(By Balaseshan) Harsco Corp. (NYSE:HSC), a provider of industrial services and engineered products, said it has signed ferrochrome recovery contract in India, valued at close to $15 million.
The Camp Hill, Pennsylvania-based company signed a 7-year environmental solutions contract with India's Metkore Alloys & Industries Ltd. for the recovery of ferrochrome from steelmaking slag. At the anticipated recovery levels, the contract 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.
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.
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.
HSC is trading up 1.31% at $20.04 on Friday. The stock has been trading between $17.77 and $30.27 for the past 52 weeks.