For decades the plant has provided much-needed rural employment for generations of people in the North Lincolnshire village.
It has been an important contributor to the local economy, putting in around £10m a year, through wages, rates and the buying of services.
In a statement the firm said they were looking at mothballing the plant in the third quarter of this year, and it could lead to all the workers there being made redundant.
The current cement drivers “are not immediately impacted but the intention is to review the optimal haulage provision”, it added.
The company insisted the decision had not been influenced by the coronavirus pandemic, but was linked to an analysis of its European cement supply chain.
Its cement plant would continue to operate at Rugby.
Cemex said they would not be claiming from the government scheme for furloughed workers if the mothballing was to proceed.
A statement said the site would be secured and managed and they would continue to supply clay from their quarry to the flood defences being built by the Environment Agency.
It added: “The proposal to mothball the South Ferriby Cement Plant comes after an analysis of the company’s European cement supply chain.
“Cemex remains committed to the UK and its European business, which is one of the company’s largest regions, and will continue to have a strong national presence.”