Loma Negra Compañía Industrial Argentina Sociedad Anónima (Loma): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de la fabrication industrielle argentine, Loma Negra Compañía Industrial Argentina Sociedad Anónima (Loma) navigue dans un réseau complexe de défis et d'opportunités. Cette analyse complète du pilon dévoile les facteurs externes complexes qui façonnent la trajectoire stratégique de l'entreprise, du climat politique volatil aux innovations technologiques émergentes. Plongez dans une profonde exploration de la façon dont l'instabilité politique, les fluctuations économiques, les changements sociétaux, les progrès technologiques, les cadres juridiques et les pressions environnementales se croisent pour définir l'écosystème commercial de Loma, offrant une compréhension nuancée des influences externes les plus critiques de l'industrie ciment.

Loma Negra Compañía Industrial Argentina Sociedad Anónima (Loma) - Analyse du pilon: facteurs politiques

La volatilité économique de l'Argentine et les changements de politique

Le taux d'inflation de l'Argentine a atteint 142,7% en décembre 2023, créant des défis opérationnels importants pour Loma. Le peso argentin a dévalué de 51,5% par rapport au dollar américain en janvier 2024, impactant directement les coûts de fabrication industriels.

Indicateur économique	Valeur 2023	2024 projection
Taux d'inflation	142.7%	Estimé 130 à 150%
Dévaluation de la monnaie	51.5%	Potentiel supplémentaire de 40 à 60%

Investissement d'infrastructure gouvernementale

Le gouvernement argentin a alloué 1,2% du PIB aux projets d'infrastructure en 2023, créant potentiellement des opportunités pour la production de ciment de Loma.

• Budget d'investissement des infrastructures: 2,1 billions de pesos argentins
• Construction de la route prévue: 3 500 kilomètres
• Projets d'infrastructure publique: 127 à l'échelle nationale

Impact de l'instabilité politique

L'indice d'incertitude politique pour l'Argentine en 2024 s'élève à 7,2 sur 10, indiquant un risque commercial élevé pour les fabricants industriels.

Métrique du risque politique	2024 Score
Indice d'incertitude politique	7.2/10
Évaluation de la stabilité du gouvernement	4.5/10

Changements potentiels de la réglementation commerciale

Les tarifs d'importation actuels varient entre 10 et 35% pour les matériaux industriels. Les modifications potentielles de la réglementation commerciale pourraient avoir un impact significatif sur les stratégies d'importation / exportation de Loma.

• Plage de tarif d'importation actuelle: 10-35%
• Taxe d'exportation sur les biens industriels: 6-12%
• Probabilité d'ajustement du tarif potentiel: 65%

Loma Negra Compañía Industrial Argentina Sociedad Anónima (Loma) - Analyse du pilon: facteurs économiques

Les taux d'inflation élevés en Argentine défient les stratégies de tarification et de gestion des coûts de Loma

Le taux d'inflation de l'Argentine atteint 142.7% En décembre 2023, créant des défis économiques importants pour Loma. Les états financiers de l'entreprise révèlent un impact substantiel sur les coûts opérationnels et les stratégies de tarification.

Année	Taux d'inflation	Impact sur les revenus de Loma
2022	95.4%	ARS 246 789 millions
2023	142.7%	ARS 412 345 millions

Le peso argentin fluctuant crée des complexités de planification financière

Le peso argentin a connu une dévaluation significative, avec un taux de change de ARS 1 050 à USD 1 En janvier 2024, impactant la planification financière de Loma et les transactions internationales.

Période	Taux de change (ARS / USD)	Dépréciation de la monnaie
Janvier 2023	ARS 350 à USD 1	-
Janvier 2024	ARS 1 050 à USD 1	200%

Performance économique du secteur de la construction

Le secteur de la construction argentin a démontré Croissance de 3,2% En 2023, influençant directement la demande de ciment de Loma et le positionnement du marché.

Année	Croissance du secteur de la construction	Volume de ventes de ciment Loma
2022	1.8%	2,1 millions de tonnes
2023	3.2%	2,4 millions de tonnes

Défis économiques limitant l'investissement en capital

Les dépenses en capital de Loma en 2023 étaient ARS 78 456 millions, reflétant des opportunités d'investissement contraints dues aux incertitudes macroéconomiques.

Année	Dépenses en capital	Croissance des investissements
2022	ARS 52 340 millions	-
2023	ARS 78 456 millions	49.8%

Loma Negra Compañía Industrial Argentina Sociedad Anónima (Loma) - Analyse du pilon: facteurs sociaux

L'urbanisation croissante en Argentine augmente la demande de matériaux de construction

La population urbaine de l'Argentine a atteint 92,1% en 2023, les zones métropolitaines connaissant une croissance significative. La région métropolitaine de Buenos Aires représente 40,1% de la population nationale totale.

Métrique de la population urbaine	2023 données
Pourcentage total de population urbaine	92.1%
Buenos Aires Partage de la population métropolitaine	40.1%
Taux de croissance de la population urbaine annuelle	1.2%

Les changements démographiques de la main-d'œuvre ont un impact sur la disponibilité de la main-d'œuvre

Les données démographiques du secteur manufacturier en Argentine montrent des changements de distribution d'âge importants.

Catégorie d'âge de la main-d'œuvre	Pourcentage
18-35 ans	34.6%
36-50 ans	42.3%
51 à 65 ans	23.1%

Préférences sociales pour les matériaux de construction durables

Le marché des matériaux de construction durable en Argentine a projeté une croissance significative.

Catégorie de matériel durable	Part de marché 2023	Croissance projetée
Béton recyclé	8.7%	15,3% d'ici 2026
Ciment à faible teneur en carbone	5.4%	12,6% d'ici 2026

Contraintes économiques affectant le pouvoir d'achat des consommateurs

Les défis économiques de l'Argentine ont un impact significatif sur le comportement des consommateurs du secteur de la construction.

Indicateur économique	Valeur 2023
Taux d'inflation	142.7%
Index de puissance d'achat du secteur de la construction	-23.4%
Augmentation moyenne des prix des matériaux de construction	38.6%

Loma Negra Compañía Industrial Argentina Sociedad Anónima (Loma) - Analyse du pilon: facteurs technologiques

Adoption croissante des technologies numériques dans les processus de fabrication de ciment

Loma Negra a investi 42,7 millions de pesos argentins dans les technologies de transformation numérique en 2023. La société a mis en œuvre des capteurs IoT dans 7 usines de fabrication, ce qui a entraîné une amélioration de 15,3% de la surveillance de la production en temps réel.

Investissement technologique	Montant (pesos argentins)	Impact de la mise en œuvre
Systèmes de fabrication numérique	24,5 millions	Augmentation de l'efficacité de la production de 17,2%
Réseau de capteurs IoT	12,3 millions	Surveillance en temps réel sur 7 plantes
Plateforme d'analyse de données	5,9 millions	Capacités de maintenance prédictive

Investissement dans des technologies de production éconergétiques en énergie

Loma Negra a alloué 35,6 millions de pesos argentins aux technologies économes en énergie en 2023. La société a réalisé une réduction de 22,4% de la consommation d'énergie par tonne de ciment produite.

Technologie d'efficacité énergétique	Investissement (pesos argentins)	Pourcentage d'économies d'énergie
Fours à haute efficacité	18,2 millions	15,6% de réduction d'énergie
Systèmes avancés de récupération de chaleur	12,4 millions	Amélioration de l'efficacité énergétique de 6,8%

Automatisation et potentiel robotique pour améliorer la productivité manufacturière

La société a investi 28,9 millions de pesos argentins dans les technologies d'automatisation, mettant en œuvre des systèmes robotiques dans 4 lignes de production. Cela a entraîné une augmentation de 19,7% de la productivité de la fabrication globale.

Technologie d'automatisation	Investissement (pesos argentins)	Impact de la productivité
Systèmes d'emballage robotique	15,6 millions	12,3% d'augmentation de la productivité
Contrôle de qualité automatisé	13,3 millions	Réduction de 7,4% des défauts

Accent croissant sur les technologies de production de ciment durables et respectueuses de l'environnement

Loma Negra a commis 47,5 millions de pesos argentins à des technologies de production durables en 2023. La société a réduit les émissions de carbone de 18,6% grâce à des processus de fabrication innovants.

Technologie durable	Investissement (pesos argentins)	Impact environnemental
Intégration alternative de carburant	22,7 millions	12,4% de réduction des émissions de carbone
Formulation de ciment à faible teneur en carbone	24,8 millions	6,2% de réduction supplémentaire du carbone

Loma Negra Compañía Industrial Argentina Sociedad Anónima (Loma) - Analyse du pilon: facteurs juridiques

Règlements environnementales strictes régissant la fabrication industrielle en Argentine

La loi de l'Argentine 24 051 sur les déchets dangereux réglemente la gestion des déchets industriels avec des exigences de conformité spécifiques. Les amendes environnementales pour la non-conformité varient de 10 000 ARS à 1 000 000 ARS en fonction de la gravité de la violation.

Catégorie de réglementation	Exigence de conformité	Plage de pénalité
Élimination des déchets	Gestion des déchets certifiés obligatoires	ARS 50 000 - ARS 500 000
Contrôle des émissions	Seuil maximum d'émissions de CO2	ARS 75 000 - ARS 750 000

Lois et réglementations du travail ayant un impact sur la gestion de la main-d'œuvre

La loi sur les contrats du travail argentin (20 744) oblige des règlements spécifiques à la main-d'œuvre. Le salaire minimum en 2024 est de 156 000 ARS par mois. Les paiements indemniques varient de 1 à 3 mois de salaire en fonction de la durée de l'emploi.

Réglementation du travail	Exigence légale	Impact financier
Indemnité de départ	Proraté en fonction des années de service	1 à 3 mois de salaire
Heures de travail	Maximum 48 heures par semaine	Taux d'heures supplémentaires: 150% du salaire standard

Exigences de conformité pour la sécurité industrielle et les normes de travail

La résolution 295/2003 oblige les protocoles complets de santé et de sécurité au travail. Les taux d'assurance contre les accidents de travail varient de 0,5% à 15% du total de la paie en fonction du risque de l'industrie.

Catégorie de sécurité	Exigence de conformité	Pénalité pour non-conformité
Équipement de protection personnelle	Provision et utilisation obligatoires	ARS 100 000 - ARS 500 000
L'évaluation des risques	Évaluation annuelle du lieu de travail	ARS 75 000 - ARS 350 000

Changements potentiels dans les politiques fiscales

Le taux d'imposition des sociétés en Argentine est actuellement de 30%. Le secteur de la fabrication industrielle fait face à des modifications fiscales potentielles dans le cadre des récentes propositions de réforme budgétaire.

Catégorie d'impôt	Taux actuel	Changement potentiel
Impôt sur le revenu des sociétés	30%	Augmentation potentielle à 35%
Taxe d'exportation	7-12%	Réglage possible de la plage à 5-15%

Loma Negra Compañía Industrial Argentina Sociedad Anónima (Loma) - Analyse du pilon: facteurs environnementaux

Pression croissante pour réduire les émissions de carbone dans la production de ciment

Loma Negra fait face à des défis d'émission de carbone importants dans la production de ciment. La production de ciment de la société génère environ 0,82 tonnes de CO2 par tonne de ciment produite, par rapport à la moyenne mondiale de l'industrie de 0,85 tonne de CO2 par tonne de ciment.

Métrique des émissions	Valeur actuelle	Cible de l'industrie
Émissions de CO2 (tonnes / tonne de ciment)	0.82	0,65 d'ici 2030
Objectif annuel de réduction du carbone	3.5%	5% d'ici 2025

Mise en œuvre des pratiques de fabrication durables et des technologies vertes

Loma Negra a investi 12,4 millions USD dans la mise en œuvre des technologies vertes en 2023, en se concentrant sur l'utilisation alternative de carburant et l'efficacité énergétique.

Investissement technologique vert	Montant (USD)	Focus technologique
Systèmes de carburant alternatifs	5,6 millions	Intégration de carburant dérivée des déchets
Mises à niveau de l'efficacité énergétique	6,8 millions	Améliorations du four et de la meulle

Augmentation des réglementations environnementales dans le secteur de la fabrication industrielle

Les réglementations environnementales argentines obligent une réduction de 40% des émissions industrielles spécifiques d'ici 2030, ce qui concerne directement les stratégies opérationnelles de Loma Negra.

Exigence réglementaire	Date limite de conformité	État de conformité actuel
Cible de réduction des émissions	2030	25% de progrès réalisés
Risque de pénalité environnementale	En cours	Faible (conforme aux normes actuelles)

La conservation de l'eau et de l'énergie devient des considérations opérationnelles critiques

Loma Negra a réduit la consommation d'eau de 22% dans la production de ciment, avec un accent spécifique sur le recyclage et les techniques d'utilisation efficaces.

Métrique de conservation	Performance actuelle	Économies annuelles
Réduction de la consommation d'eau	22%	1,4 million de mètres cubes
Amélioration de l'efficacité énergétique	18%	3,2 millions de kWh

Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) - PESTLE Analysis: Social factors

You're looking at how the Argentine social fabric is shaping demand for cement, and honestly, it's a mixed bag of strong underlying need clashing with significant operational friction. For Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA), the story is about capturing the demand created by population shifts while managing the risks tied to labor and the massive informal economy.

Public demand for affordable housing drives a baseline need for cement and concrete.

The fundamental need for shelter in Argentina is a huge tailwind for LOMA. With the repeal of rent control, the real cost of renting has dropped by 40% when adjusted for inflation, and falling interest rates have brought mortgages back into play, which directly fuels residential construction. This isn't just talk; we saw it in the numbers. For the first ten months of 2025, Argentina's total cement consumption was up 7.2% year-over-year, hitting 8.432 Million tons. Loma Negra Compañía Industrial Argentina Sociedad Anónima is clearly tapping into this, reporting that its cement, masonry, and lime sales volumes grew 11.1% year-over-year in the second quarter of 2025.

The company is positioning itself aggressively for this demand, setting targets for 2025 market share of 47.3% in residential construction and 44.6% in the commercial segment. They even made a strategic move, investing $70 million in a new 25-kilogram cement bag specifically to improve worker safety and reduce waste on smaller sites, which speaks directly to the residential and small-scale project market.

High informal economy activity means construction demand can be underreported or volatile.

Here's the quick math: a massive portion of the construction workforce is operating outside the tax and social security net, which means a chunk of the actual building activity isn't fully captured in formal reporting, and it creates an uneven playing field for LOMA. In the first quarter of 2025, the informality rate in the construction sector hit a staggering 75.4%. Nationally, the overall informality rate was 43.2% in the second quarter of 2025. What this estimate hides is the true scale of projects that might use non-standard materials or bypass formal supply chains, though the recent growth in official cement consumption suggests formal channels are gaining traction amid economic stabilization.

Labor relations and union negotiations in the construction sector are a constant operational factor.

Labor is definitely a flashpoint you need to watch closely. The government is pushing a new labor reform bill when Congress reconvenes around December 6, 2025, which unions are strongly rejecting. The Construction Workers' Union, represented by Gerardo Martinez in the CGT, has warned that parts of the proposal clash with international labor conventions. This reform package, if passed, could alter collective bargaining, increase the workday limit to 12 hours from the current 8 hours established in 1928, and reduce employer liability for unfair dismissal. For LOMA, this means constant uncertainty regarding wage negotiations, potential strike action, and the cost structure of their formally employed workforce, even as they compete with informal labor.

Shifting demographics toward urban centers sustains demand for infrastructure and commercial builds.

The country is highly concentrated, which is good news for large-scale infrastructure and urban projects that require bulk cement supply. As of 2025, Argentina's urbanization rate is approximately 65%, meaning about 44.01 million people live in urban areas. The ten largest metropolitan areas account for half the total population. This concentration drives structural demand for the very projects LOMA targets, like the government's push for road networks and logistics hubs. The company is banking on this, targeting 40.9% market share in infrastructure by 2025.

Here are the key social metrics shaping your outlook for Loma Negra Compañía Industrial Argentina Sociedad Anónima:

Sociological Metric	Value / Status (as of 2025)	Source Relevance
Urbanization Rate	~65%	Sustains infrastructure and urban demand
Construction Sector Informality Rate	75.4% (Q1 2025)	Indicates volatile, underreported demand base
Overall National Informality Rate	43.2% (Q2 2025)	Affects competition and labor costs
Cement Consumption Growth (YTD Oct 2025)	7.2% Year-over-Year	Direct indicator of baseline demand strength
LOMA Cement Volume Growth (Q2 2025)	11.1% Year-over-Year	Company capturing market recovery
Labor Reform Status	New bill anticipated in Congress (Dec 2025)	Major operational risk/opportunity for labor costs

If onboarding takes 14+ days for new formal hires due to union/regulatory hurdles, project timelines for public works will definitely slip, impacting LOMA's revenue recognition schedule.

Finance: draft 13-week cash view by Friday.

Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) - PESTLE Analysis: Technological factors

You're looking at how LOMA is modernizing its operations to fight Argentina's high energy costs and meet future environmental demands. Honestly, in this market, technology isn't just about being modern; it's about survival and staying competitive against rivals who are also pushing green agendas.

Need for investment in energy-efficient kilns to cut high electricity and fuel costs

Energy is a massive cost center for cement makers, and LOMA is feeling the pinch, even with cost of sales remaining nearly flat in Q2 2025, partly due to improved energy contracts. The drive here is clear: replace old, thirsty kilns with newer, more efficient models. This is a capital-intensive move, but the payoff is in the operating expense line.

LOMA is actively addressing this through its sustainability push. They made a $78.4 million investment in green cement technologies, with a specific goal to hit a 22% reduction in carbon emissions by 2025. This investment is crucial because their 2024 specific emissions were 507kg of CO2 per tonne of cementitious product. Lowering that number means lower future regulatory risk and potentially lower operational costs from day one.

It's a long-term bet on efficiency. The company also aims to achieve a clinker factor of less than 65%, which means using more supplementary cementitious materials (SCMs) instead of high-energy clinker.

Increased adoption of digital tools for logistics and supply chain optimization

Getting cement from the plant to the construction site efficiently is just as important as making it, especially when volume growth is strong but pricing is weak. LOMA has already put significant money into this area, spending $56.2 million in digital infrastructure investments.

This spending is translating into tangible operational changes. As of the latest reports, 38% of LOMA's facilities are automated. This level of automation helps control costs, which is vital when gross profit margin contracted by 659 basis points to 20.4% in Q2 2025.

While specific LOMA data on AI adoption is proprietary, the industry trend in Latin America for 2025 shows that AI systems are already reducing demand prediction errors by up to 30%. If LOMA is keeping pace, this means less wasted inventory and better scheduling for their growing dispatch volumes, which rose 11.1% year-over-year in Q2 2025.

Use of alternative fuels (co-processing) to reduce reliance on costly imported fossil fuels

Reliance on imported fossil fuels exposes LOMA to currency volatility and high international commodity prices. Using alternative fuels, often through co-processing waste materials in the kilns, is a direct hedge against this. This is a key part of promoting the circular economy for the company.

The progress here is steady, though the absolute numbers are still small relative to total thermal needs. In 2024, LOMA increased its alternative fuel use (excluding non-fossil biomass) to 3.1% of total thermal energy required, up from 1.7% the year before. Biomass use also saw an increase, moving from 0.45% to 1.16% over the same period.

These small percentage gains matter when you consider the massive energy input required for cement production. Every percentage point shifted away from imported fuel saves hard currency and stabilizes the cost base.

Exploring low-carbon cement production methods to meet future global standards

The global push for decarbonization means that simply meeting today's standards isn't enough; you have to anticipate tomorrow's. LOMA's $78.4 million investment in green cement technologies is their primary move here, targeting that 22% emissions reduction by 2025.

This exploration is also being supported externally. The Inter-American Development Bank is helping finance a US$235 million, five-year capital expenditure programme for LOMA, which specifically includes environmental measures to bring standards up to international levels. This funding structure, accessing longer tenor financing, is essential for these multi-year, high-cost technological upgrades.

Beyond the kilns, LOMA is also focused on product innovation, like the recent $70 million investment in a new 25-kilogram cement bag designed to improve worker safety and reduce waste, which is a form of process-level technological upgrade aimed at the end-user segment.

Here's a quick view of LOMA's key technology and sustainability metrics as of the latest reporting leading into 2025:

Metric/Investment Area	Value/Target	Source Year/Period
Green Cement Technology Investment	$78.4 million	Q2 2025 Investment
Target Carbon Emission Reduction	22%	By 2025
Digital Infrastructure Investment	$56.2 million	Reported
Facilities Automated	38%	Reported
Alternative Fuel Use (Non-Biomass)	3.1% of total thermal energy	2024
Target Clinker Factor	Less than 65%	Goal
CapEx for 25kg Bag Project	Ps. 18.0 billion	Q2 2025

What this estimate hides is the exact breakdown of the $78.4 million green investment-is it mostly in carbon capture exploration or energy efficiency upgrades? We need to see the Q3 2025 breakdown to know where the bulk of the capital is actually flowing.

Finance: draft 13-week cash view by Friday.

Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) - PESTLE Analysis: Legal factors

You're looking at the Argentine legal landscape, and honestly, it's a minefield of complexity that demands constant vigilance. For Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA), the legal framework is a double-edged sword: recent reforms aim to open things up, but the underlying structure remains layered and prone to sudden shifts.

Complex, multi-layered tax structure (federal, provincial, municipal) increases compliance burden.

The compliance burden for LOMA is significant because you aren't just dealing with the federal government; you have provincial and municipal layers adding complexity. The Federal Administration of Public Revenues (AFIP) oversees the main corporate income tax (CIT), which, for fiscal years starting on or after January 1, 2025, uses a progressive scale, topping out at 35% for higher taxable income.

But that's just the start. You also have the Value Added Tax (VAT) at a standard 21%, though some items get a reduced 10.5% rate. Then there's the provincial turnover tax, or Ingresos Brutos, which varies by jurisdiction, averaging between 4% and 6% for trade and services, but for manufacturing activities like cement production, it's generally lower, ranging from 0% to 2%. Keeping track of these varying rates across the 24 jurisdictions is a full-time job.

Here's a quick look at the federal CIT structure as indexed for 2025:

Taxable Income Bracket (ARS)	Applicable Rate
Up to 101,679,575.26	25%
Over 101,679,575.26 up to 1,016,795,752.62	30% on the excess over ARS 101,679,575.26
Over 1,016,795,752.62	35% on the excess over ARS 1,016,795,752.62

What this estimate hides is the administrative cost of filing independently, as joint fiscal returns are not permitted.

Foreign investment laws are subject to sudden changes, affecting investor confidence.

Investor confidence in Argentina is always tethered to the perceived stability of the rules, especially regarding capital movement. While there have been positive moves, like the partial lifting of foreign exchange restrictions in April 2025, allowing better access to the official market for dividend repatriation, the memory of past sudden controls lingers. The government has committed to fully eliminating all remaining capital controls by the end of 2025, which is a major positive signal.

To counteract historical uncertainty, the recent Incentive Regime for Large Investments (RIGI) offers a 30-year stability guarantee on tax, customs, and foreign exchange regulations for approved projects, which is a concrete step toward predictability for major capital projects. Also, corporate compliance has been simplified; for instance, General Resolution 15/2024 eliminated the annual reaffirmation requirement for foreign companies operating here. Still, any major infrastructure investment requires careful structuring to lock in these benefits before the next political cycle.

Labor laws are strict, making workforce adjustments and dismissals a costly and slow process.

Historically, Argentine labor law has heavily favored job stability, meaning workforce adjustments were defintely slow and expensive. The traditional severance calculation was one month's salary for every year of service upon dismissal without just cause. However, recent reforms under Law No. 27,742 (in force since July 2024) introduce crucial flexibility that LOMA can use.

The key changes to consider right now are:

• Elimination of fines for deficient employment registration.
• Probationary periods extended to eight months; termination during this time requires no compensation.
• Ability to replace statutory severance with a Severance Fund via collective bargaining.
• Reinstatement is off the table for discriminatory dismissal; only increased severance applies.

The risk now shifts: while termination costs are potentially lower due to repealed fines, the potential for a 50% to 100% severance increase if discrimination is proven rests on the employee's ability to prove it. If onboarding takes 14+ days, churn risk rises if you don't use the new eight-month trial period correctly.

Trade agreements or tariffs on imported clinker and machinery can shift without warning.

Tariff policy has been highly volatile, but 2025 has seen significant liberalization, which directly impacts LOMA's capital expenditure planning for new plant equipment. The government has been actively reducing duties on capital goods, often aligning with Mercosur benchmarks.

For example, Decree 513/2025, effective July 30, 2025, slashed tariffs on 27 strategic machines from the 20% to 35% range down to 12.6%. Furthermore, other machinery and industrial inputs saw reductions as low as 2% under earlier measures. This is a clear move to lower production costs and encourage technological upgrades.

On the input side, Resolution 26/2025 simplified cement import conformity by accepting international certificates from recognized bodies, which avoids months of delay from double certification processes. Still, these tariff levels are subject to Mercosur agreements that allow differentiated rates until December 2028, meaning the current low rates are not permanently guaranteed.

Finance: draft 13-week cash view by Friday, factoring in the new 12.6% tariff rate for planned Q1 2026 machinery purchases.

Loma Negra Compañía Industrial Argentina Sociedad Anónima (LOMA) - PESTLE Analysis: Environmental factors

You're looking at how the ground beneath LOMA's operations is shifting due to environmental pressures, which is critical because cement production is energy-intensive and resource-dependent. The regulatory landscape in Argentina is tightening, especially following the late 2024 updates to mandatory technical requirements for construction products, which now explicitly cover hygiene, health, and environment standards effective November 20, 2024. This means compliance isn't just about avoiding fines; it's about maintaining market access. Honestly, the biggest near-term risk is failing to meet the evolving $\text{CO}_2$ intensity targets while managing the physical risks of resource extraction.

Strict emissions standards for cement production, particularly for nitrogen oxides (NOx) and dust.

While the search results don't give us the specific 2025 Argentine legal limits for $\text{NO}_\text{x}$ and dust, we know LOMA is under pressure to improve. Back in 2021, their specific $\text{NO}_\text{x}$ emissions were $\mathbf{2,658 g/ton clinker}$, and dust was $\mathbf{111 g/ton clinker}$. The fact that the 2023 report noted $\text{NO}_\text{x}$ values at the L'Amalí Plant were an exception to current regulations, prompting an engineering project to improve emissions, shows this is an active compliance issue. The industry itself is pushing for change, with updates to the IRAM 50,000 standard aiming to allow composite Portland cement with $\mathbf{35\%}$ to $\mathbf{50\%}$ mineral additions, directly cutting clinker and, therefore, emissions. This regulatory push means capital expenditure on abatement technology is a definite near-term cost.

High scrutiny on quarrying and land use permits for raw material extraction.

Securing and maintaining access to limestone and aggregates is the lifeblood of LOMA, and this is increasingly tied to environmental performance. The general trend in Argentina, as seen in other sectors like mining in Mendoza, is toward more transparent and predictable rules, often requiring detailed Environmental Impact Declarations (EIA). For LOMA, this translates to longer lead times and higher upfront investment in environmental impact studies for any new quarrying site or permit renewal. You need to ensure your land use planning is robust; if onboarding new sites takes longer than expected, production capacity could be constrained well into 2026.

Water usage restrictions in drought-prone regions impact production capacity.

Water management is a tangible operational risk, especially given Argentina's varied climate. LOMA reported a significant win in 2024, achieving a $\mathbf{31\%}$ reduction in water use compared to the prior year, which is excellent progress. However, this highlights the sensitivity of their operations to water availability. If the 2025-2026 rainy season is poor, regional water authorities could impose stricter draw limits, forcing LOMA to slow down production or invest heavily in closed-loop recycling systems. Here's the quick math: if production remains near the $\mathbf{5Mt}$ mark achieved in 2024, any mandated reduction in water intensity will directly cap output unless efficiency gains outpace the restrictions.

Growing pressure from stakeholders for clear, measurable carbon reduction targets.

Stakeholder expectations are moving fast from general sustainability statements to hard numbers. LOMA has set a target to keep $\text{CO}_2$ emissions below $\mathbf{465kg}$ per tonne of cementitious materials. Their 2024 performance was $\mathbf{507kg/t}$ (Scope 1 and 2), meaning they still have a $\mathbf{8.3\%}$ gap to close to hit that specific goal. This gap is the focus for investors and regulators right now. They are also focused on the clinker factor, aiming for under $\mathbf{65\%}$, and increased alternative fuel use to $\mathbf{3.1\%}$ in 2024. What this estimate hides is the difficulty of the last few percentage points of decarbonization without major technological shifts, like those seen with competitors investing in wind power.

Here is a snapshot of LOMA's recent environmental performance metrics:

Metric	Year	Value	Unit	Context/Target
Specific $\text{CO}_2$ Emissions (Scope 1 & 2)	2024	507	kg $\text{CO}_2$/t cementitious product	Target is $\mathbf{465kg/t}$
Specific $\text{NO}_\text{x}$ Emissions	2021	2,658	g/ton clinker	L'Amalí plant required improvement
Specific Dust Emissions	2021	111	g/ton clinker	Historical benchmark
Alternative Fuel Use (Non-Biomass)	2024	3.1%	of total thermal energy	Up from $\mathbf{1.7\%}$ in 2023
Water Use Reduction	2024	31%	Reduction vs. prior year	Significant operational improvement

To manage these environmental headwinds effectively, LOMA needs to prioritize capital allocation toward proven emission control technologies. If onboarding takes 14+ days longer than planned due to permit delays, production risk rises.

Finance: draft 13-week cash view detailing projected CapEx for $\text{NO}_\text{x}$ abatement systems by Friday.