Harsco Signs Long-Term Contract with TISCO

The steel mill services company Harsco, (www.harsco.com), Harrisburg, Pa., has signed a 25-year contract for onsite metal recovery services at a joint venture project it earlier established with Taiyuan Iron & Steel (TISCO) in China. Harsco says it is the largest such contract in the company’s history.

According to a press release issued by Harsco, the metal recovery portion of the contract could exceed $500 million in value over the 25-year span. Harsco says the contract is expected to pave the way for its joint venture company with TISCO to commercialize slag products in China for a range of agricultural and industrial uses. The company expects the metal recovery operations to start in 2012, with the market development for the agricultural fertilizer and commercial by-products to start by 2014.

The joint venture is expected to begin by the first half of 2012, with revenue potentially reaching $30 million in 2013. That figure may then escalate to $50 million to $60 million per year when the joint venture is fully operational in 2015.

"The culmination of this important relationship establishes a major new platform for our continuing global advancement as a knowledge-based environmental solutions company," says Salvatore Fazzolari, Harsco’s chairman, president and CEO. "We are honored to join with TISCO as long-term partners to such a far-reaching and environmentally beneficial enterprise."