Steppe Cement Ltd on Wednesday said it sold less cement at a lower average price in the first half of 2023.

Shares in the firm plunged 17% to 31.30 pence in London on Wednesday morning.

The Karaganda, Kazakhstan-based cement producer sold 749,034 tonnes of cement in the first half of 2023, down 10% from 837,063 tonnes the year prior.

The cement was sold for KZT16.97 billion, or around £29.7 million, in the first half. This was down 13% from KZT19.58 billion the year prior.

Steppe Cement said the average price per tonne in the six-month period was KZT22,665, down from ZKT23,391 the year prior. The ex-factory price was KZT19,205, down from KZT20,485 the year prior.

The company explained that the cement market in Kazakhstan reduced by 5.6% in the first half of 2023 when compared to the same period last year.

‘After the first quarter when we maintained prices at the expense of volumes, we decided to recover market share in the second quarter at the expense of pricing. As of June 30, our market share has returned to 14.1% and the overall volume is in line with the market evolution,’ Steppe Cement said.

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