CAMP HILL, Pa., Feb. 18, 2013 (GLOBE NEWSWIRE) -- Diversified global industrial company Harsco Corporation (NYSE:HSC) announced today a new multi-year contract valued at more than $100 million with India's largest stainless steel producer, Jindal Stainless Limited (JSL).
The 15-year contract, Harsco's second major award in two months within India's rapidly developing steel sector and its first within India's stainless steel sector, calls on Harsco to serve as an onsite resource recovery and material handling partner to JSL's expanding stainless steel production operations in India. Harsco's services are scheduled to begin in the second half of this year and will include the Company's specialized process technologies for recovering metal from stainless steel production by-products, where Harsco has consistently generated metal recovery rates above 99 percent at similar operations throughout the world.
Commenting on the award, JSL representatives said, "This contract will help Jindal Stainless Limited to improve efficiency in the metal recovery process through an industry leader like Harsco, without making any additional capital investment." Part of the $15 billion O P Jindal Group, Jindal Stainless Limited has grown from a single-site plant in the 1970s to become India's only fully integrated stainless steel manufacturer, combining diversified interests in steel, energy, minerals and mining with an extensive distribution network serving both domestic and international markets.
"We are privileged to have this opportunity to expand our strategically important relationship with the Jindal Group and be part of their long-term growth," said Harsco Metals & Minerals Group CEO Galdino Claro. "Our contract is underpinned by innovation, integrity and a commitment to a better environment. These are core values shared by both our organizations."
Last month, Harsco announced a similar multi-year contract valued at more than $225 million to provide onsite services to India's largest private sector steel producer, JSW Steel, which is also part of the O P Jindal Group. According to industry forecasts, India is poised to become the world's second-largest producer of steel by the middle of this decade, taking into account its currently-planned capacity expansion projects.
About Jindal Stainless Limited
Jindal Stainless Limited is a globally recognized producer of stainless steel flat products in Austenitic, Ferritic, Martensitic and Duplex grades. The product range includes Ferro Alloys, Stainless Steel Slabs & Blooms, Hot Rolled Coils, Plates, Cold Rolled Coils and specialty products such as razor blade steel, precision strips and coin blanks. The company's long-term objective is to create business value by maintaining a global dominant position as a leading cost competitive producer of stainless steel in the world.
About Harsco Corporation
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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