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                                  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