Harsco Secures New $100 Million Multi-Year Contract for Metal Recovery to
Support India's Largest Stainless Steel Producer
CAMP HILL, Pa., Feb. 18, 2013 (GLOBE NEWSWIRE) -- Diversified global
industrial company Harsco Corporation (NYSE:HSC) announced today a new
multi-year contract valued at more than $100 million with India's largest
stainless steel producer, Jindal Stainless Limited (JSL).
The 15-year contract, Harsco's second major award in two months within India's
rapidly developing steel sector and its first within India's stainless steel
sector, calls on Harsco to serve as an onsite resource recovery and material
handling partner to JSL's expanding stainless steel production operations in
India. Harsco's services are scheduled to begin in the second half of this
year and will include the Company's specialized process technologies for
recovering metal from stainless steel production by-products, where Harsco has
consistently generated metal recovery rates above 99 percent at similar
operations throughout the world.
Commenting on the award, JSL representatives said, "This contract will help
Jindal Stainless Limited to improve efficiency in the metal recovery process
through an industry leader like Harsco, without making any additional capital
investment." Part of the $15 billion O P Jindal Group, Jindal Stainless
Limited has grown from a single-site plant in the 1970s to become India's only
fully integrated stainless steel manufacturer, combining diversified interests
in steel, energy, minerals and mining with an extensive distribution network
serving both domestic and international markets.
"We are privileged to have this opportunity to expand our strategically
important relationship with the Jindal Group and be part of their long-term
growth," said Harsco Metals & Minerals Group CEO Galdino Claro. "Our contract
is underpinned by innovation, integrity and a commitment to a better
environment. These are core values shared by both our organizations."
Last month, Harsco announced a similar multi-year contract valued at more than
$225 million to provide onsite services to India's largest private sector
steel producer, JSW Steel, which is also part of the O P Jindal Group.
According to industry forecasts, India is poised to become the world's
second-largest producer of steel by the middle of this decade, taking into
account its currently-planned capacity expansion projects.
About Jindal Stainless Limited
Jindal Stainless Limited is a globally recognized producer of stainless steel
flat products in Austenitic, Ferritic, Martensitic and Duplex grades. The
product range includes Ferro Alloys, Stainless Steel Slabs & Blooms, Hot
Rolled Coils, Plates, Cold Rolled Coils and specialty products such as razor
blade steel, precision strips and coin blanks. The company's long-term
objective is to create business value by maintaining a global dominant
position as a leading cost competitive producer of stainless steel in the
About Harsco Corporation
Harsco Corporation serves major industries that are fundamental to worldwide
economic and infrastructure development, including steel and metals
production, construction, railways and energy. 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
CONTACT: Investor Contact
Harsco Corporation Company logo
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