JPM | Building Broadcast: SGO, HOLN, FRA, GET JPMC Construction Daily

Research evidence excerpt

JPM | Building Broadcast: SGO, HOLN, FRA, GET JPMC Construction Daily

J P M O R G A N Europe Equity Research

12 June 2026

JPM | Building Broadcast: SGO,

HOLN, FRA, GET

JPMC Construction Daily

Building Materials European Building & Construction

and Infrastructure

Elodie Rall AC

• Saint Gobain wants to quit its 25pc stake in Tomago smelter. (44-20) 7134-5911

Bloomberg reports that Saint-Gobain plans to sell its 25 per cent stake elodie.rall@jpmorgan.com

in the troubled Tomago aluminium smelter, inherited through its $4.3 J.P. Morgan Securities plc

billion takeover of CSR two years ago, although chief executive Benoit Zaim Beekawa

Bazin said no deadline had been set for its exit. Bazin said talks were (44-20) 7134-4175

continuing between the federal government and majority owner Rio zaim.beekawa@jpmorgan.com

Tinto over a bailout deal to put the loss-making smelter on a more stable J.P. Morgan Securities plc

footing. Bazin said “It’s not core to Saint-Gobain,” of the stake, adding Jamie Smallbone

“there is no rush. There is no definitive deadline, what is important is (44-20) 3493-7015

jamie.smallbone@jpmorgan.com

to find the right solution.” His comments come after another minority J.P. Morgan Securities plc

shareholder, Norsk Hydro, last year marked down the value of its 12.4 Manshi Sinha

per cent stake to zero. (91-22) 6157 5111

• Holcim injects $63mn into Argentina unit to cut debt and support manshi.sinha@jpmchase.comJ.P. Morgan India Private Limited

investments. MarketScreener reports (link) that Holcim has provided

a $63mn capital injection to its Argentine subsidiary to strengthen its

financial position, reduce borrowing costs and support ongoing

investment projects amid a slower-than-expected recovery in the

country's construction sector, La Nación reported.