Cemex hit by slumping euro

Mexico’s Cemex, the world’s third-largest cement maker, blamed the slumping euro yesterday for a five per cent cut in its forecast of earnings before interest, taxes, depreciation and amortisation for 2010. Chief executive Lorenzo Zambrano said Cemex expects EBITDA of $2.75bn this year and free cash flow, after maintenance and capital expenditures, of $800m.