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Cemex CEO Vows to Cut Debt by Up to $3.5 Billion as Profit Jumps

  • Cement maker is seeking a return to investment-grade status
  • Profit was the highest for a second quarter since 2008
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Cemex SAB, which teetered on the brink of default during the global financial crisis, is targeting a debt cut of as much as $3.5 billion by the end of next year as it steps up a push to regain an investment-grade credit rating.

Achieving the debt-reduction goal would mean a 23 percent drop in the company’s liabilities from the end of last year, Chief Executive Officer Fernando Gonzalez said Wednesday. The largest cement maker in the Americas is also increasing its target for asset sales in the period to as much as $2 billion even after reporting the biggest second-quarter profit since 2008.