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 Business News | January 2008 
Mexico's Cemex Sees U.S. Housing Sector Down More
 Chris Aspin - Reuters
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Mexico City - Mexico's Cemex, one of the major players in the U.S. construction industry, said on Tuesday its sees the residential housing sector in the United States continuing on a downward trend in 2008, albeit at a slower pace.
Cemex (CX.N) (CMXCPO.MX) planning and finance chief Hector Medina said on a conference call with analysts that the company's 2008 cement demand from the U.S. residential sector will fall around 18 percent.
"Cement demand from this sector for our markets is expected to be slightly worse than consensus at a decline of about 18 percent," Medina said.
Monterrey-based Cemex's $16 billion takeover of Australia's Rinker last June has helped make up for weak performance in its top market, the United States, which experts fear could stumble into a recession this year.
The world's biggest economy is facing a crisis in the subprime mortgage market that caters to home buyers with poor credit histories.
Cemex, the world's third-biggest cement maker, sees the U.S. industrial and commercial sector volumes falling about 6 percent in 2008 because of declines in project works, Medina said.
Overall, Medina said Cemex forecasts its U.S. cement volumes to fall around 7 percent in 2008, ready-mix volumes to drop about 9 percent and aggregate volumes to decline about 6 percent.
(Editing by Maureen Bavdek) |
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