www.businesswire.com BW5919 MAR 17,2003 14:14 PACIFIC 17:14 EASTERN Business Editors

MONTERREY, Mexico--(BUSINESS WIRE)--March 17, 2003--CEMEX, S.A. de C.V. (NYSE: CX) announced today that it expects EBITDA for the quarter ending March 31, 2003 to reach approximately US$425 million, versus US$473 million for the first quarter of 2002, while operating income is expected to reach about US$275 million for the first quarter of 2003 versus US$320 million a year ago. For the first quarter, CEMEX expects to achieve revenue of about US$1,550 million versus US$1,571 million a year ago.
For the first quarter, CEMEX Mexico's domestic gray cement and ready mix volumes are expected to grow by about 9% and 19% respectively versus the same period a year ago. Cement demand in Mexico continues to benefit from the strength of the low-income housing sector, a robust infrastructure sector driven by government spending, and a stable self-construction sector.
Cement sales volumes for CEMEX's operations in the United States are expected to decline by about 3% versus same quarter last year. Cement demand was partially affected by adverse weather conditions relative to last year.
Cement sales volumes for CEMEX's operations in Spain are expected to grow by about 2% versus first quarter last year, supported by strong public works spending and a healthy residential sector.
Overall, our quarterly results are expected to be positively impacted by more business days in some of the countries where we have operations as a result of the lesser number of religious holidays during this first quarter, when compared with a year ago.
Rodrigo Trevino, Chief Financial Officer, said: "We are pleased by the better than expected performance in Mexico and Spain. While we continue to have a challenging environment in Venezuela, its performance is on track with our expectations. We are however increasingly cautious with respect to our United States operations and its performance going forward. This is primarily driven by revised expectations of lower growth due to continued geopolitical uncertainty and to lower consumer confidence. Our results for the quarter will benefit from the achievement of important cost cutting measures underway. Given our expected performance during the first quarter, we remain comfortable about our previously stated sales and EBITDA guidance for 2003."
CEMEX expects to release its first quarter results and host its quarterly conference call on April 11th, 2003. Guidance numbers for the first quarter of 2003 are calculated on the basis of market close exchange rates as of March 14th, 2003.
CEMEX is a leading global producer and marketer of cement and ready-mix products, with operations primarily concentrated in the world's most dynamic cement markets across four continents. CEMEX combines a deep knowledge of the local markets with its global network and information technology systems to provide world-class products and services to its customers, from individual homebuilders to large industrial contractors. For more information, visit www.cemex.com.
This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of CEMEX to be materially different from those expressed or implied in this release, including, among others, changes in general economic, political, governmental and business conditions globally and in the countries in which CEMEX does business, changes in interest rates, changes in inflation rates, changes in exchange rates, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CEMEX assumes no obligation to update or correct the information contained in this press release.
EBITDA is defined as operating income plus depreciation and amortization. All of the above items are presented under generally accepted accounting principles in Mexico. EBITDA (as defined above) is presented herein because the company believes that it is widely accepted as a financial indicator of the company's ability to internally fund capital expenditures and service or incur debt. EBITDA should not be considered as an indicator of the company's financial performance, as an alternative to cash flow, as a measure of liquidity or as being comparable to other similarly titled measures of other companies.


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CONTACT: CEMEX
         Media Relations:         
         Daniel Perez Whitaker, +(52) 818-152-2738       
         mr@cemex.com
         or
         Investor Relations:                        
         Abraham Rodriguez, +(52) 818-328-3631             
         arodriguez@cemex.com          
         or                              
         Analyst Relations:                     
         Jose Antonio Gonzalez, 212/317-6008                  
         josegonzalez@cemex.com

KEYWORD: MEXICO INTERNATIONAL LATIN AMERICA
INDUSTRY KEYWORD: REAL ESTATE CONFERENCE CALLS EARNINGS
SOURCE: CEMEX, S.A. de C.V.

news.bbc.co.uk

Brazil are the reigning World Cup champions
Brazil looks certain to hold the 2014 World Cup after the South American Football Federation (CSF) voted to back the country as its candidate to host the event. Football's world governing body, Fifa, decided earlier this month that a South American country would host the 2014 tournament.

Peru in December proposed a joint bid to host the finals along with their fellow Andean nations Bolivia, Colombia, Ecuador and Venezuela, while Chile and Argentina had also been expected to launch a joint bid.

But CSF chief Nicolas Leoz said: "All 10 countries which make up the South American Confederation agreed that the 2014 World Cup to be held in South America should be hosted by Brazil."

The five-time world champions last held the event in 1950, when they dramatically lost to Uruguay in front of 200,000 fans at the newly-completed Maracana Stadium in Rio de Janeiro.

Rotation

Argentina were the last South American country to host a World Cup in 1978, while Brazil (1950), Uruguay (1930) and Chile (1962) have also staged the event.

Fifa's decision to award the tournament to South America is part of its plan to rotate the event between continents.

Asia hosted the World Cup for the first time in South Korea and Japan last year, when Brazil beat Germany 2-0 in the final.

The World Cup will return to Europe when Germany hosts the 2006 finals, while the 2010 event will be the first to be held in Africa.

Brazil will, however, have to overcome some major stumbling blocks if it is to host the 2014 tournament.

Its major stadia need rebuilding, and its infrastructure in terms of hotels, transport and communication links - may not be good enough.

Colombia was set to host the 1986 finals but, confronted with the same sort of problems, ended up handing the event to Mexico.

Brazil also suffers widespread poverty and deprivation, while drug-related crime is an increasing problem.

Brazil's domestic football is also notorious for its corruption.

Less than two years ago, the Brazilian Senate produced a damning 1,600 page report on the game.

But Brazilian Football Confederation (CBF) president Ricardo Texeira claims the country would be ready to stage the 2014 finals.

He said: "Normally, countries are only awarded the World Cup six years in advance, and this gives us a big advantage.

"We have got a lot of time to work with and we can do this bit by bit - Brazil is up to the task."

www.azcentral.com Reuters Mar. 17, 2003 04:24 PM

NEW YORK - Time is running out for extra oil supplies expected from the OPEC cartel to hit U.S. shores and allow the world's biggest fuel consumer to smoothly build gasoline supplies before the summer driving season.

Not getting the supplies could leave the United States more dependent on imports than ever, at a time when the White House edges to the brink of war on Iraq and retail gasoline prices hit all-time highs, threatening the stuttering economy.

''The U.S. needs large slugs of extra oil to cope with the increase in (refinery) runs, stop the erosion of inventories and to begin to claw back some cover,'' JP Morgan said in a research note. ''The U.S. oil market is undersupplied.''

U.S. oil stockpiles have fallen below 270 million barrels, the government's suggested level for seamless operations, as supply disruptions from Venezuela and an unusually long, cold winter drained supplies.

Resulting inventories, near the lowest level since 1975, could prove a problem for U.S. suppliers, who tend to use the brief respite in consumer demand in the second quarter to refine more crude and build fuel stocks before summer.

''The main problem is that while global oil demand does indeed hit a minimum in (the second quarter), U.S. crude oil runs increase,'' said JP Morgan, meaning deeper declines in crude supply are likely if imports don't shoot higher.

SECOND QUARTER INCREASED DEMAND

The U.S. second-quarter increase in crude oil demand averaged roughly 1 million barrels per day in 2001 and 2002, and is expected to be even sharper this year as the industry struggles to buffer paper-thin inventories.

''There's potential for trouble,'' said Tim Evans, senior analyst at IFR-Pegasus. ''Low crude inventories limit the extent to which higher refinery rates can be sustained. But the cavalry rising up over the hillside is represented by OPEC, which has already started pumping away.''

OPEC, which accounts for 60 percent of world oil exports, has signaled it will defend against global short supply by increasing shipment volumes even as it declines to lift its official production curbs due to worries over overall weakness in global demand.

OPEC powerhouse Saudi Arabia has already raised production sharply in the first two months of this year to make up for lost Venezuelan supply. Tanker brokers said on Friday the kingdom snapped up 14 tankers to move 29.5 million barrels of crude oil to the U.S. Gulf for May delivery.

So far, the increased production has yet to translate into higher U.S. crude stockpiles.

ENOUGH SAUDI CAPACITY?

And, while Saudi Arabia has reassured the market that it will continue to pump more oil in the event of a war, there are doubts about whether Riyadh has enough spare capacity to compensate fully for disruptions from Iraq, which has a sustainable export capacity of 2.2 million bpd.

The International Energy Agency in a monthly report on the oil market outlook released on Wednesday estimated that OPEC in total has only 900,000 bpd to spare, with 400,000 bpd in Saudi Arabia.

If crude becomes scarce enough to hinder the U.S. oil industry's attempt to build up gasoline supplies before summer, pump prices will likely continue to surge, pushing through record levels.

The average retail price of gasoline in the United States on Saturday was $1.719 a gallon, a new all-time high, according to the American Automobile Association's latest survey.

The U.S. inventory situation has worried the White House enough to consider tapping the Strategic Petroleum Reserve -- something reserved for only the most dire supply crunches.

U.S. Energy Secretary Spencer Abraham said on Friday Washington reserved the right to make a unilateral release of crude from the emergency reserve in the event of a severe supply disruption. The statement came after a similar comment from Japan, which said it would tap its reserve if Iraq is invaded by U.S.-led forces.

Sen. Jeff Bingaman, the top Democrat on the Senate Energy Committee, urged the Bush administration on Monday to immediately begin releasing up to 750,000 barrels of oil a day from the reserve until fresh OPEC supplies arrive.

Oil from the Middle East takes about 45 days to reach the U.S. market.

''This modest release would complement and not compete with the oil that is heading this way,'' Bingaman said. ''We will be helping to prevent a gasoline supply shortage and further price spikes,'' he said.

www.duluthsuperior.com Posted on Mon, Mar. 17, 2003
JOSH DUBOW Associated Press

TEMPE, Ariz. - Francisco Rodriguez might be the most accomplished rookie in major league history.

Many heralded prospects have tantalized teams during late-season callups, then had to prove themselves again the next year. Now Japanese slugger Hideki Matsui and Cuban pitcher Jose Contreras face questions about how they'll adjust to the competition against the best baseball players in the world.

Rodriguez already has answered such concerns.

On baseball's biggest stage, no less.

The 21-year-old pitcher nicknamed "K-Rod" quickly made his mark last October. He tied a major league record with five postseason wins, set a relief record with 28 postseason strikeouts, posted a 1.93 ERA and became the youngest pitcher ever to win a World Series game.

"That's in the past," he said. "I have to live in the future. I need to have a good year and help the team as much as I can."

Rodriguez is a rookie because he only pitched 5 2-3 innings last September. He was eligible for the postseason roster because of a loophole in the rules that allows for teams to replace players on the disabled list with a player on their 40-man roster.

Instead of just getting a taste for the majors like most late-season callups, he performed in the highest-pressure spots.

"He pitched in the toughest situations you can be in," manager Mike Scioscia said. "He did it for six weeks. We're looking for consistency. If Frankie Rodriguez shows the consistency he showed in the playoffs, he'll be fine. That's the challenge for all young players - being consistent."

Unlike most rookies, Rodriguez comes with a lot of advance billing. Opposing players watched him overpower some of the game's toughest hitters last October with his 95 mph fastball and nasty, late-breaking slider.

A successful at-bat against Rodriguez could be the highlight of a young player's spring - the opposite of last March, when Rodriguez tried to impress his team.

"From last year to this year is a big difference," he said. "Last year, nobody knew me. Now when I pitch, people know who I am because of what happened in the playoffs. It feels a lot different.

"Guys are swinging a lot more on the first couple of pitches. They don't take too many pitches. They try to be aggressive and swing early in the count. They don't want to go deep in the count and fall behind. I like to be aggressive, but I have to mix it up more early in the count."

That's just one of the many adjustments Rodriguez will have to make this season. Opposing scouts have spent hours breaking down video of Rodriguez, trying to learn his tendencies and weaknesses.

Rodriguez will also have to learn to deal with the ups and downs of a 162-game season. As dominating as he can be, the Angels know he won't have it quite as easy as he did during the postseason.

"He just needs to be himself. He's very competitive and throws strikes," Anaheim general manager Bill Stoneman said. "He has good stuff. All he needs to do is go out and compete. Things won't always go as easily for him as they did in the playoffs. He'll hit some rough spots. But overall, if he stays consistent, he'll be good more than bad."

Rodriguez is especially fresh this spring. He usually pitches in the winter back home in Venezuela, but he was limited to two games of winter ball because of political unrest.

Rodriguez couldn't even go out to celebrate his 21st birthday, staying inside with his family to avoid trouble on the streets.

He bought an exercise bike so he wouldn't have to run in the park and even turned down a meeting with President Hugo Chavez in order to keep a low profile.

His mother and brother were robbed at gunpoint because people figured the family of a baseball star would have money. Houston Astros outfielder Richard Hidalgo was wounded in his left arm during an attempted carjacking in November.

"It is very dangerous," Rodriguez said. "I stayed in the house."

He talks every day with family members who are still back home in Caracas, unable to get visas to come to the United States.

But he also is focused on his job here. He's not content with last season's success and knows he must keep proving himself.

"I'm not sure I'm making the team," he said. "What I did is in the past."

www.forbes.com Reuters, 03.17.03, 3:39 PM ET (Recasts, updates with settlement prices)

NEW YORK (Reuters) - NYMEX crude oil futures pared steep losses but still ended sharply lower Monday for a third session in a row as traders speculated that any U.S.-led war with Iraq would be short.

The likelihood that the United States will act quickly to release oil from its strategic reserves to offset any supply shortage from the Gulf region also helped pull down prices.

In volatile trading, NYMEX April crude fell 45 cents, or 1.3 percent, to settle at $34.93 a barrel, extending losses in the past three sessions to $2.90, or 7.7 percent.

In a roller-coaster day, the contract moved in a wide $2.35 range, shooting up to $36.35 and then quickly diving to $34.00.

"The market psychology has palpably changed and the urgency to buy has disappeared," said Peter Beutel, president of oil trading consultancy Cameron Hanover in New Canaan, Connecticut.

In London, Brent crude's new prompt month May shed 65 cents, or 2.1 percent, to settle at $29.48 a barrel.

The United States, Britain and Spain ended Monday morning diplomatic efforts to win U.N. approval for an ultimatum to Iraq to disarm or face war. That, analysts said, now clears the way for the three countries to launch a war without a vote in the Security Council.

France, which led opposition in the U.N. Security Council to a U.S.-British-Spanish resolution that would authorize war on Iraq after a final chance to disarm, said the move was not justified. Russia, also opposed to the resolution, said any resort to force would be a mistake and a violation of international law.

U.N. Secretary General Kofi Annan has ordered the pullout of U.N. staff from Iraq and said all U.N. work in the country, including the oil-for-food program, would be suspended.

U.N. arms inspectors were packing their bags and were expected to leave Baghdad early Tuesday.

The day's events followed an ultimatum from Bush on Sunday that the U.N. Security Council had just one more day to give its blessing to the proposed Iraq resolution.

The U.S. has vowed to lead a coalition to disarm Saddam, who it accuses of violating U.N. disarmament resolutions, with or without U.N. support. More than 250,000 American and British troops are already poised to attack if the signal is given.

Bush will deliver a television message at 8:00 p.m. EST (0100 GMT Tuesday) in which he is expected to make a final ultimatum to Iraqi President Saddam Hussein to leave or face invasion.

Iraq rejected the U.S. ultimatum on Monday afternoon.

The U.S. has yet to decide whether it would tap its 600-million-barrel Strategic Petroleum Reserve to stabilize domestic supply once Iraqi oil exports stop flowing, the U.S. Department of Energy said.

U.S. Rep. Bill Tauzin of Louisiana, the Republican chairman of the House Energy and Commerce Committee, said earlier that the reserves had been switched to "flow mode" and were prepared to be put in the market if ordered by Bush.

Iraq exports about 1.7 million barrels per day (bpd) of crude under U.N. supervision as part of sanctions in place following Iraq's invasion of Kuwait in 1990. Last January, Iraq sold about 600,000 bpd to the United States.

On Monday, the U.N.-supervised Iraqi oil exports were at a standstill and will likely stay that way until after a U.S.-led assault, which traders now expected imminently.

Iraq's oil exports will be halted indefinitely once U.N. oil export inspectors are evacuated, which is expected to coincide with the pullout of U.N. arms inspectors by Tuesday.

Saddam said early Monday that while Iraq had weapons of mass destruction in the past, it no longer had them.

The day's prices have erased about $5, or 13 percent, since NYMEX crude hit a 12-year high of $39.99 on Feb. 27. From mid-November to that high point, NYMEX crude prices had risen more than $15, or 60 percent, about half of which was seen as a war premium on fears a war would cut off Iraq supplies.

Crude prices also rose as U.S. supplies thinned due to a crippling two-month strike in Venezuela backed by its oil workers that began Dec. 2. Venezuela's production is gradually being restored.

Crude futures jumped to an all time high of $41.15 in October 1990 after Iraq invaded Kuwait in August of that year.

Meanwhile, NYMEX refined product futures tumbled sharply, moving with crude.

April gasoline futures settled 1.33 cents or 1.3 percent lower at $1.0271 a gallon while April heating oil futures settled 2.50 cents or 2.7 percent down at 91.57 cents.