Harsco Expands Its Support to India's Steel Sector With New Environmental Solutions Contracts Valued at More Than $135 Million
June 23 2011 - 2:50PM
Worldwide industrial services and engineered products company
Harsco Corporation (NYSE:HSC) announced today that it has been
awarded two major new environmental solutions contracts by one of
India's largest steelmakers, JSW Steel Ltd.
The contracts, valued at a combined total of more than $135
million over their 10-year contract period, add to Harsco's growing
presence in India, a key target in the Company's emerging market
growth strategies. JSW produces close to seven million tons of
steel annually, and with its recent acquisition of the Ispat Dolvi
steelmaking operations – where Harsco also provides integrated
services – JSW is poised to become India's largest steel producer
in terms of installed crude steel capacity.
Harsco's environmental solutions will include the briquetting
and micro-pelletizing of JSW's iron and steelmaking by-products at
the massive Vijayanagar production facility, one of the biggest
plants in India, where JSW plans to produce approximately ten
million tons of flat and long products annually. Harsco's
resource recovery technologies will enable JSW, a recognized leader
in eco-friendly practices, to recover the high-value iron content
of its by-products for re-use in the production of new steel and
iron. The work will be performed through Harsco's in-country
joint venture partnership, Harsco India Private Limited.
The combination of Harsco's briquetting and micro-pelletizing
services at Vijayanagar, together with its ongoing metal recovery
work at the Dolvi complex, establishes Harsco with a diversified
portfolio of technologies within India's steel sector to facilitate
the Company's further growth in this important market. Harsco
already operates some 13 briquetting plants worldwide as well as
three micro-pelletizing plants in Europe.
Announcing the contract, Harsco Executive Vice President and
Group CEO Galdino Claro said, "We are honored and excited by this
major opportunity to become an important environmental solutions
partner to one of India's premier industrial companies, and to
position Harsco for future growth opportunities in this key
strategic market."
Harsco Corporation is a diversified company serving industries
that are fundamental to global infrastructure development and
economic growth, including steel and metals, construction, railways
and energy. Harsco is recognized as one of the Fortune 1000
leading companies in America and has been named five times to the
Platinum 400 list of the best big companies by Forbes magazine.
Harsco's common stock is a component of the S&P Mid Cap 400
Index and the Russell 1000 Index. Additional information can be
found at www.harsco.com.
The Harsco Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=361
CONTACT: Investor Contact
Eugene M. Truett
717.975.5677
etruett@harsco.com
Media Contact
Kenneth D. Julian
717.730.3683
kjulian@harsco.com
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