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Harsco to Explore Joint Venture with China’s Largest Stainless Producer
11/25/2008 - Harsco signs a Letter of Intent with Shanxi Taigang Stainless Steel, China’s largest stainless steel producer, to develop a new working relationship for the treatment and utilization of stainless and carbon steel slag.
Harsco Corp. has signed a Letter of Intent with Shanxi Taigang Stainless Steel Co., China’s largest stainless steel producer, to develop a new working relationship for the treatment and utilization of stainless and carbon steel slag.
Harsco said its Letter of Intent with Shanxi Taigang is an initial step in the exploration of a new joint-venture relationship that would introduce new environmental solutions for utilization of the mill’s residual slag in commercial applications. The relationship, described as a future role model for the stainless steel industry in China, was announced jointly by Mr. Liu, Fuxing, President of Taigang Stainless, and Salvatore D. Fazzolari, Chairman and CEO of Harsco Corp., during ceremonies held last week in China.
The new relationship will mark Harsco’s first extension into China for its specialized minerals processing and utilization technologies. It also is believed to be the first such operation to this degree anywhere within China’s stainless steel industry. With an annual production capacity of ten million tonnes of formed steel, including three million tons of stainless steel, Shanxi Taigang’s parent Tisco is recognized as China’s largest stainless steel enterprise and an industry leader in steel technology and development. Harsco expects to hold the majority stake under the proposed 25-year joint-venture terms.
“We are honored by our association with TISCO in this important endeavor and hope that our two parties will deepen their cooperation and create a significant relationship of lasting and mutual benefit,” said Fazzolari. “This new initiative exemplifies our strategies for building a greater Harsco presence in the world’s emerging markets and extending our minerals-based environmental solutions to the leading players in the global metals industry.”
Shanxi Taigang Stainless Steel is a subsidiary of Tisco, an integrated iron and steel producer in China.
Harsco Corp. is one of the world’s leading diversified industrial services companies, serving key industries that play a fundamental role in worldwide economic growth and development, including infrastructure, metals and railways. The company employs approximately 23,000 people in 50 countries of operation and has identified China as one of its key emerging market targets.
