HARRISBURG, Pa., April 16, 2009 (GLOBE NEWSWIRE) -- Worldwide industrial services company Harsco Corporation (NYSE:HSC) announced today that its Harsco Metals group has signed its second major contract in the United Arab Emirates within the last two months under a new five-year agreement valued at more than $50 million over its term.
The latest award follows a similar contract in the UAE announced by Harsco in early March totaling more than $35 million. Together, the two contracts establish Harsco as the UAE's leading steel mill services provider and mark the start-up of an all-new country of operation for the Harsco Metals business group.
This latest contract comes from the Emirates Steel Industries (ESI) mill in Abu Dhabi, a modern government-owned steelmaking facility established in 2001 to support the country's burgeoning requirements for reinforcing steel. With demand from the UAE's construction sector continuing to increase, the mill, already the largest in the country, is undertaking a nearly $1 billion expansion that will more than triple its rolling mill capacity and increase its annual steel production capacity to 1.4 million tons.
Harsco has been asked to undertake a comprehensive range of on-site services under an exclusive relationship that extends from the handling of incoming iron ore and other materials to finished product and co-product management.
Commenting on the award, Harsco Chairman and CEO Salvatore D. Fazzolari said, "We are indeed honored and highly enthusiastic about our opportunities to serve this strategically important emerging market and its excellent prospects for growth. These wins give us a solid platform to build upon as the Gulf region continues to substantially increase its investment in vital infrastructure and the steel-making capacity to support it. These wins also support our ongoing strategic objectives for continuing to expand and diversify our customer base."
Harsco Corporation is one of the world's leading diversified industrial services companies, serving key industries that play a fundamental role in worldwide economic growth and progress. The Company employs approximately 20,000 people in 50 countries of operation and recorded 2008 sales of approximately $4 billion. 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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