European cement companies fall on German calls to delay EU emissions policy
12/02/2026 14:03
** European cement companies fall as Germany calls for revision or delay to EU's emissions trading system, sending carbon prices lower ** Shares in Heidelberg Materials HEIG.DE, Holcim HOLN.S and Buzzi BZU.MI down 5.2%-6.0% ** Carbon regulation has been a "positive" for sector, according to Berenberg, firstly, as companies improved pricing to ensure costs are recovered, and secondly, by improving utilisation rates as less efficient plants were closed ** "Given these positive regulatory-driven financial outcomes, it would therefore be rational to view any dilution or delay to carbon regulation as a net negative for the larger European companies," Berenberg says ** "Any changes to timing and/or implementation of such regulation would have a commensurate impact on the shape of cement pricing and utilisation," they add (Reporting by Samuel Indyk, editing by Alun John)