Carib Cement drops ex-factory price

Caribbean Cement Company Ltd has reduced the ex-factory price of its 42.5 kg bag of cement by 7.5 per cent, following the damage inflicted on the country's infrastructure by tropical depression number 16, which was later upgraded to Tropical Storm Nicole.

The lowering of the ex-factory price, now at $525, is expected to assist with rebuilding efforts, while stimulating the construction sector.

"The construction industry has been in constant decline since the onslaught of the global recession," said Anthony Haynes, general manager of Carib Cement.

Haynes noted that the company was in its 13th consecutive quarter of contractions, while sales were down 31 per cent.

"We've been looking at different avenues in which to get our plans and assets working," he said, adding that minimising inventory was one of the avenues.

Market decline

As the local market declines, the issue of 'dumped' cement from the United States and Dominican Republic, where it is sold at lower prices elsewhere than the home market, continues to plague Carib Cement.

"We have addressed that through the legal channels. (There is) another series of investigations and submissions going on in that regard, and we're providing information as required and looking forward to the ruling in December," Haynes told The Gleaner.

Haynes said countervailing duty on the inexpensive 'dumped' cement in the market are expected to be applied in December.