Harsco focuses on winning new contracts in India, China
1 min read 12 Mar 2013, 11:24 PM ISTCEO says the firm is open to forming JVs with firms in India to gain access to customers, talent and technology
Premium(Harsco won two multi-year contracts worth $100 million from Jindal Stainless Ltd and $225 million from JSW Steel Ltd for metal recovery and scrap management at their steel plants.)
Hyderabad: Faced with a slowdown in demand for steel in key US and European markets and more steel production shifting to emerging economies, US-based industrial services company Harsco Corp. is focusing on winning new contracts in India and China to boost its prospects.
The Camp Hill, Pennsylvania-based company recently won two multi-year contracts worth $100 million from Jindal Stainless Ltd of the OP Jindal Group and $225 million from JSW Steel Ltd for metal recovery and scrap management at their steel plants.
The company also won a $350 million contracts from Chinese clients for railway track maintenance.
Harsco, which is present in 50 countries and listed on the New York Stock Exchange, serves global infrastructure, metals, minerals, rail, and industrial sectors. Harsco provides industrial mill services, gas control, and containment products, scaffolding services, and railway track maintenance services.
The company is “underrepresented" in the Asia Pacific market although the region “contributes about 15-20% of revenue," said Patrick K. Decker, president and chief executive officer of Harsco.
It is expecting “substantially higher business" from Asia Pacific region and India in particular as long-term prospects of the market look promising, Decker said during a visit to Hyderabad.
“The increasing interest in dealing with environmental challenges in the steel industry makes technologies we provide more relevant," Decker said.
Decker, who took over as president and CEO in September, said he is open to forming joint ventures and partnerships with companies in India to gain access to customers, talent and technology.
