Vulcan Materials issues statement regarding occupation of facilities in Mexico

Vulcan Materials (VMC) issued the following statement: "On Tuesday, March 14, 2023, CEMEX (CX), aided by armed Mexican police and military, forcibly entered Vulcan’s port facilities near Playa del Carmen. They are still occupying the property. There is no contract permitting CEMEX’s use of Vulcan’s port facilities. Although the companies had an agreement for CEMEX to lease a portion of Vulcan’s property, that agreement expired on December 31, 2022, without any renewal. Prior to the expiration, CEMEX was formally made aware that negotiation of a new contract would be necessary. Vulcan has been and remains open to renegotiating the lease agreement. Rather than looking for a mutually agreeable solution, CEMEX officers threatened to seek the aid of the Mexican government, including its armed forces, to use Vulcan’s port facilities. On March 14 and to this day, CEMEX, the military and the police have not presented any court order, warrant or other legal justification for their forceful entry and occupation of Vulcan’s property. Contrary to CEMEX’s position, a Mexican federal court ordered CEMEX to vacate the property, and another Mexican federal court order requires military and police forces to leave the property immediately. The Mexican government continues its illegal shutdown of Vulcan’s quarrying, processing and shipping operations. Nonetheless, Vulcan owns the four parcels of property that make up its Mexico operation, including the port facilities. Likewise, Vulcan lawfully holds the port concession. Use of Vulcan’s private property by third parties, such as CEMEX, requires Vulcan’s authorization."