Indian Steel Beckons Harsco - Analyst Blog
June 24 2011 - 10:38AM
Zacks
Harsco Corporation (HSC) has won two major new environmental
solutions contracts from JSW Steel Ltd valued at $135 million. The
tenure of the contract is 10 years.
JSW Steel, a part of O.P. Jindal Group, is acknowledged as one
of the largest steel makers in India and lowest cost steel
producers in the world.
Under the contract, the company’s environmental solutions will
support JSW Steel’s Vijayanagar production facility, one of the
biggest plants in India, by briquetting and micro-pelletizing iron and steelmaking
by-products.
Furthermore, JSW intends to
recover high-value iron content from by-products, which can be
further reprocessed for the manufacture of new steel by leveraging
Harsco's resource recovery technologies.
These operations will be
conducted through Harsco India Private Limited, Harsco's local
joint venture partnership.
In March, the company
received contracts from India's Tata Group for combined revenues in
excess of $8 million. The company will further extend its ongoing
industrial scaffolding support of facility maintenance at Tata
Steel for an additional five years, and add new scaffolding
services with Tata Power and Tata Mines.
Harsco also serves Tata
Steel at its leading steelmaking operations in Jamshedpur. In
addition, the company will undertake similar on-site scaffolding
services in support of facility maintenance for Tata Power and Tata
Mines.
The company aims to establish itself as a company offering a diversified portfolio of
technologies in India's steel sector. Thus, the company is heading
towards its OneHarsco strategy of expanding in emerging market
economies.
Based in Pennsylvania, Harsco Corporation is a diversified,
multinational provider of market- leading industrial services and
engineered products to a variety of industries that are fundamental
to the world’s economic growth and progress.
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