LONDON (Alliance News) - Kazakhstan-based Steppe Cement Ltd on Thursday said its cement sales fell in the first quarter of 2015, although it made a gain in market share.
Steppe said in the three months to March it sold 190,935 tonnes of cement for KZT2.0 million, down from 192,884 tonnes sold for KZT2.3 million a year earlier.
The company said the cement market in Kazakhstan shrank by 16% in the quarter year-on-year, but said its market share grew to 16% from 14% a year earlier.
Steppe said the average price of delivered cement was down at KZT10,494 per tonne from KZT11,804 per tonne a year earlier.
Steppe said it estimates Kazakhstan's cement market will reduce to 8.5 million tonnes in 2016. Kazahkstan consumed 9.6 million tonnes of cement in 2015.
Shares in Steppe were up 1.4% at 14.45 pence on Thursday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Steppe Cement (STCM)