...March 28, 2024 S&P Global Ratings expects Holcim's business performance will be resilient in 2024, despite the weak macroeconomic environment. We predict Holcim's sales in 2024 will continue to benefit from effective pricing strategy, notwithstanding current reduced cost inflation. Still, we do not anticipate a significant cement price increase in the sector in 2024. Holcim should benefit from modest volume growth in both North America and Latin America reflecting supportive demand in both infrastructure and nonresidential segments. In the U.S., growth is supported by onshoring activities and investments in the energy sector. Instead, we anticipate 4%-6% volume drop in Europe, reflecting a generally weak building construction sector. Stimulus projects, such as the U.S. and Europe infrastructure bills, should offer upside potential for orders. Furthermore, Holcim should benefit from a continued scaling-up of its low-carbon product offering and increasing exposure to value-added building...
