Currency punishes Cemex

On October 9, 2008, Cemex disclosed that its derivatives positions used to hedge foreign currency exposure has declined by $500 million in value.

The mark-to-market value of the derivatives was $100 million as of September 30, 2008. This is abut $400 million that the value that the company had provided mid-quarter.

Cemex said that it has enough cash on hand to meet all obligations and that it will provide further detail on its quarterly investor conference call on October 22, 2008. Mexico-based Cemex is the world's third largest cement producer by volume.