Harsco lands $225 million deal with India’s largest steel producer
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.”
Source: Harsco Corporation