LONDON (Alliance News) - Kazakhstan-based Steppe Cement Ltd Tuesday said its cement sales fell in the first quarter of 2015 and it lost market share.
Steppe said it sold 192,884 tonnes of cement in the quarter for KZT2.3 million, down from 198,607 tonnes sold for KZT2.5 million a year earlier.
The company said the cement market in Kazakhstan grew 8% in the quarter year-on-year, but said its market share fell to 15% from 17% a year earlier.
Steppe said the relative strength of the Kazakhstan tenge against the ruble has meant local cement producers have lowered prices in order to maintain market share. But Steppe said it decided against competing aggressively for market share in the quarter, adding it will continue to review its strategy on a monthly basis dependent on macroeconomic conditions and competition in the local market.
Shares in Steppe were untraded Tuesday, having last traded at 27.50 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Steppe Cement (STCM)