Harsco signs expanded 15-yr mill services contract with China’s largest steelmaker valued at $125M
February 4, 2016
CAMP HILL, PA (February 4, 2016) . . . Global industrial company Harsco Corporation (NYSE: HSC) announced today a new 15-year contract for onsite mill services at the Tangshan plate mill facility of China’s largest steelmaker, Hebei Iron & Steel (HBIS) Group.
The plate mill is one of two subsidiaries of Hebei’s Tangshan Iron and Steel Group, known as TangSteel, served by Harsco. Since 2011, Harsco has supported the plate mill with a range of slag handling and metal recovery services through a Harsco-led joint venture relationship, and this latest award, valued at approximately $125 million over the contract duration, builds on the previous effort. Harsco will significantly expand its role to encompass a new metal recovery plant, BOF briquetting operation and a new, innovative steam-box slag cooling process, as the plate mill consolidates and expands its production capacity to 4 million tpa. The mill produces premium-grade plates and sections used in various structural applications and shipbuilding.
In announcing the latest award, Harsco President and CEO Nick Grasberger said, “We are particularly proud to add to our strong relationship with HBIS and its flagship TangSteel operations. Over the past decade, we have worked side-by-side as a technology and service partner to deliver efficiency improvements and enhanced environmental performance to these major operations. Our aims and those of HBIS and TangSteel are firmly aligned on these objectives.”
The new contract adds to Harsco’s substantial market presence in China, where the Company serves not only the steel industry through its Harsco Metals & Minerals division, but also the Chinese rail sector through its Harsco Rail division, and the industrial grating sector through its Harsco Industrial division. The new plate mill contract will operate under the Harsco Metals & Minerals division, where Mr. Yan Zhang, a 19-year veteran of the Company and its mill services operations, has recently been named the division’s Regional President for China.
Harsco’s Metals & Minerals division is the largest and most comprehensive provider of onsite material processing and environmental services to the worldwide metals industry, with operations at approximately 140 customer sites across more than 30 countries. The division provides leading steel and metals producers with economically and environmentally viable solutions for the treatment and reuse of their production waste streams.
About Harsco Corporation
Harsco Corporation is a leading diversified industrial company providing a range of onsite services and engineered products to the global steel, energy and railway sectors. Harsco’s common stock is a component of the S&P SmallCap 600 Index and the Russell 2000 Index. Additional information can be found at www.harsco.com.
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