professional staff group.

5%

43%

5%

19%

5%

3%

11%

8%

19%

12%

35%

8%

12%

4%

8%

4%

9%

4%

27%

4%

27%

7%

2%

16%

4%

0% 10% 20% 30% 40% 50%

Energy Prices

Environment/emissions

Excess capacity

Plant efficiency

Profitability

Raw materials

Regulatory

Securing fuels

Shortage of skilled

Other

CHALLENGES TO BE FACED OVER THE NEXT FEW YEARS


2013


SURVEY CONCLUSIONS

To sum up, the Indian cement industry has passed another demanding year, and the next period will besprinkled with both challenges and opportunities.

The CW Group and CemWeek Magazine’s 4th Annual India Cement Sector Business Sentiment Survey offers solid insights about sentiments held among industry participants and professionals, its main sectors and regions.

Overall, the last six months’ industry performance was considered reasonable.But as highlighted in the executive summary, a large part of the respondents feel it did not meet their expectations. The industry is almost equally divided between representatives whose expectations remained intact for the period, and respondents with expectations unresolved. This equilibrium will probably continue to hold through the second part of the year.

In order to support business growth, the Indian cement industry’s main three focus areas for the next period will be managing the excess capacity, the improvement of profitability and the level of energy prices – a major change compared to the previous year. All three answers indicate that the industry expects to go through a period of adjustment and that awareness is growing regarding the challenges ahead.

These challenges come both from the outside, through the threats posed by the generally more difficult economic context, but also from the inside, where the time of tough decisions does not look so far away as the year before.

http://cwgrp.com

OCTOBER 7-8, 2013 | MUMBAI, INDIAHILTON MUMBAI INTERNATIONAL AIRPORT HOTEL

The Solid Fuels Summit India 2013 is a focused executive-oriented meeting and networking opportunity for coal and petcoke industry professionals who are involved in the Indian coal and petcoke sectors. The Summit will bring a special dual focus on business and industrial issues and the program will include topics such as:

» Assessing India’s solid fuel needs: coal & petcoke» Solid fuel opportunities beyond today – trinity of sectors» Mining technology & maximizing productivity for coal» Reducing costs through better technology» Petcoke – a threat to Indian coal?» Fuel waste – trash or treasure?» The international trade & bulk handling perspective

ORGANIZED BY GMI GLOBAL WITH THE GREAT SUPPORT FROMCOALWEEK THE EVENT IS EXPECTED TO BRING A FOCUSED GROUP OFCOAL AND PETCOKE INDUSTRY PROFESSIONALS.

REGISTER ON-LINE AT WWW.GMIFORUM.COM OR EMAIL [email protected] MAY ALSO CALL US IN THE US AT +1-203-516-7424

GMI GLOBAL

Mumbai, India

October 7-8, 2013

Register Today!

COAL * PETCOKE * ALTERNATIVE FUELS * FLY ASH

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From simple studies to complex research studies and M&A advice, the CW Group can offer actionable support for cement and building material sectors, as well as other industries with which these intersect, such as coal and fuels.

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