November 8, 2018 / 6:06 AM / in 9 days

HeidelbergCement to cut costs, spending to counter U.S. woes

FRANKFURT, Nov 8 (Reuters) - HeidelbergCement on Thursday said it would cut costs and investments, only weeks after the world’s second-largest cement maker slashed its profit outlook on a weak U.S. construction market and higher-than-expected energy costs.

The group said it was eyeing 100 million euros ($114 million) of administrative costs savings over the next two years, while annual growth investments would be capped at 350 million euros in 2019 and 2020.

($1 = 0.8746 euros)

Reporting by Christoph Steitz; Editing by Maria Sheahan

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