HARRISBURG, Pa., June 23, 2011 (GLOBE NEWSWIRE) -- Worldwide industrial services and engineered products company Harsco Corporation (NYSE:HSC) announced today that it has been awarded two major new environmental solutions contracts by one of India's largest steelmakers, JSW Steel Ltd.
The contracts, valued at a combined total of more than $135 million over their 10-year contract period, add to Harsco's growing presence in India, a key target in the Company's emerging market growth strategies. JSW produces close to seven million tons of steel annually, and with its recent acquisition of the Ispat Dolvi steelmaking operations – where Harsco also provides integrated services – JSW is poised to become India's largest steel producer in terms of installed crude steel capacity.
Harsco's environmental solutions will include the briquetting and micro-pelletizing of JSW's iron and steelmaking by-products at the massive Vijayanagar production facility, one of the biggest plants in India, where JSW plans to produce approximately ten million tons of flat and long products annually. Harsco's resource recovery technologies will enable JSW, a recognized leader in eco-friendly practices, to recover the high-value iron content of its by-products for re-use in the production of new steel and iron. The work will be performed through Harsco's in-country joint venture partnership, Harsco India Private Limited.
The combination of Harsco's briquetting and micro-pelletizing services at Vijayanagar, together with its ongoing metal recovery work at the Dolvi complex, establishes Harsco with a diversified portfolio of technologies within India's steel sector to facilitate the Company's further growth in this important market. Harsco already operates some 13 briquetting plants worldwide as well as three micro-pelletizing plants in Europe.
Announcing the contract, Harsco Executive Vice President and Group CEO Galdino Claro said, "We are honored and excited by this major opportunity to become an important environmental solutions partner to one of India's premier industrial companies, and to position Harsco for future growth opportunities in this key strategic market."
Harsco Corporation is a diversified company serving industries that are fundamental to global infrastructure development and economic growth, including steel and metals, construction, railways and energy. Harsco is recognized as one of the Fortune 1000 leading companies in America and has been named five times to the Platinum 400 list of the best big companies by Forbes magazine. Harsco's common stock is a component of the S&P Mid Cap 400 Index and the Russell 1000 Index. Additional information can be found at www.harsco.com.
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