August 21, 2012 / 1:57 PM / 5 years ago

STXNEWS LATAM-Brazil's building materials industry eyes lower forecast

Demand for building materials in Brazil may grow less this year than expected, industry group Abramat said on Tuesday, after sales in July edged up just 0.3 percent from a year earlier.

"If sales in August continue at this lower pace, the industry is going to cut its full-year forecast again," said Abramat president Walter Cover.

Abramat already cut its outlook for sales growth this year to 3.4 percent from 4.5 percent, as Brazil's biggest homebuilders slash new housing starts in the face of cost overruns and cooling demand. Sales through July this year expanded 2.2 percent from the first seven months of 2011.

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