Holcim

Holcim transformed from commodity cement producer to circular construction leader through industrial autophagy—systematically eliminating waste while recycling materials at scale. The 2015 Lafarge merger created a CHF 26.4 billion (2024) revenue giant, but profitability came from metabolic efficiency: closing inefficient plants, optimizing logistics networks, recycling 10.2 million tons of construction demolition materials annually. The company's 19.1% EBIT margin (2024) proves that in true commodities, survival means becoming the system's recycler. ECOPact and ECOPlanet—sustainable concrete and cement lines incorporating recycled materials and reduced carbon—now represent 36% of net sales, up from 30% in 2023. This isn't greenwashing; it's resource allocation responding to regulatory pressure and customer demand. Holcim's 60-year evolution demonstrates that commodity businesses win by optimizing metabolism (production efficiency, waste reduction, circular material flows), not by differentiating products. The planned 2025 North American spin-off—40% of sales, 50% of EBIT—represents controlled calving: shedding high-performing units to unlock value while maintaining focus on sustainable construction materials in growth markets. In mature industries, excellence comes from eliminating waste faster than competitors, recycling at scale, and responding to environmental constraints through systematic resource reallocation.