Despite losses, TCL intends to maintain cement prices for now

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Despite losses, TCL intends to maintain cement prices for now

Trinidad Cement Ltd (TCL) has given the assurance that it will maintain its prices at this time.

This comes on the heels of the Prime Minister’s condemnation of some hardware dealers on Saturday, who have been engaged in price gouging on cement.

In a media release, TCL says the company suffered significant losses due to the impact of the Government’s COVID-19 Regulations to safeguard the nation. However, it acknowledged other sectors, including construction, suffering the same difficulties.

TCL said it has not sold cement to the local market since May 8, except for directly supplying three essential construction projects at the government’s request.

However, they company said it awaits the Government’s approval to resume sales once it is safe to do so. TCL’s silos and warehouses are currently fully stocked and ready to supply at that time.

While some costs increased due to the pandemic, TCL said it is more resilient to international volatility. It is as the company uses local raw materials and labour to produce approximately 95 per cent of its cement, which it claims its strength as a local manufacturer.

“That price stability has not happened in other imported construction materials such as steel or lumber, among others. However, in the future, in the event of an increase in the cost of contributing factors of production, the company will need to revisit its prices. It is especially in times like these that we must all support each other and help to rebuild a stronger economy as soon as it is safe to do so.”

TCL added “By supporting construction through stable pricing, we are also helping to push other sectors forward. The construction industry plays a key role in the local economy and CEMEX/TCL continues to be an integral contributor to that sector.