CEMEX, Vulcan Materials Reach Temporary Port Agreement

CEMEX reached a temporary deal to use Vulcan Materials’ port facilities at Punta Venado in Playa del Carmen, Mexico, potentially defusing a legal battle, reported Bloomberg.

Vulcan said it hasn’t been able to access the facilities since CEMEX employees, escorted by Mexican security forces, took possession of the port earlier this month. The dramatic seizure drew criticism from several U.S. senators, who called it an example of “misguided and counterproductive behavior” by Mexican President Andrés Manuel López Obrador, who has been in a dispute with Alabama-based Vulcan for several years. Last May, he shut down Vulcan’s stone quarries, arguing the company had extracted or exported stone without approval.

“I am happy to hear that Mexican governmental forces have now heeded our request to withdraw from Vulcan’s port facility, following a nearly two-week unlawful takeover,” said Sen. Katie Britt (R-Ala.), one of the lawmakers who criticized the forcible seizure.

The companies are still working on a long-term agreement.

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