Abstract: A combined alumina, cement and gypsum product comprises 100 parts by weight of alumina cement, 10 to 100 parts by weight of an aqueous polymer precursor emulsion (Component A), and 15 to 600 parts by weight of a hemi-hydrate gypsum (Component B). Component A preferably comprises a thermosetting acrylic resin, and Component B is preferably an alpha-hemihydrate gypsum or an anhydrous or retarded plaster. Aggregates, reinforcing materials or other additives may be incorporated into the product. The product is preferably prepared by mixing together Component A and the alumina cement to form a precursor slurry, then mixing together the precursor slurry and Component B, and allowing the mixture to cure.