CAMP HILL, Pa., Jan. 3, 2013 (GLOBE NEWSWIRE) -- Diversified global industrial company Harsco Corporation (NYSE:HSC) announced today a new multi-year contract valued at more than $225 million for onsite services to India's largest steel producer, JSW Steel.
Harsco will provide resource recovery and slag management services at JSW Steel's Vijayanagar plant in Karnataka, with work scheduled to begin in the second half of 2013. Harsco is already providing various industrial services at Vijayanagar and at JSW Steel's associate company, JSW Ispat Steel's Dolvi plant in Maharashtra. JSW Steel is India's largest steel producer with a total production capacity of 14.3 million tons per year.
Announcing the contract, Harsco Metals & Minerals Group CEO Galdino Claro said, "This is another major opportunity to extend Harsco's industry leadership within one of the world's principal steel producing economies. We look forward to a long and beneficial relationship with JSW Steel and the potential for further growth opportunities as we continue to build a stronger presence in this strategically important and growing region." Already the world's fourth largest producer of crude steel, India is expected to become the second-largest producer by 2015 given its currently-planned capacity expansion projects.
Mr. Seshagiri Rao, Joint Managing Director and Group CFO, JSW Steel, said, "We are continuously working towards optimizing our operations with an emphasis on environment management. The tie-up with Harsco will optimize recovery of metallic units from slag and will help us in bringing raw material cost down."
About JSW Steel Ltd.
JSW Steel Ltd., belonging to JSW group, part of the O P Jindal Group, is one of the lowest cost steel producers in the world. The group has diversified interests in mining, carbon steel, power, industrial gases, port facilities, aluminum, cement and Information Technology. JSW Steel is engaged in the manufacture of flat and long products, viz. H R Coils, C R Coils, Galvanised products, Galvalume products, auto grade/white goods grade CRCA Steel, Bars and Rods. Incorporated in 1994, it has grown to about US $10 billion in a little over fifteen years. JSW Steel Limited is one of the largest producers and exporters of coated flat products in the country with a presence in over 100 countries across five continents. Additional information can be found at www.jsw.in.
About Harsco Corporation
A leading diversified industrial company, Harsco Corporation serves major industries that are fundamental to worldwide economic and infrastructure development, including steel and metals production, construction, railways and energy. Harsco's common stock is a component of the S&P MidCap 400 Index and the Russell 1000 Index. Additional information can be found at www.harsco.com.
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