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Aggregates Market Investigation

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Aggregates Market Investigation LAFARGE AGGREGATES LIMITED AND LAFARGE CEMENT UK LIMITED OVERVIEW SUBMISSION IN RESPONSE TO THE COMPETITION COMMISSION’S STATEMENT OF ISSUES NON-CONFIDENTIAL VERSION April, 2012 K&E 91146101.1 OVERVIEW SUBMISSION IN RESPONSE TO THE COMPETITION COMMISSION’S STATEMENT OF ISSUES 1. This Submission is made by Lafarge Aggregates Limited and Lafarge Cement UK Limited (together, “Lafarge”) in response to the Competition Commission’s (“CC”) Statement of Issues dated 8 March 2012. A. Executive Summary 2. The timing of the CC market investigation into the supply or acquisition of aggregates, cement and ready-mix concrete (“RMX”) (the “MIR”) presents a series of challenges for both the CC and market participants, including Lafarge: Market Decline. The MIR takes place against the backdrop of an economic downturn since 2008 which has been longer and more severe than any experienced by the construction materials industry within the last 30 years. The reduction in volumes has accelerated again in 2012 with year-on-year declines for the first quarter in excess of 10 per cent for aggregates and RMX, while GB cement volumes appear likely to decline or to remain flat at best in 2012. Industry forecasts do not predict any change in these trends before at least 2014, at which point demand is expected still to remain below levels seen in 2009. Any potential improvements will develop from a low base, resulting in sustained and significant levels of overcapacity. Combination of Lafarge and Tarmac. Lafarge announced in February 2011 the proposed combination of its UK construction materials business with that of Tarmac Limited (the “Proposed JV”). As the Inquiry Group will be aware, the Proposed JV is currently subject to a parallel CC investigation (the “Merger Investigation”) in respect of which the CC is due to issue its Final Report by 1 May, 2012. Should Lafarge be successful in obtaining approval for the Proposed JV and implementing the required divestments, the structure of its UK business, as well as the dynamics of the relevant UK markets more generally, will be substantially impacted. In particular: Lafarge’s current UK business is heavily focused on the production and supply of cement, with significant gaps in the national coverage of its aggregates, asphalt and RMX businesses. The Proposed JV will allow Lafarge to attain national coverage and a more diversified product mix. The Proposed JV will give rise to valuable synergies estimated at around £[REDACTED] million per annum, representing almost [REDACTED] per cent of combined EBITDA. Around [REDACTED] per cent (£[REDACTED] million) of the total synergies estimate is represented by procurement synergies and logistics savings, which will result in a reduction in variable costs for the Proposed JV. It is expected that customers will benefit from the logistics savings and enhanced product portfolio of the Proposed JV which are central to the expected synergies. K&E 91146101.1 Lafarge invests around €150 million annually in research and development (“R&D”) to develop innovative products that deliver lower construction costs for consumers. By making this R&D available to the Proposed JV, Lafarge will be able to extend its range of value-added products (“VAPs”) across the UK as a result of the network of RMX plants that will be available to the Proposed JV.1 New Market Entry. In its remedy discussions with the CC relating to the Proposed JV, Lafarge and its joint venture partner, Anglo American plc, have offered to divest a significant package of cement, RMX and aggregates assets (the “Remedies Package”). Should the CC approve the Proposed JV on the basis of the Remedies Package, the relevant markets will benefit not only from the synergies created by the Proposed JV, but also from the creation of a fourth national cement producer with significantly greater cement capacity and external cement sales than Tarmac today. Further, the scale of the proposed RMX volumes in the Remedies Package is substantial, such that a single purchaser of the divested volumes would become GB’s third largest RMX supplier nationally, and significantly larger than the Proposed JV itself. 3. The MIR therefore requires the CC to reach a definitive view on the competitive effects of features of the reference markets at a time when the structure of each of the relevant markets is in a state of considerable change. During the period of the MIR, Lafarge would hope to be in a position - subject of course to the outcome of the Merger Investigation - to negotiate the sale of the Remedies Package to one or more buyers acceptable to the CC. While Lafarge would expect to complete these asset sales, and to implement the Proposed JV, within the period of the MIR, it is unlikely that the competitive benefits that are expected to flow from the Proposed JV will be fully observed. Lafarge invites the Inquiry Group to consider the implications of this evolving market dynamic for the conduct of the MIR. B. Lafarge 4. Lafarge S.A. (www.lafarge.com) is a limited liability company incorporated and headquartered in France and listed on the Paris Stock Exchange. In 2011, Lafarge S.A. generated total revenues of €15,284 million, of which 65.3 per cent was derived from its global cement operations and 34.2 per cent from the supply of aggregates, concrete and related products (“A&C”). 5. Within the United Kingdom, Lafarge’s business has been developed through two major acquisitions: The acquisition of Redland plc in 1997; and The acquisition of Blue Circle Industries plc in 2001. 6. Today, Lafarge’s operations in GB include four cement plants, 43 aggregates sites and 96 RMX plants. It has limited activity, however, in the west of the country. Following implementation of the Proposed JV, Lafarge will retain four cement plants 1 Around [REDACTED] per cent of Lafarge’s current RMX sales are VAPs. K&E 91146101.1 (including Tarmac’s Tunstead plant in place of Lafarge’s Hope cement works), [REDACTED] aggregates sites and [REDACTED] RMX plants, providing the Proposed JV with national reach. Maps illustrating the plant network of Lafarge today and of the Proposed JV are included at Annexes 1 and 2 respectively. 7. In 2011, Lafarge’s UK business revenues totalled £[REDACTED] million. Of this, [REDACTED] per cent was derived from the production and supply of cement, and [REDACTED] per cent from its A&C business. C. Background on the Referred Markets 8. The MIR takes place in the context of an economic downturn which is longer and deeper than any experienced by the construction industry within the last 30 years. 9. Figures 1 to 4 below illustrate, for each of aggregates, asphalt,2 RMX and cement, long-term trends in production volumes since 2000.3 (a) Aggregates 10. The supply of aggregates in GB experienced consistent growth throughout the 1980s, peaking in 1989 at a total production volume of around 332 million tonnes. During the recession of the early 1990s, the industry experienced a sharp decline, then remained relatively static through to 2007, although during this time, the growth in the share of recycled aggregates led to a decline in primary aggregates production. Between 2007 and 2009, demand for aggregates fell dramatically, from 280 million tonnes in 2007 to 203 million tonnes in 2009 (a decline of 27.5 per cent). In 2010, demand was 210 million tonnes. Although there was a modest recovery in 2010, this is forecast to be reversed in 2011 to 2013 with volumes falling below those seen in 2009. 2 Although the market for the supply of asphalt is outside the scope of the MIR, references to the asphalt market are included insofar as is relevant to understanding patterns of supply in aggregates. 3 Data for primary aggregates (including marine aggregates) are sourced from the Office of National Statistics (“ONS”). Data for asphalt, RMX, cement and recycled aggregates are sourced from the Mineral Products Association (“MPA”) and are based on the MPA’s estimate of total market size. These data relate to GB only. K&E 91146101.1 Figure 1: Total Aggregates Demand in GB, 1980-2010 (Million Tonnes) Source: ONS and MPA. 11. The market for the supply of construction aggregates has been characterised for at least two decades by overcapacity. The high costs of transporting aggregates and the terms of many lease arrangements (which include minimum annual mineral lease payments) have resulted in companies continuing to operate quarries throughout the term of that lease, with relatively little capacity having been removed from the market despite total annual demand being substantially diminished. Capacity has also increased through this period with the development of recycled and secondary aggregates following the introduction of fiscal measures including inert landfill tax and Aggregates Levy. Revisions to material specifications have also made these materials cheaper to produce and more readily acceptable, thereby increasing the capacity and availability of material in a declining market. 12. Following the onset of the recession in 2008, the difficulties caused by this overcapacity have been further compounded by significant falls in demand from the construction sector as a result of the global financial crisis. 13. Aggregates producers have pursued a strategy of mothballing sites or closing high cost operations where possible. However, those sites which continue to operate below capacity have scaled back production (by reducing staff and running plants for restricted periods) due to decreased demand. 14. Lafarge estimates that it is operating at an approximate average capacity utilisation rate below [REDACTED] per cent at a national (GB) level (including both operational and mothballed sites). (b) RMX 15. The market for the supply of RMX has seen similar trends, experiencing general growth to 1989, before falling dramatically between 1989 and 1993.
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