Producer
Eagle Materials Inc.
U.S. heavy building-materials maker — Portland cement, gypsum wallboard, aggregates; one of the largest American-owned cement producers.
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Inputs supplied
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Goods downstream
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Facilities
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Stories
What they make
1 input Eagle Materials Inc. supplies
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What else they do
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Cement
48%Gypsum Wallboard
38%Concrete & Aggregates
9%Recycled Paperboard
5%
Intelligence
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Concentration2024
Eagle Materials bills itself as the "largest American-owned Portland cement producer" — which is accurate but reveals a striking fact about the US cement industry: the majority of American cement production capacity is owned by foreign companies. The top US cement producers are Holcim (Swiss, owns Holcim US, former Lafarge assets), HeidelbergMaterials (German, owns Lehigh Hanson), Buzzi Unicem (Italian, owns Lone Star Industries and US Concrete Cement), Titan Cement (Greek), and other European and Asian producers. Of approximately 90 million short tons of annual US cement capacity, only Eagle Materials and a few smaller operators remain American-owned. For a commodity that is essential to every construction project — schools, hospitals, bridges, water infrastructure, military installations — the US produces it primarily at plants owned by Swiss, German, Italian, and Greek multinationals. This foreign ownership pattern means that US cement industry investment decisions are made by European parent companies with global capital allocation priorities.
Portland Cement Association ↗Origin2024
Eagle Materials Inc. was created in 2004 when Centex Corporation — one of the largest US homebuilders — spun off its building materials subsidiaries as an independent company. Centex had vertically integrated into cement and wallboard manufacturing to control key inputs for its homebuilding operations, but found that the manufacturing business had different capital allocation needs and valuation multiples than the homebuilding business. The spin-off separated the supplier from its largest customer, creating a pure-play building materials company from what had been a captive input supplier. Eagle Materials then became an independent public company (NYSE: EXP, originally called Eagle Industries before being renamed), free to sell cement and wallboard to all homebuilders and contractors rather than only Centex. The origin as a Centex captive supplier explains why Eagle Materials' cement and wallboard plant locations are concentrated near major Sunbelt and Texas housing markets where Centex historically built homes.
Eagle Materials Inc. ↗Did you know2022
Portland cement from Eagle Materials and other producers is simultaneously the foundational material for residential housing (Eagle Materials' primary market), water main lining (cement-mortar lined ductile iron pipe protects drinking water from metal leaching), nuclear waste containment (grouted concrete shields and immobilizes radioactive waste), and military hardened structures (blast-resistant bunkers and fortifications). The same ASTM C150 Type I/II Portland cement that goes into a Texas subdivision's home foundation is chemically identical to the cement used in nuclear waste disposal vaults, water treatment plant construction, and military hardened facility construction — differentiated only by the quality control verification, admixture formulation, and structural engineering specification. Eagle Materials' cement plants in Texas, Nevada, Wyoming, and South Carolina are the supply chain origin for multiple critical infrastructure categories that have no alternative material options at comparable cost.
ASTM International ↗