The assets of Holcim, a global cement producer, were expropriated by the Venezuelan government. The Brattle Group was retained to estimate damages on behalf of the Claimant in Holcim Limited, Holderfin B.V. and Caricement B.V. v. Bolivarian Republic of Venezuela. We analysed the economic drivers of cement demand in Venezuela, the competitive landscape, and the specific performance of the expropriated production and distribution assets. Cement valuations are often quoted in US$ per metric ton. The parties agreed to a settlement of more than twice the value per-metric-ton of settlements achieved by Lafarge and Cemex in parallel arbitrations.