Page 1 of 17

                                                      --------------------------
                                                            OMB APPROVAL
                                                      --------------------------
                                                      OMB Number:      3235-0145
                                                      Expires:    August 31,1999
                                                      Estimated average burden
                                                      hours per response...14.90
                                                      --------------------------


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                       (Amendment No.                 ) *
                                      --------------

                                   CEMEX S.A.
 ------------------------------------------------------------------------------
                                (Name of Issuer)

                          AMERICAN DEPOSITORY RECEIPTS
 ------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    151290889
                  --------------------------------------------
                                 (CUSIP Number)

                                December 31, 2003
 ------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:






        Check the appropriate box to designate the rule pursuant to which this
        Schedule is filed:

               [X] Rule 13d-1 (b)
               [ ] Rule 13d-1(c)
               [ ] Rule 13d-1(d)


* The remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the ACT
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).

Page 2 of 17 CUSIP No. 151290889 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Brandes Investment Partners, LLC I.R.S. Identification Nos. of above persons (entities only) 33-0704072 - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or place of organization Delaware - -------------------------------------------------------------------------------- Number of 5 Sole Voting Power Shares -------------------------------------------------------------- Beneficially 6 Shared Voting Power 23,312,114 ADR Owned -------------------------------------------------------------- By Each 7 Sole Dispositive Power Reporting -------------------------------------------------------------- Person 8 Shared Dispositive Power 27,247,403 ADR With. - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 27,247,403 ADR - -------------------------------------------------------------------------------- 10 Check box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) | | - -------------------------------------------------------------------------------- 11 Percent of Class Represented by Amount in Row (9) 8.4% - -------------------------------------------------------------------------------- 12 Type of Reporting Person (See Instructions) IA, PN - --------------------------------------------------------------------------------

Page 3 of 17 CUSIP No. 151290889 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Brandes Investment Partners, Inc. I.R.S. Identification Nos. of 33-0090873 above persons (entities only) - ------------------------------------------------------------------------------ 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or place of organization California - -------------------------------------------------------------------------------- Number of 5 Sole Voting Power Shares -------------------------------------------------------------- Beneficially 6 Shared Voting Power 23,312,114 ADR Owned -------------------------------------------------------------- By Each 7 Sole Dispositive Power Reporting -------------------------------------------------------------- Person 8 Shared Dispositive Power 27,247,403 ADR With. - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 27,247,403 ADR shares are deemed to be beneficially owned by Brandes Investment Partners, Inc., as a control person of the investment adviser. Brandes Investment Partners, Inc. disclaims any direct ownership of the shares reported in this Schedule 13G, except for an amount that is substantially less than one per cent of the number of shares reported herein. - -------------------------------------------------------------------------------- 10 Check box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) | | - -------------------------------------------------------------------------------- 11 Percent of Class Represented by Amount in Row (9) 8.4% - -------------------------------------------------------------------------------- 12 Type of Reporting Person (See Instructions) CO, OO (Control Person) - --------------------------------------------------------------------------------

Page 4 of 17 CUSIP No. 151290889 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Brandes Worldwide Holdings, L.P. I.R.S. Identification Nos. of 33-0836630 above persons (entities only) - ------------------------------------------------------------------------------ 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or place of organization Delaware - -------------------------------------------------------------------------------- Number of 5 Sole Voting Power Shares -------------------------------------------------------------- Beneficially 6 Shared Voting Power 23,312,114 ADR Owned -------------------------------------------------------------- By Each 7 Sole Dispositive Power Reporting -------------------------------------------------------------- Person 8 Shared Dispositive Power 27,247,403 ADR With. - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 27,247,403 ADR shares are deemed to be beneficially owned by Brandes Worldwide Holdings, L.P., as a control person of the investment adviser. Brandes Worldwide Holdings, L.P., disclaims any direct ownership of the shares reported in this Schedule 13G. - -------------------------------------------------------------------------------- 10 Check box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) | | - -------------------------------------------------------------------------------- 11 Percent of Class Represented by Amount in Row (9) 8.4% - -------------------------------------------------------------------------------- 12 Type of Reporting Person (See Instructions) PN, OO (Control Person) - --------------------------------------------------------------------------------

Page 5 of 17 CUSIP No. 151290889 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Charles H. Brandes I.R.S. Identification Nos. of above persons (entities only) - ------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or place of organization USA - -------------------------------------------------------------------------------- Number of 5 Sole Voting Power Shares -------------------------------------------------------------- Beneficially 6 Shared Voting Power 23,312,114 ADR Owned -------------------------------------------------------------- By Each 7 Sole Dispositive Power Reporting -------------------------------------------------------------- Person 8 Shared Dispositive Power 27,247,403 ADR With. - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 27,247,403 ADR shares are deemed to be beneficially owned by Charles H. Brandes, a control person of the investment adviser. Mr. Brandes disclaims any direct ownership of the shares reported in this Schedule 13G, except for an amount that is substantially less than one per cent of the number of shares reported herein. - -------------------------------------------------------------------------------- 10 Check box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) | | - -------------------------------------------------------------------------------- 11 Percent of Class Represented by Amount in Row (9) 8.4% - -------------------------------------------------------------------------------- 12 Type of Reporting Person (See Instructions) IN, OO (Control Person) - --------------------------------------------------------------------------------

Page 6 of 17 CUSIP No. 151290889 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Glenn R. Carlson I.R.S. Identification Nos. of above persons (entities only) - ------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or place of organization USA - -------------------------------------------------------------------------------- Number of 5 Sole Voting Power Shares -------------------------------------------------------------- Beneficially 6 Shared Voting Power 23,312,114 ADR Owned -------------------------------------------------------------- By Each 7 Sole Dispositive Power Reporting -------------------------------------------------------------- Person 8 Shared Dispositive Power 27,247,403 ADR With. - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 27,247,403 ADR shares are deemed to be beneficially owned by Glenn R. Carlson as a control person of the investment adviser. Mr. Carlson disclaims any direct ownership of the shares reported in this Schedule 13G, except for an amount that is substantially less than one per cent of the number of shares reported herein. - -------------------------------------------------------------------------------- 10 Check box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) | | - -------------------------------------------------------------------------------- 11 Percent of Class Represented by Amount in Row (9) 8.4% - -------------------------------------------------------------------------------- 12 Type of Reporting Person (See Instructions) IN, OO (Control Person) - --------------------------------------------------------------------------------

Page 7 of 17 CUSIP No. 151290889 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Jeffrey A. Busby I.R.S. Identification Nos. of above persons (entities only) - ------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3. SEC Use Only - -------------------------------------------------------------------------------- 4 Citizenship or place of organization USA - -------------------------------------------------------------------------------- Number of 5 Sole Voting Power Shares -------------------------------------------------------------- Beneficially 6 Shared Voting Power 23,312,114 ADR Owned -------------------------------------------------------------- By Each 7 Sole Dispositive Power Reporting -------------------------------------------------------------- Person 8 Shared Dispositive Power 27,247,403 ADR With. - -------------------------------------------------------------------------------- 9 Aggregate Amount Beneficially Owned by Each Reporting Person 27,247,403 ADR shares are deemed to be beneficially owned by Jeffrey A. Busby, a control person of the investment adviser. Mr. Busby disclaims any direct ownership of the shares reported in this Schedule 13G, except for an amount that is substantially less than one per cent of the number of shares reported herein. - -------------------------------------------------------------------------------- 10 Check box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) | | - -------------------------------------------------------------------------------- 11 Percent of Class Represented by Amount in Row (9) 8.4% - -------------------------------------------------------------------------------- 12 Type of Reporting Person (See Instructions) IN, OO (Control Person) - --------------------------------------------------------------------------------

Page 8 of 17 Item 1(a) Name of Issuer: Cemex S.A. Item 1(b) Address of Issuer's Principal Executive Offices: Av Ricardo Margain Zozaya 325, Colonia Valle del Campestre, San Pedro Garza Garcia, NL 66225 Mexico Item 2(a) Name of Person Filing: (i) Brandes Investment Partners, LLC (ii) Brandes Investment Partners, Inc. (iii) Brandes Worldwide Holdings, L.P. (iv) Charles H. Brandes (v) Glenn R. Carlson (vi) Jeffrey A. Busby Item 2(b) Address of Principal Business office or, if None, Residence: (i) 11988 El Camino Real, Suite 500, San Diego, CA 92130 (ii) 11988 El Camino Real, Suite 500, San Diego, CA 92130 (iii) 11988 El Camino Real, Suite 500, San Diego, CA 92130 (iv) 11988 El Camino Real, Suite 500, San Diego, CA 92130 (v) 11988 El Camino Real, Suite 500, San Diego, CA 92130 (vi) 11988 El Camino Real, Suite 500, San Diego, CA 92130 Item 2(c) Citizenship (i) Delaware (ii) California (iii) Delaware (iv) USA (v) USA (vi) ` USA

Page 9 of 17 Item 2(d) Title of Class Securities: American Depository Receipts and Common Shares Item 2(e) CUSIP Number: 151290889 Item 3. If this statement is filed pursuant to ss.ss. 240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a: (a) |_| Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) |_| Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) |_| Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) |_| Investment company registered under section 8 of the Investment Company Act (15 U.S.C. 80a-8). (e) |_| An investment adviser in accordance with ss. 240.13d-1(b)(1)(ii)(E). (f) |_| An employee benefit plan or endowment fund in accordance with ss. 240.13d-1(b)(ii)(F). (g) |_| A parent holding company or control person in accordance with ss. 240.13d-1(b)(1)(ii)(G). (h) |_| A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). (i) |_| A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the InvestmentCompany Act of 1940 (15 U.S.C. 80a-3). (j) |X| Group, in accordance withss.240.13d-1(b)(1)(ii)(J). This statement is filed by Brandes Investment Partners, LLC, an investment adviser registered under the Investment Advisers Act of 1940, its control persons and its holding company. (See, also, Exhibit A.) Item 4. Ownership: (a) Amount Beneficially Owned: 27,247,403 ADR (b) Percent of Class: 8.4% (c) Number of shares as to which the joint filers have: (i) sole power to vote or to direct the vote: 0 (ii) shared power to vote or to direct the vote:23,312,114 ADR (iii)sole power to dispose or to direct the disposition of: 0 (iv) shared power to dispose or to direct the disposition of: 27,247,403 ADR

Page 10 of 17 Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class securities, check the following |_|. N/A Item 6. Ownership of More than Five Percent on Behalf of Another Person. N/A Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. N/A Item 8. Identification and Classification of Members of the Group. See Exhibit A Item 9. Notice of Dissolution of Group. N/A Item 10. Certification: (a) The following certification shall be included if the statement is filed pursuant to ss. 240.13d-1(b): By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 17, 2004 BRANDES INVESTMENT PARTNERS, LLC By: /s/ Adelaide Pund ------------------------------------------- Adelaide Pund as Attorney-In-Fact for Charles H. Brandes, President of Brandes Investment Partners, Inc., a Member

Page 11 of 17 BRANDES INVESTMENT PARTNERS, INC. By: /s/ Adelaide Pund ---------------------------------------- Adelaide Pund as Attorney-In-Fact for Charles H. Brandes, President BRANDES WORLDWIDE HOLDINGS, L.P. By: /s/ Adelaide Pund ---------------------------------------- Adelaide Pund as Attorney-In-Fact for Charles H. Brandes, President of Brandes Investment Partners, Inc., its General Partner By: /s/ Adelaide Pund ---------------------------------------- Adelaide Pund as Attorney-In-Fact for Charles H. Brandes, Control Person By: /s/ Adelaide Pund ---------------------------------------- Adelaide Pund as Attorney-In-Fact for Glenn R. Carlson, Control Person By: /s/ Adelaide Pund ---------------------------------------- Adelaide Pund as Attorney-In-Fact for Jeffrey A. Busby, Control Person

Page 12 of 17 EXHIBIT A IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP Pursuant to Rule 13d-1(b)(ii)(J) and Rule 13d-1(k)(1) under the Securities and Exchange Act of 1934, the members of the group making this joint filing are identified and classified as follows: NAME CLASSIFICATION Brandes Investment Partners, LLC (the "Investment Investment adviser registered under Investment Adviser") Advisers Act of 1940 Brandes Investment Partners, Inc. A control person of the Investment Adviser Brandes Worldwide Holdings, L.P. A control person of the Investment Adviser Charles H. Brandes A control person of the Investment Adviser Glenn R. Carlson A control person of the Investment Adviser Jeffrey A. Busby A control person of the Investment Adviser

Page 13 of 17 EXHIBIT B JOINT FILING AGREEMENT PURSUANT TO RULE 13D-1 This agreement is made pursuant to Rule 13d-1(b)(ii)(J) and Rule 13d-1(k)(1) under the Securities and Exchange Act of 1934 (the "Act") by and among the parties listed below, each referred to herein as a "Joint Filer." The Joint Filers agree that a statement of beneficial ownership as required by Sections 13(g) or 13(d) of the Act and the Rules thereunder may be filed on each of their behalf on Schedule 13G or Schedule 13D, as appropriate, and that said joint filing may thereafter be amended by further joint filings. The Joint Filers state that they each satisfy the requirements for making a joint filing under Rule 13d-1. Dated: February 14, 2003 BRANDES INVESTMENT PARTNERS, LLC By: /s/ Charles H. Brandes -------------------------------- Charles H. Brandes, President of Brandes Investment Partners, Inc., a Member BRANDES INVESTMENT PARTNERS, INC. By: /s/ Charles H. Brandes -------------------------------- Charles H. Brandes, President BRANDES WORLDWIDE HOLDINGS, L.P. By: /s/ Charles H. Brandes -------------------------------- Charles H. Brandes, President of Brandes Investment Partners, Inc., its General Partner By: /s/ Charles H. Brandes -------------------------------- Charles H. Brandes, Control Person By: /s/ Glenn R. Carlson -------------------------------- Glenn R. Carlson, Control Person By: /s/ Jeffrey A. Busby -------------------------------- Jeffrey A. Busby, Control Person

Page 14 of 17 EXHIBIT C DISCLAIMER OF BENEFICIAL OWNERSHIP Brandes Investment Partners, Inc., Brandes Worldwide Holdings, L.P., Charles H. Brandes, Glenn R. Carlson and Jeffrey A. Busby, disclaim beneficial interest as to the shares referenced above, except for an amount equal to substantially less than one percent of the shares reported on this Schedule 13G. None of these entities or individuals holds the above-referenced shares for its/his own account except on a de minimis basis.

Page 15 of 17 EXHIBIT D POWER OF ATTORNEY FOR SCHEDULES 13G AND FORMS 13F I, Charles Brandes, as director and president of Brandes Investment Partners, Inc., which is a General Partner of Brandes Worldwide Holdings, L.P., and which is also a member of Brandes Investment Partners, LLC, hereby appoint Ian N. Rose and Adelaide Pund as attorneys-in-fact and agents, in all capacities, to execute, on my behalf and on behalf of Brandes Investment Partners, Inc., Brandes Investment Partners, LLC, and Brandes Worldwide Holdings, L.P., to file with the appropriate issuers, exchanges and regulatory authorities, any and all Schedules 13G and Forms 13F and documents relating thereto required to be filed under the Securities and Exchange Act of 1934, including exhibits, attachments and amendments thereto and request for confidential treatment of information contained therein in connection with my being a "control person" (as contemplated for purposes of Schedule 13G and Form 13F) of Brandes Investment Partners, LLC, its subsidiaries and affiliates. I hereby grant to said attorneys-in-fact full authority to do every act necessary to be done in order to effectuate the same as fully, to all intents and purposes, as I could if personally present, thereby ratifying all that said attorneys-in-fact and agents may lawfully do or cause to be done by virtue hereof. I hereby execute this Power of Attorney as of this 17th day of February 2004. /s/ Charles H. Brandes ---------------------- Charles H. Brandes

Page 16 of 17 EXHIBIT D POWER OF ATTORNEY FOR SCHEDULES 13G I, Glenn R. Carlson, hereby appoint Ian N. Rose and Adelaide Pund as attorneys-in-fact and agents, in all capacities, to execute, on my behalf, and to file with the appropriate issuers, exchanges and regulatory authorities, any and all Schedules 13G and documents relating thereto required to be filed under the Securities and Exchange Act of 1934, including exhibits, attachments and amendments thereto and request for confidential treatment of information contained therein in connection with my being a "control person" (as contemplated for purposes of Schedule 13G) of Brandes Investment Partners, LLC, its subsidiaries and affiliates. I hereby grant to said attorneys-in-fact full authority to do every act necessary to be done in order to effectuate the same as fully, to all intents and purposes, as I could if personally present, thereby ratifying all that said attorneys-in-fact and agents may lawfully do or cause to be done by virtue hereof. I hereby execute this Power of Attorney as of this 17th day of February 2004. /s/ Glenn R. Carlson -------------------- Glenn R. Carlson

17 of 17 EXHIBIT D POWER OF ATTORNEY FOR SCHEDULES 13G I, Jeffrey A. Busby hereby appoint Ian N. Rose and Adelaide Pund as attorneys-in-fact and agents, in all capacities, to execute, on my behalf, and to file with the appropriate issuers, exchanges and regulatory authorities, any and all Schedules 13G and documents relating thereto required to be filed under the Securities and Exchange Act of 1934, including exhibits, attachments and amendments thereto and request for confidential treatment of information contained therein in connection with my being a "control person" (as contemplated for purposes of Schedule 13G) of Brandes Investment Partners, LLC, its subsidiaries and affiliates. I hereby grant to said attorneys-in-fact full authority to do every act necessary to be done in order to effectuate the same as fully, to all intents and purposes, as I could if personally present, thereby ratifying all that said attorneys-in-fact and agents may lawfully do or cause to be done by virtue hereof. I hereby execute this Power of Attorney as of this 17th day of February 2004. /s/ Jeffrey A. Busby -------------------- Jeffrey A. Busby