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Harsco Signs 25-Year Joint Venture in China

Monday, December 13, 2010

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Harsco Corp. and China’s Taiyuan Iron & Steel (Group) Co Ltd. have established a 25-year joint venture to address “the environmentally beneficial processing and metal recovery of TISCO’s stainless and carbon steel slag production by-products across a range of potential commercial applications,” the companies said.

The new company, TISCO Harsco Environmental Protection Enterprise Co. Ltd., is the largest joint venture in either company’s history. The new effort was recognized recently at ceremonies in China.

New Annual Revenue: $30M to $60M

The joint venture has the potential to generate new revenues of $30 million per year initially and up to $60 million per year when fully operational, according to Harsco.

Harsco and TISCO will have a 60%-40% relationship in the partnership and have agreed to jointly commit capital at a ratio of about 1-to-1 ratio to the projected revenues.

The parties still must sign off on definitive agreements regarding operations, technology licensing and land leasing, and must obtain final Chinese government approval. These should be completed in the first half of 2011, with the venture beginning operations in early 2012, said Harsco, a worldwide industrial services and engineered products company based in Harrisburg, PA.

‘A Landmark Step’

“This is a landmark step in Harsco’s continuing evolution as a comprehensive environmental solutions provider to the steel and metals industries,” said Harsco chairman, president and CEO Salvatore D. Fazzolari.

“We are embarking as dedicated joint partners on a major journey that has enormous potential for long-term collaboration, innovation and benefit—both to our partnership and to the greater environment throughout this region of China.”

Li Xiaobo, chairman of TISCO, said the venture would help TISCO “achieve its goal of zero waste discharge and in building itself into a model business among all steel makers in China in protecting the environment and contributing to the building of a truly and totally recycled economy.”

Xiaobo called Harsco “a great company.” 

‘Zero Waste’ Reuse

With annual stainless production in excess of two million tons, TISCO became the world’s largest producer of stainless flat products in 2009—the first Chinese company in history to hold the top ranking.

The partnership caps two years of detailed analysis by both parties following a Letter of Intent announcement in November 2008. When fully operational, the new venture is expected to process up to one million tons of stainless-steel slag and up to 500,000 tons of carbon-steel slag per year, the parties said.

The new company plans to market these materials for “zero waste” commercial re-use in such applications as road-making and construction materials, metallurgical additives, recyclable stainless steel scrap, and agricultural and turf fertilizer.

Harsco Metals Takes Australian Safety Honor

Harsco Corp.

Harsco Metals, a division of Harsco Corp., has been named one of two Employers of the Year in the 2010 South Australian Safe Work Awards. The awards were sponsored by SafeWork SA, South Australia’s occupational health, safety and welfare agency.

Through June 2010, the Harsco Metals team had posted 1.78 million staffing hours without lost time due to injury, and more than half a million hours without medical treatment. OneSteel is the second largest steel producer in Australia.

The awards “celebrate and publicly recognize best practice in workplace safety” across a wide array of industries, said Minister for Industrial Relations Paul Holloway said Holloway.

The Private Sector Employer of the Year was a tie between OneSteel contractor Harsco Metals and auto component maker Futuris.

“Though they operate in two very different industries, both were impressive for their proactive stance towards educating and protecting their workers,” Holloway said.

   

Tagged categories: Acquisitions; Harsco Minerals; Health and safety; Mergers

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