Vulcan Materials Says Mexican Government's Action Illegal

Vulcan Materials Co. (VMC) said Thursday that, at around 2 p.m. CDT, Mexican government officials unexpectedly presented local Vulcan Materials Company employees with arbitrary shutdown orders to immediately cease underwater quarrying and extraction operations at its SAC TUN subsidiary in Quintana Roo, Mexico.

The company said it strongly believes that the action by the Mexican government is illegal. The company has the necessary permits to operate and intends to vigorously pursue all lawful avenues available to it in order to protect its rights and resume normal operations.

The company noted that it currently has the ability to export inventories readily available for shipment from the port. In March, Vulcan received its routine three-year customs permit, which enabled the Company to continue serving its customers.

The company has quarried limestone legally in Mexico - on land that it owns - for over 30 years. Vulcan has the right to maintain full ownership of its properties, owns the limestone reserves in the same, and complies and has always complied with Mexican law, including the laws and permitting regulating operations from which it services its customers both in Mexico and abroad.

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