) recently entered into a new 15-year contract with Essar Steel
India Limited - one of the largest producers of steel in India.
Valued at over $160 million, the scope of the contract includes
slag management and metal recovery services at Essar's steel
plant in Hazira. Work is expected to commence in third quarter
Essar Group is one of the world's largest integrated flat carbon
steel producers. Its diversified work portfolio ranges from extra
wide plates, hot rolling, cold rolling, galvanizing and colour
coating along with an extensive worldwide distribution network.
This deal is the third major contract for Harsco in India within
a period of six months. The other contracts are with JSW Steel
and Jindal Stainless Steel Limited. With the addition of these
contracts, Harsco's Indian steel sector portfolio is estimated to
generate revenues in excess of $500 million over the next 10 to
The Essar Steel contract is a major boost for the Harsco Metals
& Minerals division. This division has been benefiting from
its expansion in the Indian steel market. India is currently the
most rapidly developing markets for steel manufacturing. Back to
back contract wins have been a catalyst for Harsco which thereby
are expected to augment its long term revenues to approximately
Headquartered in Penn, Harsco is a diversified, multinational
provider of market-leading industrial services and engineered
products. The company serves global infrastructure, metals,
minerals, rail and industrial sectors.
Harsco currently has a Zacks Rank #3 (Hold). Other stocks that
look promising in the industry and are worth a look now include
Kobe Steel Ltd.
Nippon Steel & Sumitomo Metal Corporation
Shiloh Industries Inc
), each carrying a Zacks Rank #1 ( Strong Buy).
HARSCO CORP (HSC): Free Stock Analysis Report
KOBE STEEL-ADR (KBSTY): Get Free Report
NIPPON STEEL CP (NSSMY): Get Free Report
SHILOH INDS INC (SHLO): Get Free Report
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