Harsco announces another international metals dealJoint venture takes company into Turkish plant
Midstate industrial conglomerate Harsco Corp. has agreed to another joint venture with an overseas steel producer.
Under an exclusive deal with Turkey's Tosyali Holding, Harsco will provide metal recovery services and slag sales at the Tosçelik Osmaniye Flat Steel Production Plant.
Terms of the arrangement, which was announced earlier this week, were not disclosed.
It followed closely on the heels of Harsco's metals and minerals division entering into a $25 million, multi-year deal to provide metal recovery and slag sales services at Tata Steel Group's Kalinganagar works in India.
Based in Wormleysburg, Cumberland County, Harsco's worldwide interests include energy, railroad operations and supply, metals processing and manufacturing. Its metals and minerals division has operations at about 140 customer sites in more than 30 countries.
The company until this month was understood to be pursuing plans for a spin-off of its metals and minerals division, but then announced that such a move was not in the best interests of shareholders.
No additional explanation was given, but metals and minerals has been a consistently strong performer, sealing a string of high-ticket deals with steel plants around the globe.
The Tosçelik venture marks Harsco's first entry into the Turkish market. Turkey ranks as the second largest steel maker in Europe after Germany, producing more than 50 million tons of steel per year, company officials added.
Tosyali expects 1.2 million tons of slag waste will be handled annually at the Toscelik plant, board chairman Fuat Tosyali said.
The recovered aggregate can be used as a raw material for sectors including road construction, cement and fertilizer production.
"We look forward to a long and growing relationship across the Tosyali group as well as with other steelmakers in Turkey as we develop innovative solutions to convert their slag into valuable and environmentally-responsive products, said Harsco metals and minerals COO Chris Whistler.