Business Activity by Segment
In 2011 sales of cement, clinker and cementitious materials declined by 12% to 15.3 million tons.
The sharp decline of construction activity in Greece and the social upheaval in the countries of North Africa which prevented exports, had a strong impact on Group cement volumes. South Eastern Europe and Turkey posted growth, while the U.S.A. remained in recession for yet another year and the market declined in Egypt.
Sales of ready-mix concrete showed more resilience declining by 8% to 3.7 million cubic meters in 2011.
Ready-mix concrete posted strong growth in the emerging markets and also increased in the U.S.A. Growth in these regions offset to a large degree the decline of volumes in Greece.
Sales of aggregates declined by 16% compared to the previous year, reaching 10.9 million tons in 2011.
The decline comes as a result of the dramatic fall of demand for building materials in Greece, cushioned partially by growth initiatives in new applications in the U.S.A. market.