HARRISBURG, Pa., Jan. 13, 2003 (PRIMEZONE) -- Worldwide industrial services and products company Harsco Corporation (NYSE:HSC) announced today that its Heckett MultiServ division, the world's leading provider of outsourced mill services to the steel and metals industry, has resumed work under renewed multi-year contracts at three major steel sites in the United States recently reactivated by the International Steel Group (ISG). The agreements, each between five and ten years in duration, are valued in excess of $75 million.
The sites include the former LTV Indiana Harbor steel mill in East Chicago, Indiana; the former LTV Hennepin Works steel finishing plant in Hennepin, Illinois; and the former Acme Steel plant in Riverdale, Illinois, all long-standing mill services locations for Heckett MultiServ. The sites were idled during much of 2001-2002 as the U.S. steel industry weathered a severe downturn that led several producers into bankruptcy, including LTV and Acme. All of the sites have now resumed operations under ISG's ownership.
"We are delighted to be back up and running at all three of these locations, and to be playing a key service role under ISG's progressive production team," said Gene Iannazzo, Heckett MultiServ's Executive Vice President for North America. "These long-term agreements will shortly restore our service volumes to levels that are equal to or greater than they were prior to the LTV and Acme shutdowns."
ISG was formed last year by the private equity firm WL Ross & Co. LLC and has established itself as the newest competitor in the global steel industry, and already the fourth largest in the United States. Heckett MultiServ will provide a range of on-site material handling, metal reclamation, and slag processing services under the agreements.
Harsco Corporation is a $2 billion diversified provider of industrial services and products employing approximately 18,000 people in more than 40 countries of operation. The company's market-leading businesses include mill services, access services, gas and fluid control products, and other infrastructure products and services for customers worldwide. Additional information about Harsco, including its Heckett MultiServ division, can be found at www.harsco.com.