Harsco's Third Major Contract Win in India Lifts Projected Long-Term Revenues
to Half a Billion Dollars
CAMP HILL, Pa., July 2, 2013 (GLOBE NEWSWIRE) -- Diversified global industrial
company Harsco Corporation (NYSE:HSC) announced today a new multi-year
contract valued at more than $160 million over its duration with Essar Steel
India Limited, one of India's largest steel producers and exporters.
The 15-year agreement is Harsco's third major contract announcement in India
within the past six months, following new contracts with JSW Steel, the
country's leading private sector steel producer and Jindal Stainless Limited,
India's largest stainless steel producer. Combined with other ongoing work,
the Company's portfolio of business in the Indian steel sector now totals more
than $500 million in projected future revenues over the next 10 to 15 years.
This latest contract is for slag management and metal recovery services at
Essar's Hazira facility, the world's fourth largest single-location steel
plant with a steelmaking capacity of more than 10 million tons a year.
Harsco's work is expected to begin in the third quarter of 2014.
Essar Steel India is part of Essar Group, a $27 billion diversified
corporation with interests including steel, oil and gas, power minerals and
mining, infrastructure, projects and telecom, and operations in more than 25
"This is another signature win for our Harsco Metals & Minerals group," said
Harsco President and CEO Patrick Decker."Working with high-caliber producers
such as Essar and the Jindal Group in India continues to align our presence
with some of the world's principal steelmakers, particularly as global
production increasingly shifts to major emerging markets."According to
industry forecasts, India is poised to become the world's second-largest
producer of steel as early as the latter part of this decade.It currently
About Essar Steel
Essar Steel, a global producer of steel, is a fully integrated flat carbon
steel manufacturer with presence in Canada, the US, India, UK, UAE and
Indonesia. It is one of the world's most versatile flat steel producers,
offering extra wide plates, hot rolling, cold rolling, galvanizing and color
coating in addition to a full distribution business of processing and
distribution centers and steel Hypermarts.
Essar Steel has a global steel production capacity of more than 14 million
tons per annum (MTPA). It operates seven steel processing and distribution
centers in India and Indonesia with an aggregate capacity of over four million
tons. Its products find wide acceptance in highly discerning consumer sectors
such as automotive, white goods, construction, engineering and shipbuilding.
About Harsco Corporation
Harsco Corporation's diversified businesses serve 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.
CONTACT: Investor Contact
Harsco Corporation Company logo
Press spacebar to pause and continue. Press esc to stop.