Read Zacks_Analysts' blog in RSS
June 24, 2011
Share This
Harsco Corporation (HSC) has won two major new environmental solutions contracts from JSW Steel Ltd valued at $135 million. The tenure of the contract is 10 years.
JSW Steel, a part of O.P. Jindal Group, is acknowledged as one of the largest steel makers in India and lowest cost steel producers in the world.
Under the contract, the company’s environmental solutions will support JSW Steel’s Vijayanagar production facility, one of the biggest plants in India, by briquetting and micro-pelletizing iron and steelmaking by-products.
Furthermore, JSW intends to recover high-value iron content from by-products, which can be further reprocessed for the manufacture of new steel by leveraging Harsco's resource recovery technologies.
These operations will be conducted through Harsco India Private Limited, Harsco's local joint venture partnership.
In March, the company received contracts from India's Tata Group for combined revenues in excess of $8 million. The company will further extend its ongoing industrial scaffolding support of facility maintenance at Tata Steel for an additional five years, and add new scaffolding services with Tata Power and Tata Mines.
Harsco also serves Tata Steel at its leading steelmaking operations in Jamshedpur. In addition, the company will undertake similar on-site scaffolding services in support of facility maintenance for Tata Power and Tata Mines.
The company aims to establish itself as a company offering a diversified portfolio of technologies in India's steel sector. Thus, the company is heading towards its OneHarsco strategy of expanding in emerging market economies.
Based in Pennsylvania, Harsco Corporation is a diversified, multinational provider of market- leading industrial services and engineered products to a variety of industries that are fundamental to the world’s economic growth and progress.
Read the full analyst report on "HSC"
Zacks Investment Research