French cement maker Lafarge has confirmed its goal to cut debt below €10bn ($13bn) this year, and said it would aim to cut it further below €9bn ($11.95bn) in 2014 as it seeks to regain its investment grade, Reuters has reported. The size of its debt results mainly from the 2008 purchase of Egypt s Orascom and has led to junk ratings from agencies Standard & Poor s and Moody s. The company has been selling assets and cutting costs to reduce its debt pile and regain its investment grade status. The debt reduction goal in 2014 will be achieved through further asset disposals and cost savings, said Lafarge chief executive, Bruno Lafont.
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http://www.uaecement.com/newsDetail.aspx?id=914
