Hi Pat: I invested in Cemex a number of years ago. It was attractive because it was an integrated cement company with worldwide distribution. It fell off I assume because of a combination of political problems in Mexico and a decline in construction. Would you recommend still holding on to it?
Cemex S.A.B. de C.V. (ADRs), $11.25, symbol CX on New York (ADRs outstanding: 937.4 million; Market cap: $10.5 billion), is North America’s largest cement maker. Mexico-based Cemex is also the world’s third-largest cement maker, after Lafarge of France and Switzerland’s Holcim.
The company makes and sells cement, ready-mix concrete, aggregates (sand and gravel) and clinker (powdered cement). Its market breakdown consists of Mexico (21% of sales), the U.S. (19%), U.K. (8%), Spain (6%), the rest of Europe (23%), South America, Central America and the Caribbean (9%), Africa and the Middle East (7%), Asia (3%) and others (4%).
In the three months ended March 31, 2010, Cemex’s sales fell 10.2%, to $3.0 billion from $3.4 billion a year earlier (all amounts in U.S. dollars). That’s because the weak global economy continues to depress cement demand. As well, poor weather in the U.S. and Europe slowed construction activity and put further downward pressure on cement prices. As a result, Cemex sold 6% less…
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