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Green Transition

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FLSmidth Cement has launched a new website as it is transforming into a leaner pure play company, focussing on what is needed to achieve sustainable growth. In conversation with Christopher Ashworth, the new President of FLSmidth Cement.

“FLSmidth began with a focus on cement, building our first plant back in 1887,” Ashworth began. “Our mining and mineral processing business is a much more recent development in comparison. Over the past few years, the market outlook for these two industries has diverged significantly. We therefore came to the view that keeping them together benefitted neither and so made the decision to go forward on a pure play basis.”
A quick look at the market context for cement and mining makes the case. Demand for metals and minerals is expanding and will continue to do so – in large part due to the green transition. Cement faces a more complex outlook. It undoubtedly remains a critical building material with a key role in delivering both the green transition and sustainable development goals. Yet overall demand is unlikely to grow significantly. The industry must also vastly reduce the around 7 per cent of global CO2 emissions for which it is currently responsible.
Ashworth is not one to be daunted by such challenges, having been instrumental in several transformations over his career, most recently as Managing Director of Eurotherm, a supplier of process automation and power control systems to the glass industry. Here he successfully positioned the company for sustainable growth through the dynamics of green industrial transformation in glass manufacturing.
“FLSmidth made its name as a full flowsheet provider of cement plants,” he continued. “It is a history that we value and will continue to build on. But today’s cement market is a vastly different world with vastly different challenges than what has gone before. It therefore requires a different operating paradigm that moves away from a projects-based approach to focus on specific products and services. The pure play strategy thus frees us to adapt to the specific market challenges facing the cement industry by prioritising the supply of our core solutions to facilitate sustainable growth within the context of the green transition.”
It is a strategy that will play out in three distinct ways. Existing equipment will be upgraded and optimised to raise efficiency, improve productivity, and reduce emissions. “We will bring past installations into the future,” said Ashworth. “Meanwhile, new CAPEX installations will focus on our core line of products and emerging green technologies such as calcined clay and our FUELFLEX® Pyrolyzer. The third element is future facing. Our R&D department will continue to work with external partners to deliver the next generation of
green technologies.”

Greening the existing fleet
We might live in a throwaway society – but a cement plant is anything but that. These are assets that represent significant long-term investments. One of the key challenges when it comes to reducing the cement industry’s carbon footprint is thus what to do with existing plants, many of which have decades of operating life left in them. “These plants want to be green!” said Ashworth. “Our job is thus to support them on that journey with a range of services and upgrades that improve operational performance and reduce environmental footprint.”
A good example of this approach is the FEEDflex™ upgrade for Pfister DRW rotor weighfeeders. By allowing a much lower minimum feed rate (down from 1 tph to just 60 kg/h) of coal through the weighfeeder, with no change to the upper limit, plants can maximise their use of alternative fuels without impacting their fallback ability to use coal when circumstances require.
Our automation and plant control systems also illustrate how technology must evolve, sometimes dramatically, at existing sites. Way back in 1969, we pioneered the use of software to optimise cement production and today continue to introduce the latest functionality as evidenced in our launch of ECS/ProcessExpert® V9.0 advanced process control software. We are committed to invest and advance our technology so that existing installations can also maximise their participation.
“We now have our own digital leadership team free to focus on delivering cement-specific smart and connected services to our clients,” continued Ashworth. “But we are also embracing the latest digital solutions internally to deliver a more efficient manufacturing and supply chain with greater visibility on procurement and operations.”
Beyond equipment and digital solutions, services such as the company’s reliability-centred maintenance (RCM) services play a key role when it comes to achieving the most from existing assets.

CAPEX today for a greener future
Upgrades and services to existing installations only provide part of the cement industry’s decarbonisation journey, however; new CAPEX in the latest green technologies will also be necessary. FLSmidth Cement offers a number of emerging solutions that will help deliver substantial reductions in carbon emissions. Solutions like
our calcined clay technology or the innovative FUELFLEX pyrolyzer, which allows plants to burn up to 100 per cent alternative fuels in the calciner, while also reducing NOx emissions, are two key examples.
“There is growing interest from the industry in these types of innovative technologies,” said Ashworth. “The first FUELFLEX is already operational at the Mannok Cement plant in Ireland, with a second installation expected to come online later in the United States. Furthermore, we are eagerly looking forward to the commissioning of the two calcined clay lines at the Ciment Vicat Xeuilley plant in France and CBI-Ghana, both orders having been announced previously.”
The focus on emerging technologies complements and enhances the company’s core product lines: from its efficient and flexible OK™ vertical roller mills to its industry-leading pyroprocessing equipment and successful Ventomatic® bagging and packaging lines. “The pure play approach is guided by the market and thus prioritises those product lines where we see strong future demand and can offer competitive advantage,” concluded Ashworth. “Importantly, these also tend to be those that have a strong sustainability narrative.”
The focus on core products also resulted in the realisation that some existing product lines would be “better served elsewhere, just as we – as FLSmidth Cement – are served better as a pure play cement company,” explained Ashworth. This has led to the divestment of both Airtech air filtration and MAAG Gears businesses. “Divestment will allow these great businesses to thrive and grow in directions that simply weren’t possible when they were part of our organisation; it also allows us to simplify our business and focus our time and investment on our core priorities.”

Creating the green technologies
The final foundation of the new FLSmidth Cement organisation looks beyond what is possible now to innovate the green technologies of the future. A key part of this will be collaboration with external partners, as is already occurring
with projects such as the DETOCS research consortium. Here FLSmidth Cement is working with a number of academic institutions to use digitalisation and advanced predictive modelling to maximise the use of SCMs in cement. Other current partnerships focus on the development of new SCMs, electric clay calcination, oxyfuel technologies, concrete waste upcycling, and the next-generation FUELFLEX.
“R&D remains an integral part of who we are, FLSmidth Cement,” said Ashworth. “We are committed to delivering the next generation of green cement technologies. We will continue to work both with external research institutions and funding organisations to see these technologies come to commercial realisation.”

It is always about the people
Ashworth saved his final remarks for the heart of any business: the people. “Many organisations going through significant change struggle with enthusiasm. But that does not describe my experience of FLSmidth Cement and that is all down to the quality of people we have here! My job is to nurture that to create a company that remains adaptable and fit for the future of the cement industry. Pure play makes that possible: it provides the best framework for success. But it is the people that will achieve it.”

(Communication by the management of the company)

Concrete

JSW Paints to Raise Rs 33 Billion for Akzo Nobel India Deal

Funds to part-finance Rs 129.15 billion acquisition of 74.76 per cent stake.

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JSW Paints Limited (JSWPL) plans to raise Rs 33 billion through non-convertible debentures (NCDs) to partly fund the Rs 129.15 billion acquisition of a 74.76 per cent stake in Akzo Nobel India Ltd, according to an exchange filing. The deal, which will trigger an open offer for the remaining shares, forms part of the JSW Group’s Rs 65 billion capital infusion plan.

The bonds, to be issued on Friday, are rated ‘AA– (Stable)’ by ICRA, which noted that the NCDs will carry a five-year bullet repayment, with a call/put option after three years. Only a portion of the coupon will be paid annually, with the balance payable upon redemption.

ICRA said JSW Paints’ debt servicing obligations can be comfortably met through operating profits and dividends expected from Akzo Nobel India until maturity. However, it cautioned that the company’s leverage will remain elevated at over four times in the medium term.

JSW Paints, part of the JSW Group promoted by Sajjan Jindal and led by Managing Director Parth Jindal, plays a strategic role in supplying industrial coatings to JSW Steel. To date, JSW Steel has infused Rs 7.5 billion, while South West Mining Ltd has contributed Rs 1.5 billion towards capital expenditure, debt repayment, and working capital needs.

ICRA expects continued promoter support for the acquisition, which will be financed through a mix of borrowings and equity infusion at the JSW Paints level.

Post-acquisition, JSW Paints’ business profile is expected to strengthen significantly, benefiting from operational synergies, an expanded dealer network, and access to advanced coating technologies. The merger will position the combined entity — JSW Paints and Akzo Nobel India — as India’s fourth-largest decorative paint company and second-largest in the industrial segment. The acquisition will also give JSW access to premium brands like Dulux and new segments such as vehicle refinishes and marine coatings.

In FY25, JSW Paints recorded revenues of Rs 21.55 billion. The company expects a sharp rise in FY26 and beyond, supported by synergies in manufacturing, logistics, and marketing. ICRA projects healthy double-digit operating margins by FY27, marking a strong turnaround from operating losses in FY25.

The acquisition, initially announced in June 2025, valued the 74.76 per cent stake at Rs 94 billion and received Competition Commission of India (CCI) approval on 16 September 2025. The deal is expected to close within the current financial year.

Following the transaction, the Dutch parent company of Akzo Nobel India will retain the powder coatings business and R&D centre, while JSW Paints will integrate the rest of the operations.

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Concrete

SAIL Bokaro Develops New Electrical Steel Grade

BSL produces 1,100 tonnes of energy-efficient special steel.

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Steel Authority of India Limited (SAIL) has announced that its Bokaro Steel Plant (BSL) has developed a special grade of electrical steel for the first time, marking a significant milestone in the company’s efforts to expand its portfolio of high-value and advanced steel products.

The newly developed steel is designed for use in electric motors, generators, small power transformers, electrical appliances, and rotors for hybrid and electric vehicles, contributing to enhanced energy efficiency and supporting India’s growing green mobility and energy infrastructure sectors.

In a statement, SAIL said, “The Bokaro Steel Plant has achieved a major milestone in product development by successfully producing about 1,100 tonnes of 0.5 mm thick IS 18316 LS Grade Non-Grain Oriented (NGO) Electrical Steel for the first time.”

The innovation is expected to position SAIL as a key domestic supplier of specialised electrical steel, reducing dependence on imports for critical industrial applications. It also aligns with the company’s broader strategy to move up the value chain and contribute to India’s self-reliance in advanced materials manufacturing.

The Bokaro Steel Plant’s success in developing this new grade of steel underscores SAIL’s focus on technology-driven production, quality enhancement, and sustainable industrial growth.

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Concrete

Steel Ministry to Launch Third Round of PLI Scheme

New PLI phase to boost specialty steel output and cut imports.

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The Ministry of Steel, Government of India, is set to launch the third round (PLI 1.2) of the Production Linked Incentive (PLI) Scheme for Specialty Steel, a flagship initiative under the Atmanirbhar Bharat vision. The launch will be led by Union Minister for Steel and Heavy Industries H.D. Kumaraswamy, in the presence of senior officials and industry stakeholders.

Approved by the Union Cabinet in July 2021 with an outlay of Rs 63.22 billion, the PLI Scheme aims to transform India into a global manufacturing hub for high-value, advanced steel grades. The scheme incentivises incremental production, investment, and innovation across selected product categories to enhance domestic value addition and reduce import dependence in critical sectors such as defence, power, aerospace, and infrastructure.

So far, the PLI Scheme has attracted a committed investment of Rs 438.74 billion, of which Rs 229.73 billion has already been realised, resulting in the creation of over 13,000 jobs under the first two rounds.

The scheme covers 22 product sub-categories, including super alloys, cold-rolled grain-oriented (CRGO) steel, alloy forgings, stainless steel (long and flat products), titanium alloys, and coated steels.

Under PLI 1.2, incentive rates will range from 4 to 15 per cent, applicable for five years starting from FY 2025–26, with payouts beginning in FY 2026–27. The base year for pricing has been revised to FY 2024–25 to better reflect prevailing market trends.

The third round of the PLI Scheme represents another significant step in advancing India’s self-reliance in specialty steel production, encouraging technological upgradation and private sector participation in one of the nation’s most vital industrial sectors.

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