Following the country’s economic improvement, construction activity showed the first signs of recovery in 2011, after two consecutive years of contraction. Cement demand increased by an estimated 5%. At the same time, however, cement demand in the neighboring Montenegro, an important market for TITAN Cementara Kosjeric, continued to decline. Higher fuel costs and reduced exports dampened overall profitability, despite improved local market conditions.
Efforts to improve environmental performance continued unabated. The Kosjeric plant was the first industrial facility in Serbia to receive the Integrated Pollution Prevention Control (IPPC) permit. Aiming at stakeholder engagement, the Company launched its website and published its first local annual CSR Report.