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Cement industry in a worse slump than ’06
16/12/2008 12:00
Image General Manager of Caribbean Cement, Anthony Haynes says the industry is now experiencing a slump worse than the 2006 cement crisis. Mr. Haynes, who was speaking at a Rotary Club meeting on Thursday, said Caribbean Cement supplied 189,000 tonnes of cement to the market during the March to May 2006 crisis in which tonnes of poor quality cement was recalled.
Meanwhile in the last three months of this year, only 184,000 tonnes were supplied, 41,000 less than the amount it supplied in the same period in 2007.
According to Mr. Haynes, the drop in supply of cement is due to poor decisions made regarding trade coupled with the global financial meltdown.
He said the 90% anti-dumping duty for Chinese cement and the waiver of the 15% Common External Tariff were responsible for the competitive advantage the Chinese cement now has.
Mr. Haynes says prudence and fiscal discipline will be required from his company in order to cope with the financial problems being experienced world wide.
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