Black Hill It is the company that controls almost half of the cement market in Argentina. It was founded by the Fortabat family in 1926 and has offices throughout the country, including one in San Juan. The firm was sold in 2005 to Camargo Correa and now there has been a new change of hands. The Brazilian Companhia Siderúrgica Nacional will be in charge of the operations. Business information indicates that there will be no changes in production plants.
Loma Negra was owned by the Brazilian group Camargo Correa, which acquired it in 2005 from the Fortabat family. And now another Brazilian giant has taken over the Argentine operation. This is Companhia Siderúrgica Nacional (CSN), the main steel company in Brazil, which is among the largest in Latin America.
The purchase will be 100% of the shares and includes the production plants in Buenos Aires (located in Olavarría), Neuquén and San Juan (Marquesado). Loma Negra confirmed that the negotiations with the Companhia Siderúrgica Nacional are advanced, which was communicated to the National Securities Commission. Apparently the sale will close at US$700 million.
Loma Negra has been experiencing difficulties in its operation since the beginning of 2023, affected by a decrease in income from the Cement and Railway segments.
Camargo Correa’s decision to sell this subsidiary is part of a global divestment plan in search of more profitable and efficient options. For this reason, in June 2023 it announced an agreement with the Chinese company Huaxin Cement Co to sell its operations in Mozambique and South Africa.
In 2019 Black Hill stopped its operations in San Juan. There were union negotiations, led by AOMAwhich ended up paying off and the company returned to production.
