Steppe Cement cuts losses

Kazakhstan based cement supplier Steppe Cement knocked down half year losses to $4.6m from $19.5m the year before as demand recovers. Revenue for the six months ended 30 June 2010 rose to $31.6m from $24.8m while average sales price increased from $54 a tonne to $61 a tonne. The Kazakhstan cement market increased by 20% during the first half of the year from a particularly low base in 2009, the group explained. Steppe Cement expects a market of 5.4m tonnes for the full year 2010, an increase of 6% compared to 2009. Prices are expected to increase marginally in the second half of 2010 compared to the first half of 2010. Commenting on the cement market Steppe said, "The residential construction industry is at early stage of recovery as bank lending to real estate companies remains low." "The Kazakhstan government has started a number of infrastructure projects to which the Company is supplying cement including the east west major highway."