Diversified global industrial company Harsco Corporation clinched a multi-year contract valued at more than USD 160M over its duration with Essar Steel India, one of India’s largest steel producers and exporters.
The 15-year agreement is Harsco’s third major contract announcement in India in the past six months, following new contracts with JSW Steel and Jindal Stainless, both major steel producers of the country. Combined with other on-going work, the company’s portfolio of business in the Indian steel sector now totals more than USD 500M in projected future revenues over the next 10 to 15 years.
This latest contract is for slag management and metal recovery services at Essar’s Hazira facility, the world’s fourth largest single-location steel plant with a steelmaking capacity of more than 10Mt a year. Harsco’s work is expected to begin in the third quarter of 2014.
Essar Steel India is part of Essar Group, a USD 27 billion diversified corporation with interests including steel, oil and gas, power minerals and mining, infrastructure, projects and telecom, and operations in more than 25 countries.
“This is another signature win for our Harsco Metals and Minerals group,” said Harsco president and CEO Patrick Decker. “Working with high-calibre producers such as Essar and the Jindal Group in India continues to align our presence with some of the world’s principal steelmakers, particularly as global production increasingly shifts to major emerging markets.” According to industry forecasts, India is poised to become the world’s second-largest producer of steel as early as the latter part of this decade. It currently ranks fourth.
