HARRISBURG, Pa., Nov. 24, 2008 (GLOBE NEWSWIRE) -- Worldwide industrial services company Harsco Corporation (NYSE:HSC) announced today it has signed a Letter of Intent with China's largest stainless steel producer to develop a new working relationship for the treatment and utilization of stainless and carbon steel slag in China.
Harsco's Letter of Intent with Shanxi Taigang Stainless Steel Company, the subsidiary of China's integrated iron and steel giant TISCO, is the initial step in exploring a new joint venture relationship that will introduce new environmental solutions for the utilization of the mill's residual slag in commercial applications. The relationship, described as a future role model for the stainless steel industry in China, was announced jointly by Mr. Liu Fuxing, President of Taigang Stainless, and Salvatore D. Fazzolari, Chairman and CEO of Harsco Corporation, during ceremonies held last week in China.
The new relationship will mark Harsco's first extension into China of its specialized minerals processing and utilization technologies, and is believed to be the first such operation to this degree anywhere within China's stainless steel industry. TISCO has an annual production capacity of ten million tons of formed steel, including three million tons of stainless steel, marking it as China's largest stainless steel enterprise and an industry leader in steel technology and development. Harsco expects to hold the majority stake under the proposed 25-year joint venture terms.
"We are honored by our association with TISCO in this important endeavor and hope that our two parties will deepen their cooperation and create a significant relationship of lasting and mutual benefit," said Mr. Fazzolari. "This new initiative exemplifies our strategies for building a greater Harsco presence in the world's emerging markets and extending our minerals-based environmental solutions to the leading players in the global metals industry."
Harsco Corporation is one of the world's leading diversified industrial services companies, serving key industries that play a fundamental role in worldwide economic growth and development, including infrastructure, metals and railways. The Company employs approximately 23,000 people in 50 countries of operation and has identified China as one of its key emerging market targets. 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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