| | |  Business News 
Mexico's Cemex Sees Slow U.S. Economic Recovery
 Gariela Lopez - Reuters
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September 22, 2010
Monterrey, Mexico - Mexican cement-maker Cemex, the world's No. 3 producer, said demand in the United States is not growing as fast as expected but that it would maintain its 2010 growth projections for now.
Fernando Gonzalez, Cemex's executive vice president for planning and finance, told reporters on Tuesday that the U.S. market has been growing since March.
"We had hoped .... for a relatively quick recovery but that is not happening. So the estimates that called for double-digit growth in 2010, 2011 and 2012 have been cut somewhat but are still positive," he said.
Cemex shares have faced selling pressure in recent weeks as investors reassess the company's prospects amid a slower-than-anticipated economic recovery in the United States, its largest market.
The Monterrey-based company has twice cut its goal for growing its earnings before interest, taxes, depreciation and amortization (EBITDA) this year. Since July Cemex has forecast EBITDA of $2.65 billion for 2010, down from its original projection of $2.9 billion.
Gonzalez said Cemex was not considering a further reduction in its EBITDA goal at this time.
Cemex shares rose 0.37 percent in Mexico City on Tuesday to close at 10.79 pesos while in New York its American Depository Receipts rose 0.96 percent to $8.45, boosted by better than expected housing starts data in the United States.
(Writing by Robert Campbell; Editing by Dhara Ranasinghe)
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