Photo Release -- Harsco Slag Utilization Project With China's TISCO Praised for Environmental and Technological Leadership; G...
November 11 2011 - 8:51AM
In the largest and most impressive ceremony in Company history, the
groundbreaking for Harsco Corporation's (NYSE:HSC) new joint
venture slag utilization project with leading Chinese steelmaker
TISCO was celebrated this week in Shanxi Province, China. The
ceremony, attended by more than 1,000 guests and covered
extensively by Chinese media, featured presentations from senior
Chinese government officials and U.S. Ambassador to China Gary
Locke.
Photos accompanying this release are available at
http://www.globenewswire.com/newsroom/prs/?pkgid=11045 and
http://www.globenewswire.com/newsroom/prs/?pkgid=11046 "Today we
are here to symbolically plant the seed from which will grow a
great partnership," said Harsco Chairman, President and CEO
Salvatore Fazzolari. "Our two great companies are joining to
build a strong alliance that not only protects the environment but
also advances technology and global best practices. This will
be the largest and most significant program of its type anywhere in
the world."
Under its previously-announced 25-year environmental solutions
contract, the largest contract in Company history, Harsco will
apply its proprietary separation technologies to extract high-value
metallic content from TISCO's steelmaking slag for production
re-use. In parallel, Harsco will also develop commercial
market opportunities throughout China for utilizing slag
co-products to revitalize potentially thousands of acres of prime
agricultural croplands and contribute to a broad range of
industrial applications.
In his remarks, Ambassador Locke praised Harsco and TISCO for
working together to address business interests in combination with
a healthier and more sustainable environment. "This type of
cooperation between companies from the U.S. and China is proof that
environmental stewardship is a job-creating enterprise, one that
will reap benefits in both of our countries." Shanxi Province
Governor Wang, Jun added that the project is the province's largest
involving an American company with a focus on building a "green
Shanxi."
As previously announced, the Harsco-TISCO partnership has the
potential to generate new revenues of an estimated $30 million in
its first full year of operation (2013), ramping up to a projected
run rate of approximately $50 million to $60 million per year when
fully operational (2015). Harsco anticipates that the metal
recovery operations will begin in late 2012, and market development
for the agricultural fertilizer and other commercial by-products
will proceed in parallel, with an estimated start date of
2014. When fully operational, the project is expected to
utilize 100 percent of the steel slag generated by TISCO and have
zero discharge, thereby eliminating the need for the material's
industrial landfill.
"It has always been the goal of TISCO to develop itself into a
truly green and model steel mill," remarked TISCO Chairman Li
Xiaobo. "The close cooperation between TISCO and Harsco is a
most important step towards this goal. Harsco's advanced
technology and expertise gives much needed and valuable support to
the success of the project."
Forward Looking Statements
This news release contains forward-looking statements based on
management's current expectations, estimates and
projections. All statements that address expectations or
projections about the future, including statements about the
company's strategy for growth, product development, market
position, expected expenditures and financial results are
forward-looking statements. Some of the forward-looking
statements may be identified by words like "may," "could,"
"believes," "expects," "anticipates," "plans," "intends,"
"projects," "indicates," and similar expressions. These
statements are not guarantees of future performance and involve a
number of risks, uncertainties and assumptions. Many factors,
including those discussed more fully elsewhere in this release and
in documents filed with the Securities and Exchange Commission by
Harsco, particularly its latest annual report on Form 10-K and
quarterly report on Form 10-Q, as well as others, could cause
results to differ materially from those stated. These factors
include, but are not limited to, changes in the worldwide business
environment in which the Company operates, including general
economic conditions; changes in currency exchange rates, interest
rates, commodity and fuel costs and capital costs; changes in the
performance of the equity and debt markets that could affect, among
other things, the valuation of the assets in the Company's pension
plans and the accounting for pension assets, liabilities and
expenses; changes in governmental laws and regulations, including
environmental, tax and import tariff standards; market and
competitive changes, including pricing pressures, market demand and
acceptance for new products, services, and technologies; unforeseen
business disruptions in one or more of the many countries in
which the Company operates due to political instability, civil
disobedience, armed hostilities, public health issues or other
calamities; the seasonal nature of the Company's business; our
ability to successfully enter into new contracts and complete new
acquisitions or joint ventures in the timeframe contemplated or at
all; the recent global financial and credit crisis, which could
result in our customers curtailing development projects,
construction, production and capital expenditures, which, in turn,
could reduce the demand for our products and services and,
accordingly, our sales, margins and profitability; the financial
condition of the Company's customers, including the ability of
customers (especially those that may be highly leveraged and those
with inadequate liquidity) to maintain their credit availability;
risk and uncertainty associated with intangible assets; the
successful integration of the Company's strategic acquisitions; the
amount and timing of repurchases of the Company's common stock, if
any; our ability to successfully implement cost-reduction
initiatives, including the achievement of expected cost savings in
the expected timeframe; and other risk factors listed from time to
time in the Company's SEC reports. The Company undertakes no
duty to update forward-looking statements.
About TISCO
With annual steel production of close to 10 million tons,
including stainless steel production of 2.75 million tons, China's
Taiyuan Iron & Steel (Group) Co., Ltd. (TISCO) ranks as one of
the world's largest steel producers and the number one global
producer of stainless steel. To learn more, go to
www.tisco.com.
About Harsco
Harsco Corporation is a diversified global solutions company
serving major industries that are fundamental to worldwide
infrastructure development and economic growth. Harsco's
common stock is a component of the S&P MidCap 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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