Maybe its a good time to go short CX... A big positive for them was getting through that debt refinancing hurdle, but counting on cement use to pick up in the US, Mexico and Spain doesn't sound like a good bet to me. I don't know how much this will mean to anyone, but the IBIS commercial construction report forecasts that commercial construction will continue to shrink through late 2010. Personally, I don't see how the construction boom will return anytime soon when you take into account the significantly reduced consumer buying power (high unemployment & paying down debt), plus lowered asset values and higher vacancy rates.When there is plenty of capacity available, I could see an argument remodels coming through- but they don't use cement like new structures do. -John T
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