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TheStreet Open House

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 countries.

"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 ranks fourth.

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.

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