Steppe Cement reports robust 2025 results on Kazakhstan's tight supply

Steppe Cement Ltd reported improved financial and operational performance in 2025, highlighting tighter cement supply conditions in Kazakhstan amid firm domestic demand, the company said in a statement Jan. 16.

Revenue for the year ended Dec. 31, 2025, rose 33% year over year to KZT 52.4 billion ($100 million), while cement sales volumes climbed about 21% to around 2.07 million mt, all sold into the domestic Kazakh market. The absence of export sales underscored the strength of local demand and limited surplus availability, the company said.

Steppe Cement added that its production facilities were "operating at full capacity" as construction activity strengthened across Kazakhstan.

Market participants said the combination of rising sales volumes and full utilization points to a tightening supply-demand balance, particularly during peak construction periods.

The company also outlined plans to increase capacity to 2.5 million mt/year through upgrades to an existing clinker line, which could help ease domestic supply tightness over the medium term, though no timeline was provided.

Several Asia-based traders said that Kazakhstan's cement market remains largely domestically supplied, with limited imports, leaving regional availability sensitive to demand fluctuations and operational constraints.