Suez Cement Group Management Reduced Pay Initiative

During the last few years, the Egyptian cement industry has been going through very challenging times, caused by oversupply and a sustained decrease in the demand. This has affected Suez Cement group, which has posted negative results during the last periods due to the mentioned negative dynamics. However, it has been able to maintain its market presence thanks to the support of HeidelbergCement, one of the largest cement producers in the world. 
 
On the top of above, the COVID-19 health crisis has contributed to complicate the market conditions, has affected demand and increased our costs. Moreover, it has affected our main shareholder HC, in many countries that have suffered complete shutdowns and that is currently enduring complications in most of the countries that is present.
   
Hence, as a cost saving measure in this uncertain time, the management has agreed to reduce their salary 30% for the managing director and 20 % for the members of the management committee in Q2, 2020.
 
This is another sign of the commitment of the company management to reduce additional costs to secure the future of Suez and show solidarity to its parent company HeidelbergCement.