In 1992 he took over Cementir S.p.A, the fourth biggest Italian company in the cement industry, acquired by IRI (Istituto per la Ricostruzione Industriale) through a public auction. In a few years, under the guidance of his son Francesco Caltagirone Jr., Cementir S.p.A became a multinational company with significant presence in Scandinavia, Turkey and the Far East. About 80% of the turnover is produced outside Italy.