Novoroscement is a major producer of cement

Cement

In the most general sense of the word, a cement is a binder, a substance that sets and hardens independently, and can bind other materials together. The word "cement" traces to the Romans, who used the term opus caementicium to describe masonry resembling modern concrete that was made from crushed...

 with its headquarters located in Novorossiysk

Novorossiysk

Novorossiysk is a city in Krasnodar Krai, Russia. It is the country's main port on the Black Sea and the leading Russian port for importing grain. It is one of the few cities honored with the title of the Hero City. Population: -History:...

, Russia

Russia

Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...

. The company's full name is Open Joint Stock Company Novoroscement.

History

The origins of the company are in 1882 when the first cement factory in Novorossiysk was launched, named the Black Sea Society Cement Production (now called The Proletariat).

In 1922 the trust

Trust law

In common law legal systems, a trust is a relationship whereby property is held by one party for the benefit of another...

 Novoroscement was established, as part of the restoration of factories that were destroyed during the Russian Civil War

Russian Civil War

The Russian Civil War was a multi-party war that occurred within the former Russian Empire after the Russian provisional government collapsed to the Soviets, under the domination of the Bolshevik party. Soviet forces first assumed power in Petrograd The Russian Civil War (1917–1923) was a...

. In 1992, the Novoroscement plant was privatised.

Owners and executives

The owner of all the company's shares is the Cyprus

Cyprus

Cyprus , officially the Republic of Cyprus , is a Eurasian island country, member of the European Union, in the Eastern Mediterranean, east of Greece, south of Turkey, west of Syria and north of Egypt. It is the third largest island in the Mediterranean Sea.The earliest known human activity on the...

 offshore

Offshoring

Offshoring describes the relocation by a company of a business process from one country to another—typically an operational process, such as manufacturing, or supporting processes, such as accounting. Even state governments employ offshoring...

 company Chevra Investments Limited. The ultimate beneficiary of this company is a Russian businessman, Lev Kvetnoy.

Activity

The company owns three cement plants in the Krasnodar Territory – The Proletariat, October, and Pervomajskij. These plants produce cement from high quality local raw materials, especially marl

Marl

Marl or marlstone is a calcium carbonate or lime-rich mud or mudstone which contains variable amounts of clays and aragonite. Marl was originally an old term loosely applied to a variety of materials, most of which occur as loose, earthy deposits consisting chiefly of an intimate mixture of clay...

.

Cement production in 2007 totalled 3.8 million tons, with total revenue

Total revenue

Total revenue is the total receipts of a firm from the sale of any given quantity of a product.It can be calculated as the selling price of the firm's product times the quantity sold, i.e...

 of US$400 million, and net profit

Net profit

Net profit or net revenue is a measure of the profitability of a venture after accounting for all costs. In a survey of nearly 200 senior marketing managers, 91 percent responded that they found the "net profit" metric very useful...

 of US$215 million, as reported according to IFRS

International Financial Reporting Standards

International Financial Reporting Standards are principles-based standards, interpretations and the framework adopted by the International Accounting Standards Board ....

standards.