Low Demand for Cement Confirms Construction Slowdown Will Last

February 1, 2011, 11:48 AM HST · Updated February 1, 11:48 AM
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By Sonia Isotov

Ameron International Corp.’s Hawaii Division said yesterday that sales and profits were lower for the fourth quarter, and for the full year, for the same periods in 2009, due mainly to the weak demand for aggregates and concrete on both Oahu and Maui.

Most markets in Hawaii declined, except those related to governmental and military spending. Hawaii’s profits were lower due to declining sales.

Statistics from the State’s Dept of Business, Economic Development, and Tourism (DBEDT) show that between 2008 and 2009, Maui County building permits dropped from 1,607 to 1,130, respectively. The value of those permits for the same years dropped from $444 million to $224 million, an almost 50% decrease in one year.

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Statewide, the number of building permits decreased by 14.2 percent, from 21,150 in 2008 to 18,154 in 2009. Total value of the construction projects decreased by 31.1 percent during the same period.

Major recoveries of the residential construction markets and the Infrastructure Products Group are not expected in the near term.

James S. Marlen, Ameron’s Chairman, Chief Executive Officer and President, commented, “We are pleased with the Company’s performance, especially given the challenging market conditions which continued to negatively impact Ameron’s businesses throughout 2010.”

Traded on the New York Stock Exchange (AMN), Ameron is a leading producer of water transmission lines and fabricated steel products, such as wind towers; fiberglass-composite pipe for transporting oil, chemicals and corrosive fluids and specialized materials; and products used in infrastructure projects. The Company’s businesses operate in North America, South America, Europe and Asia. The Company also has partial ownership in several unconsolidated affiliates in the Middle East.

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