The world's leading cement producers have warned that the construction industry in developed markets will undergo a “painful adjustment” as rising government debt leads to a squeeze on infrastructure spending.
Demand for cement, the main ingredient of concrete, has fallen sharply on both sides of the Atlantic in the past two years, leading producers to focus on expanding in emerging markets.
Markus Akermann, chief executive of Holcim, the world's second-largest cement producer, said: “It will be at least three to five years until building materials markets in the most hit mature economies return to their peaks.”
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