Displaying items by tag: Vulcan Materials

US: Vulcan Materials has secured approval from the Texas Commission on Environmental Quality for its upcoming aggregates quarry in Comal County. The approval is based on the company’s water quality protection plan for the 607 hectare site situated in the Edwards Aquifer recharge zone, which supplies water to 2 million people. The plan involves the use of vegetation strips, berms and flood plain areas, while excavating a total 387 hectare (64%) of the site in nine successive stages.

Vulcan Materials said that it plans to operate the site in a ‘safe, socially and environmentally responsible’ manner, and will ‘protect and conserve’ water.

US: Vulcan Materials raised its sales by 6.4% year-on-year in 2023, from US$7.32bn to US$7.78bn. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 24% to US$2bn, while its profit grew by 25% to US$1.95bn. Vulcan Materials’ full-year concrete volumes dropped, during which time it also divested some concrete operations. Altogether, the producer plans to invest US$625 – 675m in maintenance and growth projects in 2024.

Chair and CEO Tom Hill said "We carry momentum into 2024, and our focus is the same - compounding unit margins through all parts of the cycle and creating value for our shareholders through improving returns on capital."

US: SRM Concrete has borrowed US$300m as an add-on to its senior secured term loan. Moody's Investor Services reported that part of the funds will pay off SRM Concrete's US$130m seller note issued for its acquisition of USC Atlantic from Vulcan Materials in November 2022.