Cemex receives $600 million payment for Venezuela nationalization

Mexico's Cemex S.A.B. de C.V. announced recently that it has received payment of US$600 million from the Government of the Bolivarian Republic of Venezuela and its public entity Corporación Socialista del Cemento, S.A. as compensation for the nationalization of Cemex Venezuela, S.A.C.A. In addition, US$154 million of accounts payable by Cemex subsidiaries to Cemex Venezuela have been cancelled.

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PCA Board elects slate of directors

The Portland Cement Association Board of Directors elected officers and a new slate of directors for the coming year at its Annual Meeting on November 15. Aris Papadopoulos (Titan America), was re-elected to serve as chairman of the Board and Sylvain Garnaud (Lafarge North America) as vice chairman of the Board.

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Cement Totals

Total shipments of portland and blended cement in the United States and Puerto Rico were about 7.9 million mt in August 2011, according to the U.S. Geological Survey. This was 8.0% higher compared with shipments for August 2010. Total shipments for the year through August were approximately 46.7 million mt, slightly higher compared to the same period in 2010.

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