CAMP HILL, Pa., July 27, 2012 (GLOBE NEWSWIRE) -- Worldwide industrial services and engineered products company Harsco Corporation (NYSE:HSC) announced today its signing of a 7-year environmental solutions contract in India for the recovery of ferrochrome from steelmaking slag. At the anticipated recovery levels, the contract with India's Metkore Alloys & Industries Ltd. is valued at close to $15 million over its duration.
Harsco's alloy recovery services, scheduled to be commissioned in May 2013, are expected to recover nearly 40,000 tons of ferrochrome metal, both for in-country use as well as for export markets. Ferrochrome is a principal ingredient in the production of stainless steel, a sector in which Harsco continues to expand its global support base through contracts that include last year's $500 million, 25-year alliance with China's TISCO, the world's largest producer of stainless steel.
The Metkore award is the Metals & Minerals group's third major contract in India, a key target market for Harsco overall, and its first in India's ferrochrome alloy industry. The operation will draw on Harsco's long-term international experience managing similar ferro alloy recovery operations to provide Metkore and the surrounding community with a state of the art "green" solution for a cleaner environment. Over the past 15 years, Harsco has recovered more than 700,000 tons of ferro alloys from operations in Brazil and South Africa, which is the world's largest ferrochrome producer and home of Harsco's largest ferro alloys processing operation.
"This latest contract is yet another example of our opportunities to go beyond the core of traditional onsite steel plant services with innovative resource recovery technologies and environmental solutions that deliver increased value," said Galdino Claro, CEO of the Harsco Metals & Minerals business group.
Harsco Corporation serves key industries that play a fundamental role in worldwide economic growth, 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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