Outlook for 2015

In the United States, the housing recovery is expected to continue and many state and local governments will be in a better financial position than in the past. Both commercial real estate investment and public construction are expected to make positive contributions in 2015. At Holcim US, performance is expected to continue to increase in 2015, driven by higher sales volumes combined with price increases and operational efficiencies. Aggregate Industries US should see further price growth across all product lines. The Canadian economy is expected to suffer from the muted prospects of resource-based provincial economies, but development in Ontario and Quebec should be more favorable. Cement demand is expected to reflect this situation with higher volumes in Ontario, while pressure remains in other provinces.