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Harsco Corporation Reports Fourth Quarter 2012 Results

The Company is pleased to have started operations on its 25-year environmental solutions contract with TISCO in the fourth quarter of 2012, as well as recent contract wins in India. These contracts are expected to benefit Metals & Minerals' results in the latter part of 2013.

Harsco Infrastructure

Revenues were $235 million in the fourth quarter of 2012 compared with $266 million in the prior-year quarter. Ceasing operations in certain countries reduced revenues by $14 million in the quarter. The revenue performance also reflects lower industrial maintenance services activity in North America, reduced equipment sales in Europe and continued softness in the global commercial construction markets. Foreign currency translation negatively impacted revenues by $2 million in the quarter.

Excluding the $265 million non-cash goodwill impairment charge and $17 million in restructuring charges, Infrastructure's adjusted operating loss was $3 million in the fourth quarter. In the prior-year quarter, Infrastructure's adjusted operating loss was $12 million, which excluded $88 million in restructuring charges. This performance reflects the benefits from the Company's cost reduction strategies, which were partially offset by the negative impact of foreign currency translation.

Harsco Rail

Revenues grew 57 percent to $113 million in the fourth quarter of 2012 from $72 million in the prior-year quarter. Operating income increased 26 percent to $21 million in the quarter from $17 million in the prior-year quarter. Operating margin was 18.4 percent in the quarter, compared with 22.9 percent in the prior-year quarter.

Rail's performance was driven by the mix and acceleration of equipment deliveries based on customers' schedules, particularly in China as part of its large order with the Ministry of Railways. These gains were partially offset by lower volume for replacement parts and contract services.

Harsco Industrial

Revenues were $84 million in the fourth quarter of 2012, up from $82 million in the prior-year quarter. Operating income was $12 million in the quarter, compared with $13 million in the prior-year quarter. Operating margin decreased 100 basis points to 15.0 percent in the quarter.

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