Seize the low-carbon emission market! Taiwan Cement has invested 6.05 billion yuan in Turkey and Portugal.

Taiwan Cement recently held a press conference to announce that it will expand its investment in low-carbon cement markets in Europe, Asia and Africa with a maximum amount of NT 26.6 billion yuan (equivalent to about RMB 6.05 billion yuan), and intends to increase its shareholding in Turkey's OYAK Cement Joint Venture Company from 40% to 60%. The stake in Portugal's Cimpor Cement Joint Venture increased from 40% to 100%. The expansion of the shareholding is mainly focused on OYAK and Cimpor's low-carbon cement R & D and production technology, and is expected to complete the transaction process by the end of the first quarter of 2024.

Taiwan Cement established a joint venture with Turkey's OYAK in 2018 and invested in Portuguese cement company Cimpor through this joint venture. Since then, its performance has been booming, with net profit after tax increasing by 6 times and profit before depreciation and amortization (EBITDA) before interest and tax increasing by 5 times in the past five years. Moreover, the joint venture between Taiwan Cement and OYAK is the first cement company in Turkey to announce a net zero commitment. In recent years, Cimpor has obtained ultra-low-carbon alternative raw materials and fuels in Africa. Compared with traditional cement, carbon emissions can be reduced by more than 40%, achieving the lowest carbon cement production in the world, which is expected to lead the world cement industry. Chang An-ping, chairman of

Taiwan Cement, said that low carbon is definitely an international trend, and companies that do not understand carbon will not be able to move forward in the future. By increasing investment in OYAK and Cimpor cement, Taiwan Cement is expected to become one of the few major suppliers of the lowest carbon cement in the world, with a high degree of carbon competitiveness.

Taiwan Cement pointed out that imported cement accounts for a certain proportion of the European cement market for a long time. In the future, the European Union will implement the carbon border tax adjustment mechanism (CBAM). Whether local cement or imported cement, low carbon will become the main competitiveness to enter the European market.