Outlook for 2015

Holcim expects the overall European construction market to stabilize at low levels. At one end of the spectrum, the United Kingdom should witness a continuation of the recovery of key sectors such as private housing and commercial real estate as well as of large infrastructure projects. At the other end of the spectrum, Russia and Azerbaijan are expected to feel the negative impact of lower public and private investment in buildings and infrastructure. Performance of the region is expected to improve mainly as a result of the numerous restructuring, footprint-adjustment, and efficiency-improvement initiatives across the Group region.