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HeidelbergCement to battle rising costs after Q3 profit drop -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: HeidelbergCement’s logo was taken at its headquarters in Heidelberg (Germany), June 21, 2016. REUTERS/Ralph Orlowski

FRANKFURT – HeidelbergCement, the No. 2 cement maker in the world (DE:), has announced that it is now a program to offset rising costs by at least 500 million euros ($579 million) by 2022. The No. 2 cement producer, announced it had launched a plan to reduce cost inflation to at least 500,000,000 euros ($579 Million) by 2022. This was after rising energy prices led to a 11% fall in the core profit for third quarter.

Dominik von Achten, Chief Executive of the company stated that “the general conditions for the third quarter were extremely challenging because of the extraordinarily high year-on year basis in previous years and the substantial increases in energy prices in recent months.”

He stated that the company was optimistic for the fourth-quarter.

($1 = 0.8632 euros)

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