In Bulgaria, cement demand stabilized after two years of sizeable contraction.
The slowdown of residential and commercial activity was offset by the increased pace of investment in infrastructure projects. Ready-mix sales posted strong volume growth but lack of liquidity in the market and fierce competition impacted profitability.
Within the context of TITAN’s stated goal to reduce its carbon footprint, the Group invested €5.7 million in a new alternative fuels installation at the Zlatna Panega cement plant, for the processing and heat recovery from municipal waste. The new installation was successfully commissioned in August 2011.