Cemex expects 23 percent sales drop in 4th quarter

Cemex SAB, the world's third largest cement maker, announced Tuesday it expects a plunge in sales during the fourth quarter amid the nationalization of its Venezuelan plants and a downturn in the U.S. construction industry.

The Monterrey, Mexico-based company forecast $4.45 billion in sales during the last three months of the year, a 23 percent decline from the year-earlier period. It also blamed foreign-exchange rate movements for the drop.

Cemex expected a steep sales drop in United States, where the subprime mortgage meltdown has hurt builders in the housing market. Cement sales were projected to fall 25 percent, ready-mix sales 39 percent and aggregates …