<PAGE>   1


                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                                    FORM 10-K
             FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTIONS
               13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
         SECURITIES EXCHANGE ACT OF 1934

         FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000

                                       OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
         SECURITIES EXCHANGE ACT OF 1934

         FOR THE TRANSITION PERIOD FROM           TO
                                       -----------  ------------

                          COMMISSION FILE NUMBER 1-4753

                        PUERTO RICAN CEMENT COMPANY, INC.
             (Exact Name of Registrant as Specified in Its Charter)

COMMONWEALTH OF PUERTO RICO                               51-A-66-0189525
(State or Other Jurisdiction of                           (IRS Employer
Incorporation or Organization)                          Identification No.)

PO BOX 364487 - SAN JUAN, PUERTO RICO                      00936-4487
(Address of Principal Executive Offices)                   (Zip Code)

      (Registrant's telephone number, including area code): (787) 783-3000
 .
Securities registered pursuant to Section l2 (b) of the Act:

                                           NAME OF EACH EXCHANGE
     TITLE OF EACH CLASS                    ON WHICH REGISTERED
-----------------------------              ------------------------
COMMON STOCK, $1.00 PAR VALUE              NEW YORK STOCK EXCHANGE

Securities registered pursuant to Section l2 (g) of the Act:     NONE

         Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section l3 or l5(d) of the Securities Exchange Act of
l934 during the preceding l2 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days: Yes [X] No [ ]


                            [Cover page 1 of 2 pages]

<PAGE>   2

      Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]

      The aggregate market value of the voting common stock held by
non-affiliates of the Registrant is $146,771,554. This market value was computed
by reference to the closing price of the common stock on The New York Stock
Exchange on March 15, 2001.

      Indicate the number of shares outstanding of each of the Registrant's
classes of common stock, as of the close of the period covered by this report:

      COMMON STOCK,  $L.00 PAR VALUE        5,186,274 SHARES

DOCUMENTS INCORPORATED BY REFERENCE

         l.     Portions of the Company's Annual Report to Security Holders for
                the fiscal year ended December 3l, 2000, are incorporated by
                reference into Parts I and II.

         2.       Portions of the Company's definitive proxy statement for the
                  2001 Annual Meeting of Stockholders to be filed pursuant to
                  Regulation 14A are incorporated by reference into Part III.


                           [Cover page 2 of 2 pages]


<PAGE>   3


                   CROSS REFERENCE SHEET AND TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                           Page
     ITEM                                                                                  Number   Reference(1)
     ----                                                                                  ------   ------------
                                     PART I
     <S>      <C>                                                                          <C>      <C
       1.     Business.....................................................................     6
                  General Development of Business..........................................     6
                  Financial Information About Industry Segments       .....................     6          (2)
                  Narrative Description of Business........................................     7
                  Financial Information About Geographic Areas        .....................    13
                  Executive Officers of the Company .......................................    13

       2.     Properties...................................................................    15          (3)

       3.     Legal Proceedings............................................................    16          (4)

       4.     Submission of Matters to a Vote of Security Holders       ...................    16

                                     PART II
       5.     Market for the Registrant's Common Equity
                and Related Stockholder Matters............................................    16          (5)

       6.     Selected Financial Data......................................................    16          (6)

       7.     Management's Discussion and Analysis of Financial
                Condition and Results of Operations........................................    17          (7)

      7A.     Quantitative and Qualitative Disclosures About Market Risk ..................    17          (8)

       8.     Financial Statements and Supplementary Data    ..............................    17          (9)

       9.     Changes in and Disagreements With Accountants on
                Accounting and Financial Disclosure........................................    17
</TABLE>

<PAGE>   4


                                    PART III
<TABLE>
      <S>     <C>                                                                              <C>         <C>
      10.     Directors and Executive Officers of the Registrant ..........................    18          (10)

      11.     Executive Compensation.......................................................    18          (11)

      12.     Security Ownership of Certain Beneficial Owners
                and Management.............................................................    18          (12)

      13.     Certain Relationships and Related Transactions   ............................    18          (13)

                                     PART IV

      l4.     Exhibits, Financial Statement Schedules, and Reports on
                  Form 8-K.................................................................    19
</TABLE>



---------------
         (l)      Information incorporated by reference to the Company's Annual
                  Report to Stockholders for the year ended December 31, 2000
                  ("Annual Report") and the Company's definitive Proxy Statement
                  for use in connection with the Company's Annual Meeting of
                  Stockholders to be held on May 2, 2001 ("Proxy Statement").

         (2)      Annual Report, pages 44 to 45, section entitled "Notes to
                  Consolidated Financial Statements, Note 12 / Segment
                  Information."

         (3)      Annual Report, page 36, section entitled "Notes to
                  Consolidated Financial Statements, Note 4 / Property, Plant
                  and Equipment" and page 46, section entitled "Notes to
                  Consolidated Financial Statements, Note 13 / Lease
                  Commitments."

         (4)      Annual Report, page 47, section entitled "Notes to
                  Consolidated Financial Statements, Note 15 / Contingent
                  Liabilities and Other Commitments," and page 47, section
                  entitled "Notes to Consolidated Financial Statements, Note 16
                  / Legal Proceedings."

         (5)      Annual Report, page 53, section entitled "Common Share Prices
                  and Dividends Per Share," page 50, section entitled "Five-Year
                  Statistical Comparison" and pages 39 to 40, section entitled
                  "Notes to Consolidated Financial Statements, Note 9 /
                  Long-term Debt."


<PAGE>   5


         (6)      Annual Report, page 25, section entitled "Selected Financial
                  Data."

         (7)      Annual Report, pages 20 to 25, section entitled "Management's
                  Discussion and Analysis of Financial Condition and Results of
                  Operations."

         (8)      Annual Report, pages 32 to 34, section entitled "Notes to
                  Consolidated Financial Statements, Note 1 / Reporting Entity
                  and Summary of Accounting Policies, " and pages 36 to 37,
                  section entitled "Notes to Consolidated Financial Statements,
                  Note 5 / Investments."

         (9)      Annual Report, pages 26 to 50, sections entitled "Report of
                  Independent Accountants," "Consolidated Statement of Income,"
                  "Consolidated Balance Sheet," "Consolidated Statement of
                  Comprehensive Income," "Consolidated Statement of Changes in
                  Stockholders' Equity," "Consolidated Statement of Cash Flows,"
                  "Notes to Consolidated Financial Statements," "Consolidated
                  Fourth Quarter Results," "Financial Results by Quarter," and
                  "Five-Year Statistical Comparison."

         (10)     Proxy Statement, pages 2 to 8, section entitled "Information
                  about Directors, Nominees and Principal Stockholders" and page
                  11, section entitled "Executive Compensation."

         (11)     Proxy Statement, pages 11 to 20, section entitled "Executive
                  Compensation" through and including section entitled "Certain
                  Transactions with Management."

         (12)     Proxy Statement, pages 2 to 10, sections entitled "Information
                  about Directors, Nominees and Principal Stockholders" and
                  "Security Ownership of Certain Beneficial Owners."

         (13)     Proxy Statement, pages 19 to 20, sections entitled
                  "Compensation Committee Interlocks and Insider Participation"
                  and "Certain Transactions with Management."


<PAGE>   6

                                     PART I

ITEM 1.       BUSINESS


                       (a) GENERAL DEVELOPMENT OF BUSINESS

Organization

Puerto Rican Cement Company, Inc. ("PRCC" or the "Company") was organized under
the laws of the Commonwealth of Puerto Rico in l938. The Company is engaged in
the production and sale of cement, ready mix concrete and lime; the Company is
also engaged in the packaging business, in the financing business and in realty
operations.

                (b) FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS

The Company's financial information is disclosed for the following segments: (1)
cement operations, (2) ready mix concrete operations, and (3) all others
segment. The cement operations include the manufacture and sale of cement. The
ready mix concrete operations include the sale and distribution of ready mix
concrete. The "all others segment" category is comprised of the Company's
packaging, lime, financing and realty operations. The packaging operations
include the manufacture and sale of multi-wall paper and polypropylene bags. The
lime operations include the manufacture and sale of lime. The realty operations
include the development, sale and rental of real property owned by the Company.
The financing operations mostly involve providing equipment financing to
customers in construction related industries.

Information on the industry segments in which the Company has been engaged for
the last three fiscal years, including the amounts of revenue, operating profit
and identifiable assets attributable to each of the Company's industry segments,
is included as part of PRCC's Annual Report, pages 44 to 45, section entitled
"Notes to Consolidated Financial Statements, Note 12 / Segment Information,"
which includes the financial statements and schedules furnished pursuant to Item
14 and is incorporated herein by reference.


                                       6
<PAGE>   7


                      (c) NARRATIVE DESCRIPTION OF BUSINESS

CEMENT OPERATIONS SEGMENT

Principal product. PRCC produces Portland grey cement, Type I, manufactured
under specifications of the American Society for Testing Materials. Portland
grey cement is used primarily in the construction of residential, commercial and
public buildings and highways.

PRCC's cement plant is located in Ponce, on the southern coast of Puerto Rico.
The cement manufacturing process generally involves the extracting, crushing,
grinding and blending of limestone, clay and other raw materials. These raw
materials are proportioned automatically according to chemical analysis and
blended to obtain a stable quality. The Company manufactures cement using the
dry process technology, which is more efficient in fuel consumption than other
technologies. Pursuant to the dry process technology raw materials are first
processed through a preheating tower, where heat is supplied from hot gases
originated in a rotary kiln, to effect partial calcination of the materials
before they enter the rotary kiln. Once in the rotary kiln, the raw materials
are exposed to extremely high temperatures which create a chemical reaction that
converts them into clinker. The clinker drops from the kiln and is cooled with
air. At the same time, this air serves to recapture the kiln's heat for use in
the preheating process. Finally, gypsum is added to the clinker and both
materials are ground to form finished cement.

The Company sells and distributes cement (both in bulk and bagged) in Puerto
Rico. Sales are made on a direct basis to independent local distributors,
including ready mix concrete producers, building material dealers, concrete
product manufacturers, government agencies, and general and highway contractors.

During the fiscal year ended December 3l, 2000, the Company sold 1,100,000 tons
of Portland grey cement to customers in Puerto Rico. Approximately 31.2% of the
cement sold by PRCC in 2000 was sold to its ready mix concrete subsidiary, Ready
Mix Concrete, Inc. ("RMC").

Raw Materials. PRCC owns, in fee, properties containing limestone and sand
deposits, which directly adjoin or are located close to its cement plant site.
The Company also owns properties near the plant that contain clay deposits. The
Company has not conducted a systematic exploratory drilling program ordinarily
considered necessary for the establishment of limestone and other raw material
reserves and, accordingly, makes no tonnage estimate of the availability of such
raw materials. However, based on the results of scattered drilling on deposits
of substantial depths, and past and present production from PRCC's properties,
the Company believes that the availability of limestone and other raw materials
presents no foreseeable supply problem. There have been no recent material
changes in the exploitation of the principal raw material deposits, and no
material changes are expected.


                                       7
<PAGE>   8


PRCC purchases raw gypsum, as well as coal used for firing the kiln, in the open
market from sources outside Puerto Rico. Up to December 31, 2000, the Company
had a contract that was cancelled on that date with a coal supplier. Electricity
is purchased from the Puerto Rico Electric Power Authority, and water is
obtained from wells located on the Company's properties.

Competition. PRCC is the principal producer of cement in Puerto Rico. During
2000, the other cement manufacturing company in Puerto Rico, Essroc San Juan,
Inc. (formerly known as San Juan Cement Company, Inc.) produced approximately
34.5% of the total bags of cement sold in Puerto Rico. The amount of cement
imported to the Puerto Rico market during 2000 totaled 6,299,000 bags or 13.9%
of the total cement market of Puerto Rico for this year.

Competition in the cement market is based on the price and quality of the
products.

Seasonal Effect on Sales. Demand for cement and related products is largely
dependent on the requirements of the construction industry, which in Puerto Rico
and the Caribbean are not necessarily seasonal because of year-round favorable
climatic conditions. However, from time to time the construction industry is
affected by major hurricanes. The requirements of the construction industry
depend to some extent on Puerto Rico's general economic conditions.

READY MIX CONCRETE OPERATIONS SEGMENT

Principal product. Ready mix concrete is produced by RMC, the Company's ready
mix concrete subsidiary, in batching plants by mixing controlled portions of
cement, aggregates, water and chemical additives. The product is delivered to
construction sites by concrete-mixer trucks. The Company sells this product to
contractors on public construction projects and to private residential and
industrial builders. Net sales totaled $90,380,000 in 2000.

The Company's annual ready mix concrete production capacity is over 1.6 million
cubic yards, which is distributed among 19 batching plants, with delivery
accomplished by a fleet of concrete-mixer trucks. Four batching plants are
located on land owned by the Company and the remaining plants are located on
parcels of land leased to the Company pursuant to operating leases with terms
ranging from one to ten years.

Raw materials. RMC purchases its cement from PRCC. Aggregates, mainly sand and
gravel, and chemical additives used to produce concrete are currently purchased
from various outside suppliers. In 2001, RMC expects to begin to obtain some
aggregates manufactured from material extracted from the Company's Vega Alta
development.

Competition. The Company is the largest producer of ready mix concrete in Puerto
Rico. The Company competes with various other large ready mix concrete companies
and several small ready mix concrete operators. Competition is considered to be
strong and is based primarily on price, although product quality, consistency
and customer service are also important.


                                       8
<PAGE>   9

Seasonal Effect on Sales. Demand for cement products, including ready mix
concrete, is largely dependent on the requirements of the construction industry,
which in Puerto Rico and the Caribbean are not necessarily seasonal because of
year-round favorable climatic conditions. However, from time to time the
construction industry is affected by major hurricanes. The requirements of the
construction industry also depend to some extent on Puerto Rico's general
economic conditions.

ALL OTHERS SEGMENT

PACKAGING OPERATIONS

Principal Product. Multi-wall paper bags are produced by the Company's St. Regis
Paper and Bag Division ("St. Regis"). Polypropylene bags are produced by the
Company's wholly-owned subsidiary, Poly Bags and Packaging, Inc. ("Polybags").
Both types of bags are marketed almost exclusively in Puerto Rico.

During 2000, paper bag sales were made to the following customers: 61% to PRCC
and its subsidiaries; 20% to the grain and animal feed industry; 14% to sugar
and flour producers; and 5% for miscellaneous uses. Polypropylene bag sales
during the year were made to the following customers: 38% to PRCC and its
subsidiaries; 62% to fertilizer and animal feed producers, and other
miscellaneous uses.

Raw Materials. The Company purchases paper, polypropylene and other related raw
materials from various sources outside of Puerto Rico.

Competition. The Company is the principal producer of multi-wall paper bags and
the only producer of polypropylene bags in Puerto Rico. The Company competes
based on the price and quality of its products principally against imported
products.

LIME OPERATIONS

Principal product. The Company manufactures and sells hydrated lime, types Q and
S (both in bulk and bagged), and pebble lime (in bulk only) through its
wholly-owned subsidiary, Florida Lime Corporation ("FLC").

During the fiscal year ended December 3l, 2000, approximately 43% of the lime
produced by the Company was sold to the local construction and agricultural
industries. The remaining 57% was sold to other industries for chemical use,
both in Puerto Rico and in export markets. Export sales for the year ended
December 31, 2000 represented 11% of total lime sales. A significant portion of
exported lime is used in the alumina refining industry, and thus demand may vary
depending upon the market conditions of that industry.

Raw Materials. Limestone with a high level of calcium carbonate is the only raw
material used in the production of lime. The Company currently purchases
limestone from various sources close to the plant.


                                       9
<PAGE>   10

Competition. The Company is the only producer of lime in Puerto Rico. No
material amount of lime was imported to the Puerto Rico market during 2000.

Seasonal Effect on Sales. Due to the year-round favorable weather conditions of
Puerto Rico and the Caribbean area, sales of lime are not necessarily seasonal.

FINANCING OPERATIONS

The Company, through one of its wholly-owned subsidiaries, Ponce Capital
Corporation ("PCC"), provides equipment financing mostly to block manufacturers,
hardware stores and ready mix concrete businesses.

REALTY OPERATIONS

The Company, through one of its wholly-owned subsidiaries, owns and holds for
future development and sale approximately 592 acres of land throughout Puerto
Rico. The Company intends to develop a 300-unit, low-cost housing project on 80
of these acres located in the Municipality of Vega Alta.

AGGREGATES OPERATIONS

Principal product. The Company expects to commence an operation to extract
limestone from the earth's crust in the municipality of Guanica, Puerto Rico in
the near future. The project has been somewhat delayed principally due to the
allocation of resources to its project at Carolina. This operation is located on
property leased from the Commonwealth of Puerto Rico. The limestone material
extracted from this property will be sold principally to the Company's
subsidiary, FLC.

Additionally, in order to develop the 300-unit housing project mentioned above,
the land upon which the housing units will be built has to be leveled and
prepared, with excess material to be used in the production of aggregates
(principally sand and crushed limestone) in a separate location. These
aggregates will be used primarily to supply the Company's ready mix concrete
operations. PRCC owns, in fee, the property located in Vega Alta upon which it
intends to develop the housing project.

Raw materials. Guanica - The Company has a five-year lease contract, renewable
for three additional five-year periods for the limestone extraction site at
Guanica. The lease period will commence with the beginning of the extraction
operation. The lease provides for a maximum extraction of 500,000 cubic meters
of raw material per year. The fees for extraction are $1.00 per cubic meter for
the first two years, $1.05 for the next three years, $1.10 for the second and
third five-year periods and $1.13 for the fourth five-year period. The contract
also provides for an annual fee of $15,000 for the first five-year period,
$20,000 for the second and third five-year periods and $25,000 for the fourth
five-year period.


                                       10
<PAGE>   11

The Guanica facility will provide the Company with high-quality limestone
material necessary to the production of lime.

Competition. The Guanica site is expected to be the principal supplier of
limestone to the Company's lime subsidiary.

Total Revenue

Set forth below are (i) the total revenue (in thousands of dollars), net of
intercompany sales, for each of the last three fiscal years contributed by any
class of similar products that accounted for l0% or more of the Company's
consolidated net sales in such fiscal years and (ii) the Company's consolidated
net sales (in thousands of dollars) for each of the last three fiscal years:

<TABLE>
<CAPTION>
                                             Ready mix         Portland      Consolidated
                                             concrete         grey cement      net sales
                                          --------------     -------------   ------------
                  <S>                     <C>                <C>             <C>
                  2000                        $90,380           $63,569        $159,730
                  1999                         94,522            70,660         173,195
                  1998                         77,369            59,587         148,275
</TABLE>

New Products and Services

None.

Patents and Trademarks

The Company had no material patents or trademarks.


                                       11
<PAGE>   12

Credit and Working Capital Practices

As of December 31, 2000, the Company had invested 12.5% of its total assets in
inventory, which consists mainly of operating supplies and repair parts for its
equipment. Taking into account the geographical locations of the Company's
manufacturing facilities as compared to the geographical locations of its major
suppliers, such investment in inventory is considered normal by industry
standards. No significant amounts of finished goods are required to be
maintained in inventory to meet rapid delivery requirements of customers. PRCC
sells its products to customers pursuant to normal commercial open-account
payment terms.

Customers

During fiscal year 2000, 9% of the Company's total sales revenue in the cement
and ready mix concrete operations segment were made to the Company's five
largest unaffiliated customers. The Company had no unaffiliated customer that
individually accounted for 10% or more of the Company's consolidated sales.

Backlog

The Company believes that backlog is not a relevant consideration in the types
of businesses in which it is engaged.

Government Contracts

No material portion of the Company's business is subject to renegotiation of
profits or termination of contracts or subcontracts at the election of the
Government.

Research and Development

During the last three fiscal years, the Company has not spent any material
amount of money on research and development activities relating to the
development of new products, services or techniques or the improvement of
existing products, services or techniques for itself or for any of its
customers.


                                       12
<PAGE>   13

Environmental Compliance

During l978, PRCC completed the installation of air pollution control equipment
in its cement and lime plants located in Ponce at an aggregate approximate cost
of $l7,000,000. Such equipment was installed to comply with regulations
established by the Puerto Rico Environmental Quality Board ("EQB") and the terms
of a consent order signed in August l974 (as amended in July l976 and February
l978) with the United States Environmental Protection Agency ("EPA").

The Company financed the cost of the pollution abatement program through a loan
obtained in l975 from the Government Development Bank for Puerto Rico. This loan
was defeased in l985 as fully described in a Current Report on Form 8-K dated
September l985.

PRCC's plants are in compliance with existing environmental regulations. No
significant expenditures for pollution control equipment are expected in the
near future.

Regulations issued by the EPA limit PRCC's annual clinker production capacity.
Until November 1998, such regulations limited the Company's capacity to 971,000
tons. The Company has complied with these limitations and such limitations have
not had a material effect on the capital expenditures, earnings or competitive
position of PRCC. During 1997, the EPA authorized an increase in the Company's
annual clinker production capacity limit to 1,238,100 tons. In November 1998,
the Company obtained final approval from the local EQB for the increase in its
clinker production capacity. During 1998, the Company performed all plant
modifications necessary to increase its plant capacity to comply with the newly
approved limits.

Employees

As of December 31, 2000, the Company and its subsidiaries had 990 employees.

                (d) FINANCIAL INFORMATION ABOUT GEOGRAPHIC AREAS

In the last three fiscal years, except for FLC, none of PRCC's industry segments
depended to any material extent on foreign operations, foreign long-lived assets
or foreign customers. All other long-lived assets are located in Puerto Rico. A
significant portion of FLC's sales volume depends on export sales.

                    (e) EXECUTIVE OFFICERS OF THE REGISTRANT

1.    Miguel Nazario, age 53, President and Chief Executive Officer of the
      Company since January 1995; Vice President from August l994 to December
      1994. Prior to joining PRCC, Mr. Nazario held various administrative
      positions over a ten-year period, the latest as a member of the Corporate
      Manufacturing Staff of Digital Equipment Corporation.


                                       13
<PAGE>   14

2.    Jose O. Torres, age 55, Assistant Secretary, Vice-President of Finance and
      Chief Financial Officer since February 1999; Assistant Secretary,
      Treasurer and Vice-President of Finance from January 1988 to January 1999;
      Acting Vice-President of Sales from August 1996 to August 1997;
      Vice-President and Treasurer from October l983 to December 1987; Vice-
      President of Sales from l982 to October l983; Treasurer from l976 to l982.

3.    Antonio L. Ferre Rangel, age 34, Senior Corporate Vice-President since
      February 1999; Executive Vice-President from February 1998 to January
      1999; Vice-President of Operations and Strategic Planning from January
      1996 to February 1998; Vice-President of Strategic Planning from
      January 1995 to December 1996. Mr. Ferre joined the Company in 1992.

4.    Eufemio Toucet, age 58, Executive Vice-President of Ready Mix Concrete
      since October 1999, Vice-President and General Manager of St. Regis
      Paper and Bag Division from January 1996 to September 1999; Consultant
      to the Company from May 1995 to December 1995. Prior to joining the
      Company, Mr. Toucet was President and owner of Reliable Packaging, Inc.
      and prior to that worked with Digital Equipment Corporation as Business
      Operations Manager.

5.    Juan R. Taraza, age 62, Vice-President of Sales and Marketing since
      August 1997; Assistant Vice-President Technical Services, Sales and
      Marketing Department from August 1983 to July 1997; Special Project
      Engineer from March 1983 to July 1983; Project Engineer from September
      1981 to February 1983. Mr. Taraza joined the Company in 1961.

6.    Pedro M. Mena, age 44, Treasurer since February 1999; Assistant
      Treasurer from February 1987 to January 1999; Manager, Treasury
      Department from September 1984 to January 1987. Mr. Mena joined the
      Company in 1978.

7.    Fernando L. Vargas, age 40, Controller since February 1999; Plant
      Administrator from July 1997 to January 1999; Accounting Manager from
      April 1991 to January 1999. Prior to joining the Company, Mr. Vargas was a
      senior auditor in the international audit firm Price Waterhouse.

All officers are elected by the Company's Board of Directors to serve for a term
of one year and until the election and qualification of their respective
successors.


                                       14
<PAGE>   15

ITEM 2.  PROPERTIES

Used in cement operations segment

PRCC owns, in fee, a cement plant located in Ponce, Puerto Rico, on a 25-acre
site. The Ponce cement plant operates under the dry process technology. During
2000, the Company produced 1,096,000 tons of cement. During 2000, the Company
produced 1,066,000 tons of clinker utilizing approximate 86% (78% in 1999) of
its effective clinker production capacity.

The Company owns, in fee, properties containing adequate deposits of limestone
and other raw materials used in the production of Portland grey cement, which
properties directly adjoin or are located near the plant sites.

PRCC leases, under a long-term lease expiring in 2004 with the municipality of
Ponce, a parcel of land on which it has installed certain facilities for
receiving and handling coal. The coal received through this facility is used to
fuel the Company's cement and hydrated lime manufacturing operations.

Used in ready mix concrete operations segment

PRCC owns, in fee, 19 batching plants, located in Puerto Rico, used in the
production of ready mix concrete. Four of these batching plants are located on
sites owned, in fee, by the Company. The remaining plants are located on leased
properties with lease terms ranging from one to ten years. The Company does not
expect any problem relating to the renewal of these contracts. The Company also
owns a fleet of 265 concrete-mixer trucks.

Used in others segment

Packaging. The manufacturing plant of St. Regis is located on a site owned, in
fee, by the Company in Ponce, Puerto Rico. The Company believes that the plant
is currently in good condition and properly maintained.

Lime. PRCC owns, in fee, a lime manufacturing plant that is located within the
Ponce cement plant premises. During 2000, the lime plant produced 16,300 tons of
lime and was operated at approximately 33% of its capacity. The Company believes
that the plant is currently in good condition and properly maintained.

Realty. PRCC and one of its subsidiaries own, in fee, and hold for future
development and sale, approximately 592 acres of land throughout Puerto Rico.

During 2000, PRCC continued its repair and maintenance program on its plants.
The Company believes that its plants are currently in good condition and
properly maintained.


                                       15
<PAGE>   16

Used for office facilities

The Company and its subsidiaries own a one story building, which houses its
executive offices, located at the Amelia Industrial Park, in Guaynabo, Puerto
Rico.

RMC's administrative offices are located on leased property in Carolina, Puerto
Rico.

Additional information about property, plant and equipment as required by Item 2
is contained in the Company's Annual Report; page 36, section entitled "Notes to
Consolidated Financial Statements, Note 4 / Property, Plant and Equipment," and
is incorporated herein by reference. Information about leased properties is
incorporated by reference from the Annual Report, page 46, section entitled
"Notes to Consolidated Financial Statements, Note 13 / Lease Commitments."


ITEM 3.  LEGAL PROCEEDINGS

There are presently pending against the Company the legal proceedings described
in the Annual Report, page 47, section entitled "Notes to Consolidated Financial
Statements, Note 15 / Contingent Liabilities and Other Commitments," and page
47, section entitled "Notes to Consolidated Financial Statements, Note 16 /
Legal Proceedings," furnished pursuant to Item 14, to which reference is hereby
made and which is incorporated by reference herein.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted to a vote of security holders, through the
solicitation of proxies or otherwise, during the fourth quarter of the fiscal
year covered by this report.


                                     PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
         STOCKHOLDER MATTERS

Information required by Item 5 is contained in the Company's Annual Report; page
53, section entitled "Common Share Prices and Dividends per Share," and is
incorporated herein by reference.

ITEM 6.  SELECTED FINANCIAL DATA

Information required by Item 6 is contained in the Company's Annual Report, page
25, section entitled "Selected Financial Data," and is incorporated herein by
reference.




                                       16
<PAGE>   17

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS

Information required by Item 7 is contained in the Company's Annual Report,
pages 20 to 25, section entitled "Management's Discussion and Analysis of
Financial Condition and Results of Operations," and is incorporated herein by
reference.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Information required by Item 7A is contained in the Company's Annual Report,
pages 32 to 34, section entitled "Notes to Consolidated Financial Statements,
Note 1 / Reporting Entity and Summary of Accounting Policies," and pages 36 to
37, section entitled "Notes to Consolidated Financial Statements, Note 5 /
Investments," and is incorporated herein by reference.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Information required by Item 8 is contained in the Company's Annual Report as
follows. Each of these sections is incorporated herein by reference:

<TABLE>
<CAPTION>
                                                                         Annual Report
                                                                          Page Number
                                                                         -------------
<S>                                                                      <C>
Report of Independent Accountants                                               26
Consolidated Statement of Income                                                27
Consolidated Balance Sheet                                                      28
Consolidated Statement of Comprehensive Income                                  29
Consolidated Statement of Changes in Stockholders' Equity                       30
Consolidated Statement of Cash Flows                                            31
Notes to Consolidated Financial Statements                                      32
Consolidated Fourth Quarter Results                                             48
Financial Results by Quarter                                                    49
Five-Year Statistical Comparison                                                50
</TABLE>

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
         ACCOUNTING AND FINANCIAL DISCLOSURE

         None.


                                       17
<PAGE>   18

                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Except as provided in Item 1(e) of this Form 10-K, all information required
herein is contained in the Proxy Statement. This information is contained on
pages 2 to 8, section entitled "Information about Directors, Nominees and
Principal Stockholders" and pages 11 to 17, section entitled "Executive
Compensation." This information is incorporated herein by reference.

ITEM 11. EXECUTIVE COMPENSATION

Information required by Item 11 is contained in the Proxy Statement, pages 11 to
20, section entitled "Executive Compensation" through and including the section
entitled "Certain Transactions with Management," and is incorporated herein by
reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

Information required by Item l2 is contained in the Proxy Statement, pages 2 to
10, sections entitled "Information about Directors, Nominees and Principal
Stockholders" and "Security Ownership of Certain Beneficial Owners," and is
incorporated herein by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Information required by Item 13 is contained in the Proxy Statement; pages 19 to
20, sections entitled "Compensation Committee Interlocks and Insider
Participation" and "Certain Transactions with Management" and is incorporated
herein by reference.


                                       18
<PAGE>   19

                                     PART IV

ITEM 14.          EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
                  FORM 8-K

(a) The following documents are filed as part of this report on Form 10-K:

         1.       Consolidated Financial Statements incorporated by reference to
                  the Annual Report, pages 27 to 47; and

         2.       Financial statement schedules and supplementary data required
                  by Item 8 of this Form 10-K are incorporated by reference to
                  the Annual Report, pages 48 to 50.

The financial statement schedules required by Item 14(d) of Form 10-K are
excluded since the Company is primarily an operating company. All subsidiaries
included in the consolidated financial statements being filed, in the aggregate,
do not have any minority equity interest and/or indebtedness to any person other
than the Company or the consolidated subsidiaries in amounts which together
exceed l0% of the Company's total consolidated assets at December 3l, 2000.

(b) Reports on Form 8-K: None.

(c) Exhibits required by Item 601 of Regulation S-K:

         3.       Certificate of Incorporation and By-laws

<TABLE>
<CAPTION>
          Exhibit Number
          --------------

          <S>               <C>
          3.1               Certificate of Incorporation of the Company, as
                            amended, filed as an exhibit to Form 10-K for the
                            fiscal year ended December 31, 1999.

          3.2               By-Laws of the Company, as amended, filed as an
                            exhibit to Form 10-K for the fiscal year ended
                            December 31, 1999.
</TABLE>


                                       19
<PAGE>   20

<TABLE>
         <S>      <C>      <C>      <C>
         l0.      Material contracts

                  10.2     (a)      Consolidated and restated loan agreement
                                    dated as of September 27, 1985 among PRCC,
                                    PRCC's Guarantors and the Government
                                    Development Bank for Puerto Rico for
                                    approximately $18.3 million encompassing all
                                    outstanding debt of the Company to the bank
                                    as of that date.

                           (b)      Indenture trust agreement dated September
                                    27, l985 between PRCC as grantor and Banco
                                    de Ponce as trustee for the benefit of the
                                    Government Development Bank for Puerto Rico.

                                    (Both documents listed above in this
                                    paragraph l0.2 were filed as exhibits to a
                                    Current Report on Form 8-K dated September
                                    l985 and are related to the early
                                    extinguishment of the debt transaction
                                    described therein.)

                  10.3     Form of Severance Compensation Agreement executed by
                           the Company during the third quarter of 1998 with
                           certain of the Company's executives, filed as an
                           exhibit to Form 10-Q for the fiscal quarter ended
                           June 30, 1998.*

                  10.4     Amendment to the Consulting Agreement between PRCC
                           and Antonio Luis Ferre dated January 1, 1995, filed
                           as an exhibit to Form 10-K for the fiscal year ended
                           December 31, 1994.*

                  10.5     Note Purchase Agreement dated January 27, 1997, with
                           respect to $50,000,000 of Series A and $20,000,000 of
                           Series B Senior Secured Notes due January 27, 2017
                           (used to refinance the outstanding principal balances
                           of various long-term debt), filed as an exhibit to
                           Form 10-K for the fiscal year ended December 31,
                           1996.

                  10.6     Form of amended and restated severance compensation
                           agreement executed by the Company on May 3, 2000 with
                           three of the Company's key executives, filed as an
                           exhibit to Form 10-Q for the fiscal quarter ended
                           June 30, 2000.

                  13.      Annual Report to security holders for the year ended
                           December 31, 2000.

                  21.      Subsidiaries of the Company are included as part of
                           the Annual Report to security holders, page 53,
                           section entitled "Subsidiaries." All of the Company's
                           subsidiaries are incorporated under the laws of the
                           Commonwealth of Puerto Rico.
</TABLE>


                                       20
<PAGE>   21

---------------

ALL OF THE ABOVE DOCUMENTS ARE INCORPORATED HEREIN BY REFERENCE.

*        Exhibit constitutes a management contract or compensatory plan or
         arrangement required to be filed pursuant to Item 601 (b) (10) (iii).

                                   SIGNATURES

Pursuant to the requirements of Section l3 or 15(d) of the Securities Exchange
Act of l934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                                    PUERTO RICAN CEMENT COMPANY, INC.
                                              (REGISTRANT)


Date:  March 28, 2001               By: /s/ Miguel Nazario
                                       -----------------------------------------
                                                    Miguel Nazario
                                             President and Chief Executive
                                                 Officer and Director


                                       21
<PAGE>   22

Pursuant to the requirements of the Securities Exchange Act of l934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated:

<TABLE>
<S>                                 <C>


Date: March 28, 2001                By: /s/ Miguel Nazario
                                       -----------------------------------------
                                                    Miguel Nazario
                                              President, Chief Executive
                                                 Officer and Director


                                    By:
                                       -----------------------------------------
                                                  Antonio Luis Ferre
                                                Director and Chairman
                                                     of the Board


Date: March 28, 2001                By: /s/ Alberto Paracchini
                                       -----------------------------------------
                                                 Alberto M. Paracchini
                                              Director and Vice Chairman
                                                     of the Board


Date: March 28, 2001                By: /s/ Hector del Valle
                                       -----------------------------------------
                                                   Hector del Valle
                                              Director and Vice Chairman
                                                     of the Board


Date: March 28, 2001                By: /s/ Antonio L. Ferre Rangel
                                       -----------------------------------------
                                               Antonio L. Ferre Rangel
                                           Senior Corporate Vice President
                                                     and Director


Date: March 28, 2001                By: /s/ Jose O. Torres
                                       -----------------------------------------
                                                    Jose O. Torres
                                        Assistant Secretary, Vice-President of
                                         Finance and Chief Financial Officer


Date: March 28, 2001                By: /s/ Pedro M. Mena
                                       -----------------------------------------
                                                    Pedro M. Mena
                                                      Treasurer
</TABLE>


                                       22
<PAGE>   23

<TABLE>
<S>                                 <C>


Date: March 28, 2001                By: /s/ Fernando L. Vargas
                                       -----------------------------------------
                                                  Fernando L. Vargas
                                                      Controller


                                    By:
                                       -----------------------------------------
                                                    Jose J. Suarez
                                                       Director


                                    By:
                                       -----------------------------------------
                                                     Angel Torres
                                                       Director


Date: March 28, 2001                By: /s/ Oscar A. Blasini
                                       -----------------------------------------
                                                   Oscar A. Blasini
                                                       Director


                                    By:
                                       -----------------------------------------
                                                   Rosario J. Ferre
                                                       Director


Date: March 28, 2001                By: /s/ Federico F. Sanchez
                                       -----------------------------------------
                                                  Federico F. Sanchez
                                                       Director


Date: March 28, 2001                By: /s/ Jorge L. Fuentes
                                       -----------------------------------------
                                                    Jorge L. Fuentes
                                                       Director


                                    By:
                                       -----------------------------------------
                                                  Luis A. Ferre Rangel
                                                       Director
</TABLE>


                                       23
<PAGE>   24

<TABLE>
<S>                                 <C>


Date: March 28, 2001                By: /s/ Juan A. Albors
                                       -----------------------------------------
                                                    Juan A. Albors
                                                       Director


Date: March 28, 2001                By: /s/ Waldermar del Valle Armstrong
                                       -----------------------------------------
                                             Waldermar del Valle Armstrong
                                                       Director


Date: March 28, 2001                By: /s/ Emilio M. Venegas Vilaro
                                       -----------------------------------------
                                               Emilio M. Venegas Vilaro
                                                       Director
</TABLE>


                                       24
<PAGE>   25

                        PUERTO RICAN CEMENT COMPANY, INC.
                            AND SUBSIDIARY COMPANIES

                                      INDEX

<TABLE>
<CAPTION>
                                                                                                Page
                                                                                                ----

<S>                                                                                             <C>
Schedule VIII - Valuation and Qualifying accounts for the years ended
   December 31, 2000, 1999 and 1998...................................................           26
</TABLE>


                                       25
<PAGE>   26

                                                                   SCHEDULE VIII

           PUERTO RICAN CEMENT COMPANY, INC. AND SUBSIDIARY COMPANIES
                        VALUATION AND QUALIFYING ACCOUNTS
              FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998

<TABLE>
<CAPTION>
     COLUMN A             COLUMN B                  COLUMN C                  COLUMN D          COLUMN E
-----------------        ----------        ---------------------------   ------------------    ----------
                                           Additions                      Deductions from
                         Balance at        Charged to       Additions    Reserves Write-off    Balance at
                         Beginning          Cost and        Charged to    of Uncollectible       End of
   DESCRIPTION            Of Year           Expenses          Other           Accounts            Year
-----------------        ----------        ----------       ----------   ------------------    ----------

<S>                      <C>               <C>              <C>          <C>                   <C>
  Allowance for
Doubtful accounts

       2000              $1,100,959        $1,026,643        $ 21,371        $1,172,162        $  976,811

       1999               1,296,157           420,230               0           615,428         1,100,959

       1998               1,451,969           145,424               0           301,236         1,296,157
</TABLE>


                                       26