HARRISBURG, Pa., June 9, 2010 (GLOBE NEWSWIRE) -- At ceremonies held today at the former Gulf States Steel site in Gadsden, AL, worldwide industrial services and engineered products company Harsco Corporation (NYSE:HSC) and senior officials from the U.S. Environmental Protection Agency (EPA) described the model public-private partnership now underway to process stockpiled waste materials left behind when the Gulf States mill closed operations and filed for bankruptcy more than ten years ago.
The project, underway since January, has been described as the largest sustainable remediation project of its type in the United States. Harsco will process more than three million tons of residual mill waste over the next four years and recover the valuable metal content for reuse in the production of new steel and other commercial uses. The recovered metals are expected to include a high concentration of iron content, making them ideal for use in electric arc furnaces as well as blast furnace steel production.
Initial market demand for the material has been strong, as steelmaking production levels continue to gradually rebound from the global economic crisis of the past two years. It is projected that 85 percent or more of the project's total cost will be funded through the recycling/reuse of on-site materials, thus minimizing the financial impact to taxpayers. The innovative Harsco-EPA project is considered a model for future cleanup of similar sites throughout the United States.
Remarks during the ceremonies noted that the project has created up to 20 new jobs, all hired locally within the Gadsden area, while generating a projected local economic benefit estimated at approximately $7 million over the project duration, reflecting such factors as salaries and tax revenues, the use of local contractors, and other local consumables such as parts and fuel.
Harsco Corporation is one of the world's leading diversified industrial services and engineered products companies, serving key industries that play a fundamental role in worldwide economic growth. 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 http://www.harsco.com/">www.harsco.com.
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