Harsco Receives 7-Year, $50 Million Contract at New Saudi Arabian Steel Mill
November 22 2011 - 11:21AM
Global industrial solutions company Harsco Corporation (NYSE:HSC)
announced today a new 7-year contract valued at more than $50
million to provide onsite slag management, materials logistics,
metal recovery and by-product processing services to the Middle
East's newest steel mill, the $1.35 billion South Steel complex now
nearing completion in Saudi Arabia's Jazan province along the
southern Red Sea coast.
The plant, expected to be commissioned in the first quarter of
next year, will produce an anticipated one million tons of steel
rebar and billets, with plans for further expansion in keeping with
Saudi Arabia's expected growing market demand. Last year, Saudi
Arabia announced plans to invest $400 billion in new infrastructure
projects through 2014, funded from the Kingdom's cash reserves. A
large part of South Steel's production output is expected to go
into the development of the surrounding Jazan Economic City, slated
to become one of the Kingdom's major industrial hubs with a
projected population of 300,000 residents and major seaport
facilities to serve the petrochemical and heavy industrial
sectors.
The contract is expected to position Harsco to bid on future
phases of the mill's expansion, and adds to Harsco's growing
strategic presence in Saudi Arabia and the greater Middle Eastern
region, where Harsco already serves a number of the region's
largest metals mills as well as its non-residential and industrial
construction, rail and energy sectors.
"We are delighted and honored to be chosen for Saudi Arabia's
most modern steel production facility," said Harsco Chairman,
President and CEO Salvatore D. Fazzolari. "This is a major win that
further solidifies Harsco's long-term commitment to this critical
emerging growth market."
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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