CAMP HILL, Pa., Jan. 23, 2014 (GLOBE NEWSWIRE) -- Diversified global industrial company Harsco Corporation (NYSE:HSC) announced today two multi-year contract wins in China totaling close to $200 million in projected revenues. The contracts, one an all-new award and the second a multi-year contract expansion and renewal, address innovative approaches to waste stream management and energy reduction with two key customers in the Chinese steelmaking market.
The contract renewal with Hangzhou Iron & Steel Group builds on a proprietary Harsco process already underway at another Chinese steelmaking plant that significantly reduces the environmental impact of steelmaking versus traditional methods. Harsco's process allows for high-efficiency metal recovery and comprehensive utilization of metallurgical materials, which Harsco will market for beneficial reuse in the cement, concrete and road base infrastructure sectors.
Hangzhou's steelmaking plant has a capacity of 3.8mt per year and serves the demand for steel products along China's east coast. Harsco began operations at Hangzhou in 2002, providing resource recovery services and environmental products through a superfines operation that produces cement substitute from slags."In the last twelve years since our cooperation started, Harsco has provided the world the best services in slag processing," said Mr. Shizhong Li, Chairman of Hangzhou Iron & Steel Group. "They have made great contributions to protect the local environment." In addition, Harsco has signed a new, 15-year contract with Ningbo Iron & Steel Co Ltd. for coke briquetting. The new contract will effectively process coke fines, dust and carbon slurry that are generated during the steel production process, enabling significant reductions in environmental impact and power consumption at the site. The briquettes produced by Harsco will be added to the iron making and steelmaking furnaces for beneficial reuse. Briquettes return more material to the plant, reducing the amount of raw material needed. The contract adds to Harsco's work at this site, having provided scrap management services since 2007 and waste oxide briquetting since 2011.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts