Compare cement producers on three separate measures: installed capacity, actual cement volumes, and the markets they serve. Then examine costs with care: company-wide cost figures may include activities beyond cement manufacturing, while energy, freight, product mix, and local competition can make regional economics very different. Use the same reporting year, units, product scope, and business perimeter wherever possible; the examples below illustrate a method, not a universal company ranking.
Start by separating capacity, output, and sales
These measures answer different questions. Installed capacity indicates the theoretical scale of production assets. Production records what those assets made during a period, while sales records what the company sold. They should not be treated as interchangeable.
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Installed capacity is a ceiling, not a volume forecast
Cemex defines installed capacity as theoretical annual production capacity and notes that its reported figure may include temporarily closed plants. It also says capacity can vary with product mix. For 2025, Cemex reported 78.0 million tons of annual installed cement production capacity. This is the company’s reported theoretical capacity, not a claim that it produced or sold that quantity. Cemex 2025 Form 20-F
Match capacity with same-period cement volumes
Cemex reported cement sales of 48.0 million tons in 2025. Comparing that figure with installed capacity gives a useful first look at the gap between nominal scale and sales, but it does not by itself establish plant utilization. Sales and capacity may not cover identical assets, products, periods, or reporting perimeters; production and sales also differ because of inventory and trade. Use a utilization rate only when the company provides a suitably matched production numerator and capacity denominator, or when the definitions support a transparent calculation.
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Before comparing producers, check whether capacity refers to cement grinding, clinker production, or another stated basis. Grinding capacity and clinker capacity describe different stages of the process. Record the company’s own definition rather than treating every “capacity” figure as equivalent.
Compare costs only after checking what they include
A company’s cost-of-sales line is not automatically the cost of making one ton of cement. Cemex’s 2025 reporting description includes depreciation, amortization and depletion of production assets, plant storage, freight on raw materials, and delivery expenses for its ready-mix concrete business. Those items make a broad company cost line unsuitable as a cement-only unit-cost measure without further breakdown. Cemex 2025 filing exhibit
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Build a like-for-like cost comparison
- Define the product: establish whether the figure covers cement alone, clinker, cementitious materials, ready-mix concrete, aggregates, or a wider group.
- Check the cost boundary: identify whether the measure includes depreciation, plant storage, inbound freight, outbound delivery, or downstream business costs.
- Align the denominator: a per-ton figure is meaningful only if its tonnage uses the same product scope and business perimeter as the cost numerator.
- Keep periods and currencies consistent: use the same reporting year and currency treatment, and note material changes in exchange rates or the company perimeter.
- Look beyond the group average: energy and fuel exposure, logistics, local prices, and regional competition can affect results differently across markets.
If an annual report does not disclose cement-only cost per ton on a comparable basis, do not manufacture one by dividing a broad cost line by a cement sales figure. Describe the disclosed measure accurately and state its scope.
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A country count can obscure the difference between owned production and commercial activity. Separate physical operations from places where a company sells or trades materials.
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Classify the footprint
- Owned or controlled operations: plants, subsidiaries, and other assets the company identifies as part of its operating footprint.
- Other operating arrangements: joint ventures, leased facilities, or other interests, where the report distinguishes them.
- Sales markets: regions where the company reports sales, which need not contain its own plants.
- Exports and trading: cross-border sales or trading volumes, which demonstrate commercial reach but not ownership of local production assets.
- Third-party supply: distinguish materials sourced from others from output produced at company facilities when the reporting allows it.
Cemex reported operations across Mexico, the United States, Europe, the Middle East and Africa, and South and Central America and the Caribbean in 2025. It also reported trading roughly 12 million tons of cementitious and non-cementitious materials in more than 65 countries that year. The trading figure describes commercial activity; it is not a count of countries where Cemex owns cement plants. Cemex 2025 Form 20-F
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Use regional reporting to understand local economics
Group totals can hide market conditions that push prices, volumes, or costs in opposite directions. Regional disclosures help explain those differences, but they are not automatically comparable across companies: segment boundaries and business mixes may vary.
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Heidelberg Materials reported that cement and clinker volumes in its Asia-Pacific area remained at the prior-year level in 2025. Its Indonesia discussion described slightly weaker demand, excess capacity and price pressure, alongside a weaker rupiah. The company also described countermeasures including efficiency improvements, alternative fuels, cost discipline, and logistics optimization. These details show why a regional operating narrative can add context to group-level volumes and costs. Heidelberg Materials Annual and Sustainability Report 2025
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Financial and operational indicators also need to stay in their proper categories. Holcim reported 2025 Europe net sales of CHF 8.5 billion, recurring EBIT of CHF 1.5 billion, and a recurring EBIT margin of 17.0%. It also reported Scope 1 emissions of 440 kg net CO₂ equivalent per ton of cementitious materials. These figures illustrate regional financial and environmental reporting; none is, by itself, a cement production cost per ton. Holcim 2025 Annual Report
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Use a consistent comparison worksheet
| Dimension | Record | Questions to resolve |
|---|---|---|
| Capacity | Installed cement capacity and definition; clinker or grinding basis; period and unit | Is it theoretical? Does it include closed plants? Does the figure cover the same assets as the volume measure? |
| Volumes | Cement production and/or sales, separately, for the same reporting year | Are products, entities, and geography aligned? Could inventory or trading explain a difference? |
| Costs | Disclosed cost measure, unit, currency, and included business lines | Are freight, depreciation, storage, ready-mix, or other activities included? Is the tonnage denominator comparable? |
| Market reach | Operating assets, arrangements, sales regions, exports, and trading activity | Does presence mean owned production, a partnership, sales, or supply through trade? |
| Reporting basis | Year, filing definition, segment scope, currency, and company perimeter | Did acquisitions, divestitures, closures, new lines, or segment changes alter the comparison? |
For each entry, retain the exact report definition and page or segment reference in your working notes. If an item is not disclosed, mark it as not stated rather than inferring it from a different measure. Use the newest annual filings available for the companies and verify that significant asset or reporting changes have not made older figures misleading. Cemex’s filings are available through its 2025 Form 20-F and related filing exhibit; Heidelberg Materials maintains an annual report archive.
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