Harsco Corporation

Putting Knowledge to Work

We  Hel p  Build the World

2010 S um mary An nual Report

Forward-Looking Statements
The nature of the Company’s business and the many countries in which it operates subject it to changing economic, competitive, regulatory and technological conditions, risks and 
uncertainties. In accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company provides the following cautionary remarks regarding 
important factors that, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein. 
Forward-looking statements contained herein could include, among other things, statements about our management confidence and strategies for performance; expectations for new 
and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows, earnings and Economic Value Added (“EVA®”). These statements can be 
identified by the use of such terms as “may,” “could,” “expect,” “anticipate,” “intend,” “believe” or other comparable terms. Accordingly, forward-looking statements should not be 
relied upon as a prediction of actual results. Please refer to our Annual Report filed on Form 10-K for further discussion.

Harsco is evolving into a new  
kind of industrial solutions company. 

We’re building on our strong innovation heritage to develop solutions that 

address our customers’ toughest operating and environmental challenges. 

We’re cultivating new relationships and adopting new technologies to  

expand our knowledge base, so our employees can deliver a higher level  

of insight and value. And we’re bringing the strengths of OneHarsco to 

markets around the world, where customers benefit from our shared 

knowledge and ability to innovate.

This Summary Annual Report is designed 
to present our 2010 results in a simple, 
easy-to-read and cost-efficient format. 
The more detailed financial information 
and analysis included in previous annual 
reports is contained in our Form 10-K 
filing with the Securities and Exchange 
Commission, which was distributed to 
shareholders along with this summary 
report. A copy of our Form 10-K filing may 
also be obtained from Harsco Investor  
Relations at the address on the back cover, 
or it can be viewed and downloaded from 
our Harsco website at www.harsco.com.

Harsco Corporation 2010 Summary Annual Report   1

Fellow Shareholders:

As we turn the final page on 2010 and transition into 2011, we are cautiously optimistic 

that after almost three years of turbulence, the worst of the global economic crisis is 

behind us. We enter 2011 in excellent financial condition, with a significantly lower cost 

structure and with the transformation of the Company substantially complete. We are 

well positioned to resume our growth.         

2010 was a year of continuing economic fallout due to  

This past year marked our 71st consecutive year of dividends, 

the late cycle nature of our Infrastructure business, and  

going back to 1939. 

as a consequence our 2010 performance fell short of expecta-

tions. With the inclusion of a fourth quarter charge of 

Harsco Infrastructure continued to struggle as the nonresi-

$84.4 million or $0.77 per share for realigning the Infrastruc-

dential construction market fared far worse than we expected 

ture business, income from continuing operations dropped 

throughout the year. The restructuring that we undertook  

to $10.9 million, or $0.13 per diluted share. Our revenues 

in the fourth quarter will enable us to right-size this business 

increased slightly to just over $3.0 billion, an encouraging 

to current market realities and build a better disciplined  

performance given Infrastructure’s steep decline.  

and more focused business model for the future. We expect  

savings from this restructuring of approximately $43 million 

We have continued to respond to the external economic 

in 2011, with full annualized savings of more than $60 million 

challenges with aggressive actions to permanently remove 

starting in 2012. Pending the eventual market recovery in 

costs from our businesses and lower our break-even points.  

this business, we will use 2011 to solidify our base and build 

These initiatives have made us a fitter, healthier company, 

the long-term structural improvements that we feel certain 

and the resulting benefits will strengthen our performance 

will underpin our future success.

for years to come. We added an additional $85 million in 

further cost reductions in 2010 to the $100 million already 

The encouraging performance of our three other business 

achieved by our 2008–2009 initiatives, giving us total  

platforms suggests that the economic environment may 

sustainable cost savings of about $185 million per year  

finally be improving in their respective markets. In 2010 

once fully implemented. 

Harsco Metals and Harsco Minerals worked side by side  

as an integrated platform to address the growing customer 

We also generated $209 million in free cash flow in 2010. 

demand for environmental solutions. Our work for the  

This is the second-highest total in our history, after the  

U.S. Environmental Protection Agency to reclaim an  

record $269 million we achieved in 2009. This is an excellent 

abandoned steel mill site in Alabama won national and  

number, particularly given the difficulties we faced, and it 

local praise for eliminating several million tons of stockpiled 

speaks to Harsco’s exceptional resilience and fiscal health.  

slag materials over the next several years at no taxpayer 

Among many other benefits, our strong cash flows enabled 

expense. We’re positioning these highly synergistic busi-

us to continue our long-standing tradition of predictable  

nesses for further growth by expanding into emerging  

and consistent dividend payments to our shareholders.  

markets and targeting new opportunities for Harsco  

2   Harsco Corporation 2010 Summary Annual Report   

Salvatore D. Fazzolari

Chairman, President and Chief Executive Officer

innovation. These include further penetration into non- 

Harsco’s Transformation and Renewal

steel markets as well as compatible adjacent markets that  

As we reflect on our performance and the transformation  

can benefit from our knowledge-based solutions. For  

of Harsco, particularly over the past three years, I’m  

2010, the Harsco Metals & Minerals segment generated  

operating income of $118 million, up 172 percent from a year 

reminded of what Henry David Thoreau once said,  
“It is not what you look at that matters, it is what you see.” 

ago, and sales of $1.5 billion, an increase of 16 percent. 

As we emerge from arguably the most adverse business  

conditions in our Company’s modern history, we see  

Another year of record performance from Harsco Rail  

good reason for optimism.  

underscores the increasing scale and strength of this  

business and the efficiencies being gained through our 

Our balance sheet is in the best shape it has been in more 

Lean Continuous Improvement culture. The large Class I–  

than a decade. We have generated approximately $600 million 

level railroads in particular, both domestically and abroad,  

in free cash flow over the past three years, a 400 percent 

are responding to Harsco Rail’s integrated solutions-based 

increase from the $122 million we realized during the three 

approach, which combines innovative new equipment  

global economic boom years of 2005–2007. We have reduced 

technologies with strong aftermarket support and expert  

our cost structure by a significant $185 million. We have  

contract services. In 2010 Harsco Rail set new records of 

grown our Emerging Markets/Rest of the World revenues to  

$313 million in revenues and $66 million in operating income.

25 percent of our total. More and more we are becoming a 

total solutions company, well beyond a competent provider of 

Harsco Industrial worked actively to build its technology  

basic services and products. Innovation, technology and  

and quality leadership, while continuing its investment  

efficiency are driving our economic engine and increasing  

in Lean processes. Although revenues and operating income 

the value we provide. We demonstrated the power of our 

declined in 2010, due principally to the downturn in non-

knowledge-based solutions with our announcement in  

residential construction and higher LIFO costs, our outlook  

December 2010 of the significant joint venture we currently are 

for the future of this business remains upbeat. Under a 

formalizing in China with TISCO, the world’s largest stainless 

new generation of leadership, we’re executing aggressive 

steel company. With an expected start-up in early 2012, this 

plans to use the footprint and resources of “OneHarsco”  

new project will tap into our expertise for implementing zero 

to scale this group’s engineered products across the 

waste management technologies that capture the waste stream 

globe, with near-term market targets of South America, 

by-products of our customers and convert them into productive 

Australia, China and the Middle East.

commercial materials that add to a cleaner environment.

Harsco Corporation 2010 Summary Annual Report   3

We have worked hard on building a best-of-class global leadership team. We passionately  

believe that the “right” people provide the ultimate competitive advantage. We are committed 

to our core value of recruiting, developing and retaining the “A-Team.”   

We have expanded and rebalanced our international foot-

both energetic and highly motivated young leaders  

print to reduce our dependency on European and North 

who are passionate about their businesses and thrive  

American markets and increase our opportunities in faster-

on creating new opportunities.

growth developing and emerging markets. Our scalable  

network now reaches more than 50 countries and will  

2011: A Transition Year 

continue to grow. We are well positioned to accelerate  

With our critical restructuring and transformation work 

our expansion by creating additional joint ventures and  

mainly behind us, we can now look forward with greater  

alliances with established market partners. By 2015,  

confidence to the restoration of growth over the next  

we expect to generate approximately 35 percent of our 

five years. In several respects, 2011 will be our transition 

total revenues from markets outside of North America and 

year. Over the course of this year, we will have stabilized 

Western Europe, including the all-important emerging  

the Infrastructure business and put it on a path to increasing 

and developing markets. 

profitability. We will enter the start-up phase of key  

strategic growth investments throughout the world, and  

Finally and most important, we have worked hard on  

we will begin to realize many of the substantial cost  

building a best-of-class global leadership team. We passion-

reduction benefits that we expect from our Infrastructure 

ately believe that the “right” people provide the ultimate  

realignment. Thus, we look for 2011 to establish the  

competitive advantage. We are committed to our core  

foundation for our return to consistent growth.  

value of recruiting, developing and retaining the “A-Team.” 

The leaders we have appointed to run each of our four  

Global Collaboration, Standardization  

platforms bring renewed vigor and broad global experience 

and Integration: “OneHarsco” 

to our business. In his first full year leading our Harsco  

Going forward, all four Harsco business platforms will 

Metals & Minerals segment, Galdino Claro has redefined 

benefit from our “connect and collaborate” business model. 

the way these businesses go to market and has reposi-

Becoming “OneHarsco” empowers us to work together 

tioned the group for sustainable and profitable growth as 

more efficiently and maximizes the power of our shared 

the global metals industry recovers. Ivor Harrington has 

knowledge and resources. This platform also enables us to 

similarly developed an aggressive turnaround strategy for 

scale the business more efficiently across the globe and 

Harsco Infrastructure that will reduce its cost structure and  

fully leverage our enterprise-wide advantages. One example 

realign its resources to restore momentum. Scott Jacoby  

is our global supply chain initiative, which is starting to  

at Harsco Rail and Scott Gerson at Harsco Industrial are  

deliver more coordinated planning, logistics, scheduling  

4   Harsco Corporation 2010 Summary Annual Report   

Harsco Global Senior Operations Team
(left to right)

Ivor J. Harrington
Executive Vice President and Group CEO
Harsco Infrastructure 

Galdino J. Claro
Executive Vice President and Group CEO
Harsco Metals and Harsco Minerals

Salvatore D. Fazzolari
Chairman, President and Chief Executive Officer
Harsco Corporation

Scott H. Gerson
Vice President and Group President
Harsco Industrial

Scott W. Jacoby
Vice President and Group President
Harsco Rail

2010 Report Card

Our Promise

Our Progress

Lower the break-even point of all business platforms 

Achieved an additional $85 million in permanent cost  
reductions, increasing our three-year total to $185 million

Deliver $200 million of free cash flow

Achieved $209 million of free cash flow

Continue to rebalance the global business footprint  
with a robust emerging markets strategy

2010 revenues from emerging markets increased to 25%,  
nearly twice the percentage just three years ago

Improve the business model by investing  
in technology and innovation

(cid:116)(cid:1) (cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:14)(cid:88)(cid:74)(cid:69)(cid:70)(cid:1)(cid:74)(cid:78)(cid:81)(cid:77)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:105)(cid:38)(cid:79)(cid:87)(cid:74)(cid:84)(cid:74)(cid:80)(cid:79)(cid:70)(cid:69)(cid:1)(cid:39)(cid:86)(cid:85)(cid:86)(cid:83)(cid:70)(cid:119)(cid:1)(cid:1)
  strategy for becoming a knowledge-based solutions business  
(cid:116)(cid:1) (cid:47)(cid:70)(cid:88)(cid:1)(cid:40)(cid:77)(cid:80)(cid:67)(cid:66)(cid:77)(cid:1)(cid:42)(cid:79)(cid:79)(cid:80)(cid:87)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:47)(cid:70)(cid:85)(cid:88)(cid:80)(cid:83)(cid:76)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:74)(cid:79)(cid:68)(cid:83)(cid:70)(cid:66)(cid:84)(cid:70)(cid:69)(cid:1) 
  collaboration worldwide
(cid:116)(cid:1) (cid:38)(cid:84)(cid:85)(cid:66)(cid:67)(cid:77)(cid:74)(cid:84)(cid:73)(cid:70)(cid:69)(cid:1)(cid:79)(cid:70)(cid:88)(cid:1)(cid:80)(cid:71)(cid:109)(cid:68)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:36)(cid:73)(cid:74)(cid:70)(cid:71)(cid:1)(cid:1)(cid:53)(cid:70)(cid:68)(cid:73)(cid:79)(cid:80)(cid:77)(cid:80)(cid:72)(cid:90)(cid:1)(cid:48)(cid:71)(cid:109)(cid:68)(cid:70)(cid:83)

Strengthen the balance sheet to provide  
a solid foundation for future growth

Reduced our debt-to-capital ratio to approximately 38%,
(cid:85)(cid:73)(cid:70)(cid:1)(cid:77)(cid:80)(cid:88)(cid:70)(cid:84)(cid:85)(cid:1)(cid:109)(cid:72)(cid:86)(cid:83)(cid:70)(cid:1)(cid:84)(cid:74)(cid:79)(cid:68)(cid:70)(cid:1)(cid:18)(cid:26)(cid:26)(cid:25)

and integration throughout our operations. We will  

We also continue to build and modernize the integrated 

begin to see the financial and operating benefits of this 

global computer and engineering systems that are vital  

new structure in 2011 and beyond. Another is our focus  

to share knowledge and information across our enterprise, 

on significantly improving our sales and marketing  

and with our customers, suppliers and research partners.  

discipline. We are developing a highly professional and 

These systems underpin our innovation pipeline, and 

effective sales and marketing group in each of our major 

help us deliver more knowledge to help our customers 

business platforms, particularly Infrastructure and  

improve their performance.

Metals & Minerals. The investment we’re making in this 

very important part of the organization will enable us  

Corporate Governance

to better target and win future business.

With the recent appointments of David C. Everitt of Deere 

& Company and James M. Loree of Stanley Black & Decker 

Harsco Corporation 2010 Summary Annual Report   5

  
Targeting $200 million in free cash flow each year

Generate $1 billion in free cash flow

Potential uses of free cash flow:

(cid:3)

(cid:3)

(cid:3)

(cid:3)

(cid:3)

(cid:81)(cid:3) Sizable Joint Venture Capital Expenditures
(cid:81)(cid:3) Strategic Acquisitions
(cid:81)(cid:3) Dividends
(cid:81)(cid:3) Share Repurchases
(cid:81)(cid:3) Debt Reduction

to the Harsco Board of Directors, we have filled open  

to continue its strong performance, and we are examining  

Board positions with senior executives from leading  

ways to accelerate its growth. The combination of Harsco 

corporations having strong global brands and a dedicated  

Metals and Harsco Minerals is already showing benefits,  

emphasis on technology and solutions. They also share  

and we are optimistic that this business will be awarded 

our strong commitment to the discipline of Economic Value 

meaningful projects in 2011. And we are also excited about 

Added (EVA®). We are grateful for the many contributions 

the global expansion of our Harsco Industrial group, which 

of Geoffrey D. H. Butler and D. Howard Pierce as they retire 

previously was a North America-focused business. Our 

from our Board after a combined three decades of distin-

“OneHarsco” initiative is coming together, and we expect  

guished service to the Board and Company. We also thank 

to see our cost structure and break-even points continue  

Richard Neuffer upon his retirement from Harsco for guiding 

to decline as a result over the next five years, particularly 

the successful turnaround and growth of our Rail and  

as we move into 2012.

Industrial businesses.

We are proud to say throughout Harsco,“We help build 

It is with great sadness that we also say farewell to  

the world.” Our expertise in generating knowledge-based 

Jim Scheiner, who passed away in February 2011 at a  

solutions positions us for long-term growth in key indus-

too-young age of 66. Jim was a caring, dedicated and  

tries that play a fundamental role in economic progress 

conscientious person, one of the finest I’ve ever known. 

and global infrastructure development. We eagerly look 

He joined our Harsco Board in 1995, and his passion for  

forward to 2011 and the beginning of a new growth era  

the Company was boundless. He will be truly missed.

for Harsco and our shareholders.

A New Beginning 

As the final page is turned on the highly turbulent period  

of 2008–2010, the new year brings cautious optimism and 

new momentum. I am pleased that the restructuring of  

Harsco Infrastructure is mostly behind us, and we can  

Salvatore D. Fazzolari

Chairman, President and Chief Executive Officer

once again start looking forward. Harsco Rail is expected  

March 10, 2011

6   Harsco Corporation 2010 Summary Annual Report   

Financial Highlights

Dollars in thousands, except per share amounts

2010

2009

2008

2007

2006

Total revenues from continuing operations

$3,038,678

$2,990,577

$3,967,822

$3,688,160

$3,025,613

Operating income from continuing  
operations

Income from continuing operations attributable  
to Harsco Corporation stockholders

78,431

218,656

411,988

457,805

344,309

10,885

133,838

245,623

255,115

186,402

Current ratio

Return on average capital

Return on average equity

Return on average assets

Debt to total capitalization

Diluted earnings per share from continuing  
operations

Book value per share 

Cash dividends declared per share

Diluted average shares outstanding  
(in thousands)

Number of employees

1.5:1

2.4 %

0.7 %

2.3 %

37.6 %

1.6:1

7.6 %

9.1 %

6.3 %

39.5 %

1.4:1

10.6 %

14.6 %

10.3 %

41.1 %

1.5:1

11.8 %

18.9 %

13.0 %

40.3 %

1.4:1

10.4 %

16.4 %

12.0 %

47.4 %

$«««««««««0.13*

$÷÷÷«÷1.66

$÷÷÷«÷2.92

$÷÷÷«÷3.01

$÷÷÷«««2.21

18.23

0.820

80,761

19,300

18.79

«««0.805

80,586

19,600

18.09

0.78

84,029

21,500

18.99

0.7275

84,724

21,500

14.01

0.665

84,430

21,500

* After fourth quarter restructuring charge of $0.77 per share

Harsco Corporation 2010 Summary Annual Report   7

Area Manager Jerry Holeman and  

Site Manager John Schmalzried at  

the Nucor-Yamato Steel works, where  

Harsco provides onsite mill services.

 
The processing and management of industrial waste 

streams has become a core specialty of Harsco—and 

a critical need of our customers throughout the world 

in response to growing environmental demands.

Metals 
& Minerals

At Harsco Metals and Harsco Minerals, we are 

redefining our services by applying innovative 

technologies and best practices across the entire 

work stream—from managing materials onsite 

to transforming by-product wastes into profitable 

and environmentally beneficial products. 

 We’re building new momentum to strengthen 

our financial performance and transform our 

customer relationships.

Harsco Corporation 2010 Summary Annual Report   9

There’s a new norm in our industries, driven by emerging markets, industry consolidation  

and changing economics. We’re responding with fresh new thinking and a strong execution  

discipline. Our #1 goal is to grow from being a good service provider to a great solutions  

partner to our customers.  

Through the natural synergies between our Harsco Metals  

lower break-even points position us very well to further enhance 

and Harsco Minerals businesses, we are able to offer custom-

our future performance.  

ers a unique value proposition. Harsco Metals works side by 

Reinventing ourselves like this also gives us a solid plat-

side with metals producers in more than 30 countries and at 

form for further change. We continue to improve our business 

more than 160 locations. Our 24/7 onsite partnerships give us 

model to better leverage our intrinsic knowledge and expertise 

an in-depth understanding of the challenges our customers face, 

to develop new solutions for our customers. We’ve created a 

and powerful insights into the kinds of solutions that will benefit 

them. In parallel, Harsco Minerals helps industrial customers 

in the stainless steel and energy sectors manage their waste 

streams by recovering valuable metals and turning other  

by-products into a full range of mineral applications. With the 

complementary strengths of these two businesses, we can  

provide customers with new, fully integrated solutions that  

go far beyond the capabilities of our competitors.

In 2010, we worked on many levels to reinvent ourselves 

and maximize this opportunity. The past three years of economic 

downturn produced an unprecedented decline in global steel  

production. At the same time, our markets have been changing, 

with large-scale consolidation of some of the industry’s major 

producers and a growing shift to emerging market economies.  

To build the foundation for our future growth, we have been  

Our Global Innovation Network will bring together the best thinking of 

performing clean sheet assessments of our operations to  

identify and implement new best practices to manage our  

labor, assets and capital expenditures more efficiently. We’re 

implementing new strategies to turn around underperforming 

contracts. We’re creating additional operating leverage and  

leading universities, researchers and even other industries to develop 

new solutions for our customers. In 2010, we established a new research 

and development relationship with Beijing’s University of Science and 

Technology, China’s most prestigious technical institute for iron and 

steelmaking technologies. Pictured in the foreground are Regional  

President Dan Attorre with Professor Yanping Bao, Vice Dean of the 

economic value by applying our existing resources to support  

School of Metallurgical and Ecological Engineering. 

additional contract work with our customers. And we are  

retooling our procurement system to take better advantage  

new Chief Technology Office that will help position our Metals 

of our global scale.

and Minerals businesses at the leading edge of innovation 

This new foundation significantly strengthened our 2010 

for the stainless steel, carbon steel, nonferrous metals and  

financial performance. Now, as customers start to rebuild  

minerals industries. We are creating global centers of excellence 

production and the capacity utilization rates of their mills  

where we will work side by side with customers to discover 

gradually climb, our improved cost base and substantially  

new insights, develop new innovative solutions and deploy 

10   Harsco Corporation 2010 Summary Annual Report   

 
 
 
Q&A with Galdino J. Claro 
Executive Vice President 

and Group CEO

Harsco Metals and Harsco Minerals 

Q. What value will Harsco deliver by offering customers    
A. Customers seek innovative ways to recycle and reuse by-products   

integrated metals and minerals solutions?

so they can lower costs and more effectively manage their waste  

streams. Harsco is the only full-service provider that brings 

complementary metals and minerals expertise together to create  

value across the entire work stream.

Q. How effectively does Harsco’s global metals and 
A. Two trends are changing the landscape of the world steelmaking   

minerals footprint meet the needs of global customers? 

industry. Industry consolidation is creating larger companies that   

need proven solutions for managing the waste streams of all their  

operations. And the industry footprint is shifting toward develop-   

ing countries that offer better capital and labor dynamics. Harsco   

has the scale and reach to deliver integrated solutions wherever    

our customers operate.

Q. What knowledge and expertise can customers 
A. Our new 3D Innovation™ model will give us powerful capabilities   

count on from Harsco to help them reach their key 

performance goals?  

to discover customer challenges, develop leading solutions and  

deploy best operating practices. It brings together the very  

best insight and experience in full collaboration with our custom-   

ers, and enables us to recover and recycle more materials and  

transform them into environmentally benefi cial products.  

Q. What opportunities does Harsco have to expand 
A. In recent years we’ve reached out to producers of aluminum, 

its metals services beyond the steel industry?

zinc, ferrochrome and copper with targeted solutions that help  

them manage their material fl ow and remediate their waste  

streams. Our innovation network will help expand our horizon for   

new opportunities and new markets. In addition, we work with

energy producers to transform ash from power generation into  

best practices to create value, both for customers and sharehold-

ers. Through intelligent networking, we are tapping into the broad 

expertise of academia, research organizations and the wider 

scientifi c community, and we will deploy this acquired knowl-

edge as strategic innovation partners to our customers.  

  We are already reaping the benefi ts of our new knowledge-

based solutions approach. Late in 2010, we announced the 

largest joint venture partnership in Harsco history, a 25-year 

agreement with the world’s largest stainless steel company, 

China’s TISCO. As we formalize the detailed agreements and 

obtain the necessary Chinese government approvals, we are 

excited to embark on this major collaborative partnership. 

Together, we will address the processing and metal recovery 

of TISCO’s stainless and carbon steel slag by-products across 

a wide range of “zero-waste” commercial applications, from 

mineral recyclables to agricultural and turf fertilizers. The environ-

mental benefi ts are substantial, as are the potential opportunities 

for similar partnerships with other major customers. 

At a time when our metals and minerals markets 

continue to face diffi cult environmental and economic pressures, 

we are positioning Harsco as the fi rst and only global service 

provider fully capable of delivering integrated solutions that 

harness the best available technology and innovation to solve 

our customers’ challenges. Although the market dynamics remain 

diffi cult to predict for 2011, we will continue to build deeper and 

stronger partnerships with our customers, open new markets, 

drive future value creation and clearly differentiate Harsco from 

our competition. Whether it is carbon and specialty steel in 

North America and Europe, aluminum in the Middle East, zinc 

in Peru, stainless steel in China or ferrochrome in South Africa, 

high-quality mineral abrasives and granules. The products we  

our knowledge-based solutions are helping global producers 

lower their capital expenses and implement sustainable 

business practices. 

engineer also take us beyond the steel industry with applications 

in road construction, commercial construction, turf and agriculture. 

Harsco Corporation 2010 Summary Annual Report   11

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Left to right in foreground,  

Doug Greene, Omar Gurrola,  

Lourdes Romero, Tina Sprenkle  

and Sadim Garnett, at the 

new Las Vegas Super Center.

 
Our new Super Centers feature a world-class 

warehouse management system that will serve 

customers faster, better and more efficiently. 

Infrastructure

After enduring one of the most challenging years 

ever in the global construction sector, we enter 

2011 fitter, more focused and better integrated, and 

with a solid plan to restore our growth momentum. 

Under OneHarsco, we’re prepared to deliver more 

value to our customers than ever before, and to take 

our expertise to virtually every corner of the world.  

Harsco Corporation 2010 Summary Annual Report   13

From a hydroelectric plant in Laos, to a flood control system in Venice, to concrete forming 

of an airport control tower in California, we’re using our knowledge and capabilities to  

deliver differentiated value at some of the world’s most complex and visible project sites.

In most normal times, just about every country is building 

and asset base to deliver improved performance. We’re also  

something, and Harsco Infrastructure has the proven expertise 

expanding our support to recurring industrial plant maintenance 

and global footprint to support them. We serve large, complex 

programs, where we serve as a multi-disciplined provider  

projects wherever global contractors do business. This past 

of industrial insulation services, site services and scaffolding 

year, however, was anything but normal. We continued to face 

to major petrochemical, energy and manufacturing clients. In 

uncertainty and volatility in virtually all of our core markets. 

2010, we secured additional work with existing power plant  

Our commercial and nonresidential 

construction clients in particular 

struggled to obtain capital, and 

consequently deferred or stopped 

many of their major projects. Pricing 

pressures on the limited remaining 

work grew even more intense.  

These widespread conditions 

helped make 2010 an incredibly 

tough and disappointing year—

the weakest yet in the extended 

down cycle for major construction 

projects.

This deep trough required 

urgent action, and also some painful 

customers in North America, 

and with petrochemical cus-

tomers throughout the United 

Kingdom and in Europe, most 

notably Shell and SABIC, 

two of the world’s largest in 

this sector. Additionally, we 

signed new service contracts 

to support customers in the 

Middle East, and we are 

pursuing opportunities  

in China, India, Australia  

and Latin America. 

      Our 2010 restructuring 

will help us better optimize 

medicine. We have taken deep cuts in our branch structure 

our global footprint so we can respond more flexibly and 

and staffing in order to bring our business into better align-

cost-effectively to customer and market opportunities. We are 

ment with market conditions. We’ve introduced new leadership 

consolidating our branch and office system so we can serve  

and re-tooled our market strategies. This includes sharpening 

clients through larger facilities that are strategically positioned and 

our geographical focus, better managing our equipment, and 

fully equipped to support larger-scale projects and customers. 

implementing a new, segment-focused sales process aimed  

Our new Super Center in Las Vegas, Nevada, demonstrates  

at emphasizing our technical differentiation. As we enter 2011, 

the power of this new approach. We combined five existing 

we expect this new business strategy to stabilize performance 

facilities into a world-class logistics center that manages compre-

and return Harsco Infrastructure to profitable growth in 2012  

hensive rental equipment resources for scaffolding, shoring and 

and beyond.  

forming to support local sales, engineering and customer  

Going forward, we will increase our focus on larger  

service resources throughout the entire southwest U.S. region.

infrastructure and industrial-sector construction projects where  

On a parallel path, we are realigning our product assets  

we are able to apply our global footprint, technical expertise  

so we can deliver the right products, to the right places, with the 

14   Harsco Corporation 2010 Summary Annual Report   

 
 
 
 
Q&A with Ivor J. Harrington
Executive Vice President 

and Group CEO

Harsco Infrastructure

Q. What is your strategy for returning Harsco 

Infrastructure to greatness?

A. In this economy, we’re working relentlessly to reduce operating 

costs without removing capability. We’re reengineering key 

processes such as sales and inventory management. We’re 

also building a more efficient global footprint and branch 

structure. We’re looking to grow new partnerships in markets 

around the world that expand our technical capabilities without 

increasing our overhead costs. These moves will position us to 

take full advantage of our technical strengths and seize new 

opportunities that align with our global capabilities. 

Q. How does Harsco Infrastructure help customers 

address their economic challenges?  

A. We help customers operate more efficiently with lower 

operating and capital costs by providing innovative ways to 

shorten and improve new construction or regular plant 

right designs and installation support to serve customers 

in different regions and locations. This will include remote 

areas that are hard to reach, but where we feel we can offer 

tremendous advantages because of our size and scope. 

Our markets are worldwide and we have a substantial 

amount of capability that we can put to work. Now that we 

are operating as a single business under OneHarsco, our 

team can draw on the vast knowledge that exists across 

our organization and apply it to opportunities wherever 

our customers take us. 

Our new global footprint and asset base also require 

maintenance schedules. For example, the complex formwork 

a more effective sales orientation that takes full advantage 

of both our market insights and the strengths of OneHarsco. 

We have made new technology investments in sales man-

agement tools that give us greater visibility into our prospect 

pipeline. We’ve brought in sales leaders who have established 

new business development parameters and disciplines, and 

have made each sales associate accountable for building 

backlog and enhancing customer engagements. 

One operating practice that will not change is our total 

commitment to employee and customer safety, and we intend 

to further reinforce this area as well. In 2010, SABIC, one of 

the world’s leading petrochemical and industrial companies, 

awarded us their prestigious Safety, Health and Environment 

Award for Global Contractors for our safety performance 

at the Geleen petrochemicals plant in The Netherlands. 

The award honors more than three years of work at this site 

without any EU-OSHA violations. 

In 2011, we expect to begin seeing the benefits of reposi-

tioning our platform, capabilities and resources. We will pursue 

customer and market opportunities as a re-energized and 

refocused business that delivers more integrated, knowledge-

based solutions and unrivalled total value.

installations we design for bridges can actually require less 

shoring, and therefore use less equipment. On our industrial 

sites, we are applying technology solutions such as our 

proprietary scaffold tracking software to operate with greater 

efficiency at a time when customers are reducing 

maintenance budgets. 

Q. What differentiates Harsco in the knowledge and 

expertise it brings to large infrastructure projects?   

A. Our customers recognize our technical skills and global reach; 

they also look to us for our experience in managing the 

costs and risks associated with large and complex projects. 

Design is critical to each project’s success. So is our ability 

to provide the labor required to erect these solutions, to certify 

them for safety, and then to manage them so they’re completed 

on time and on budget. 

Q. What processes does Harsco Infrastructure rely 

on to create safe job sites?  

A. Safety is a pillar of the Harsco culture. But maintaining safe 

workplaces and safe practices requires unrelenting effort. 

We conduct regular safety reviews and inspections, and we run 

one of the industry’s most comprehensive programs for safety 

training. I intend to heighten our safety focus even further 

because our performance simply needs to be better.

Harsco Corporation 2010 Summary Annual Report   15

 
 
Harsco Rail’s automated drone tamper to the left and 

TRT-909 track renewal system above are just two of 

the technology innovations Harsco has introduced to 

remain at the forefront of railway track maintenance.  

Rail

Harsco’s proprietary technology and expanding 

geographic footprint keep railroads operating 

at peak efficiency.  We create value by delivering 

innovative solutions using a powerful blend of 

game-changing new products, reliable aftermarket 

support and expert contract services. In 2010 

these capabilities helped Harsco Rail deliver 

another year of record results. 

Harsco Corporation 2010 Summary Annual Report   17

Customer Process Engineer 

Shane Thomason with Harsco 

Rail Sr. Sales Representative 

Buster Johnson, along the 

railway mainline.

Our evolution has taken us from being a primary equipment provider to a true knowledge-

based partner. We’re working closely with leading rail customers around the world  

to create new solutions that anticipate their future needs.

We offer integrated programs that begin with some of the  

  We are also growing our Aftermarket Parts and Contract 

industry’s most efficient and dependable rail maintenance 

Services businesses. These give us a stable and recurring  

equipment. Our global aftermarket services deliver the critical 

revenue base throughout the equipment lifecycle, and we believe 

spare parts that keep these machines running reliably through-

revenues from both these areas will continue to increase as we 

out their lifecycle. And more and more, we’re seeing customers 

develop new strategies to serve our expanding global customer 

turn to our expert contract services to assume direct responsibility 

base. Together we expect Parts and Services to account for  

for track maintenance and new track construction.

more than 40 percent of our 2011 revenues. 

All three areas—equipment, parts and services—contributed  

  Much of our success reflects our culture of Lean Continuous  

to our record performance in 2010. Even as some railroads  

Improvement, which is driven directly by our employees. Over 

continued to hold the line on their investments in new rolling 

the last two 

stock and infrastructure, we continued to expand our share of 

years, our nine 

the new track maintenance equipment market as customers 

fully trained  

embrace our innovative new products. We have evolved from 

Continuous 

our legacy as a manufacturer  

Improvement 

and support provider that 

process lead-

largely designed and built 

ers initiated 

equipment to order. Today, 

over 75 Kaizen 

as a knowledge-based 

events that 

organization, we are work-

have spanned 

ing closely with leading rail 

our entire organization, from manufacturing to quality, engineer-

customers around the world 

ing and accounting. More than half of our domestic employees 

to gather their input and create new solutions that anticipate 

have participated in at least one Continuous Improvement  

their future needs. As examples, the unmanned drone tamper 

program, and together we have reduced our manufacturing 

we’ve developed in North America responds directly to specific 

costs and improved our capacity to respond to multiple orders 

customer objectives. It accomplishes the work of a traditional 

with shorter lead times. 

ballast tamping machine while also saving on fuel and manpower. 

Technology has also contributed to our growth, and we 

In 2010, we sold nine additional units, and we are now working 

continue to introduce leading-edge tools into the solutions  

to apply similar technology to other pieces of equipment. We are 

environment. Our engineers are using the latest 3-D design 

also developing a new Automated Switch Inspection Vehicle—a 

tools to drive innovation and significantly accelerate our ability  

total track solution that helps customers inspect, analyze, plan, 

to turn concepts into real hardware that our customers can put  

schedule and replace switches. To support our innovation  

to work. We also continue to increase our capacity to provide 

pipeline, we plan to more than double our Research and  

customers with fully integrated, turnkey technical solutions  

Development budget in 2011. 

that solve their most difficult track-related issues. 

18   Harsco Corporation 2010 Summary Annual Report   

 
 
Harsco employees 

John Glenn III and 

Juan Medrano stand 

with the commemorative “gold tie,” 

marking 500,000 new crossties 

installed accident-free in a single 

work season. The work included the 

high-speed rail corridor between 

St. Louis and Chicago.

Using our 

success in 

North America 

as a platform, 

we are also 

creating new 

growth op-

portunities by 

diversifying 

our geographic 

and product 

footprint. In China, we continue to add to our presence by 

securing additional orders with metro transit systems. In Brazil, 

the rail infrastructure is expanding to support steady GDP 

growth. Harsco’s existing Brazilian footprint gives us a well-

established platform to deliver our integrated solutions. We’re 

excited also by the potential opportunities for railway expansion 

and modernization in the Middle East. In all these locations, 

we are gaining ground by working hand in hand with railway 

and rapid transit system operators, engineers and maintenance 

teams to address their needs. We’re listening and we’re 

responding—better than ever before.

Q&A with Scott W. Jacoby 
Vice President and Group President

Harsco Rail

Q. How will customers benefit as Harsco Rail 

continues to evolve from an equipment manufacturer 

to a solutions provider?

A. Global rail customers can now tap our expertise to improve 

virtually every facet of their track operations. We’re applying our 

innovation and experience to develop new products that create 

competitive advantage and lower the costs of railway mainte-

nance. Our aftermarket parts keep equipment operating and 

improve long-term returns on investment. Customers who use 

our outsourced track maintenance services benefit from our 

comprehensive approach to total track maintenance equipment 

operation and fleet maintenance, which allows them to concen-

trate on what they do best—moving freight and people. 

Q. How is Harsco Rail positioned to help drive 

the expansion of the global rail industry? 

A. Railway systems are expanding almost everywhere, from 

North America to India, China, Brazil and the Middle East. 

We’re building our expertise in all these markets. In the past 

two years alone, we’ve established physical offices and 

onsite personnel in several of these markets. The new relation-

ships we are building today create long-term opportunities 

for our support of customers’ operations.

Q. How important has the multi-year production 

order in China been to Harsco Rail’s growth? 

A. We will continue to build and deliver on this order throughout 

2011 and into 2012. Having it on the books has enabled us 

to improve our engineering, purchasing and manufacturing 

processes and become a leaner and more efficient organization. 

At the same time, it has given us the opportunity to reach out 

and expand our global base with other customers. As such, I’d 

say it has underpinned the growth of our business across 

the board.  

Q. What impact is Harsco Rail’s culture of Continuous 

Improvement having on operations?  

A. Continuous Improvement has changed the way we do business. 

It’s not a special initiative—it’s the way we operate. It has 

allowed us to grow more profitably. It has helped us improve 

cycle times and plan our key strategic goals through policy 

deployment. Our experience puts us in a better position to 

provide efficient knowledge-based solutions to our customers. 

Harsco Corporation 2010 Summary Annual Report   19

Left to right, Arturo Laguna, QC Inspector; 

Stephanie Bargas, Applications Engineer; 

and 50-year employee Bic Bickford,  

Technical Product Advisor, at the Harsco 

Industrial Air-X-Changers plant.

Future markets for our air-cooled heat exchangers 

include anywhere in the world there are large reserves 

of natural gas to be compressed or transported.

Industrial

Harsco’s engineered products help our cus-

tomers meet the growing demand for natural 

gas, address the grating requirements of 

infrastructure projects and reduce energy 

costs for commercial and institutional build-

ings. Under the OneHarsco umbrella, we are 

tapping the worldwide Harsco footprint to 

expand our base of operations and deploy new 

strategies designed to accelerate our growth. 

Harsco Corporation 2010 Summary Annual Report   21

Our goal is to continually reinvent ourselves with innovative, knowledge-based solutions 

that stay ahead of our competition and serve an ever-expanding global customer base.

Harsco Industrial is evolving from a 

ing prospects in both Brazil and China. In Brazil, the 2014  

primarily domestic U.S. manufacturer 

World Cup and 2016 Olympic Games are expected to add to  

of engineered industrial products  

an already strong climate for infrastructure revitalization and  

to a global enterprise that can  

expansion that also applies to other parts of Latin America.  

support customers around the world. 

Our rugged industrial grating products provide the durable  

Each of our three Harsco Industrial 

open-grid walkways and flooring used extensively in high-traffic 

businesses is expanding its footprint 

public spaces, manufacturing plants and other industrial sites 

by using Harsco’s existing in-country 

such as offshore oil and gas platforms. In China, our joint  

resources and experience to create new business opportunities 

venture prospects will enable us to respond more quickly  

and alliances. 

and competitively to China’s significant infrastructure invest-

In 2010 the Harsco Industrial Air-X-Changers business set 

ment while also producing materials that can be exported 

the groundwork for an expected 2011 joint venture in Australia,  

throughout the region.

a region with plentiful shale-based natural gas reserves.  

Our Harsco Industrial Patterson-Kelley commercial water 

With global rig counts on the rise, our made-to-order products 

heating and boiler systems are reinforcing our long-held  

help natural gas producers increase their up-time and efficiency 

position as the technology of choice to help large institutions 

while realizing important environmental and economic benefits. 

and commercial 

We are sharing knowledge and cultivating skills to ensure that 

building proper-

our highly engineered products are built locally with the  

consistently high level of quality our customers expect.  

ties lower their 

energy costs 

Our strategy for establishing local joint venture partnerships  

and operate with 

helps limit the amount  

smaller equip-

of Harsco capital 

ment footprints. 

required to support  

To maintain our 

our expansion,  

product leadership, 

and enables us to 

we are building a 

enter new markets  

new innovation 

more rapidly. 

methodology that 

The Harsco 

combines voice-of-the-customer input with Design for  

Industrial IKG grating 

LeanSigma quality and efficiency. By 2015, we expect this 

business is pursuing  

methodology to help us generate a sizable component of our 

a similar joint venture 

revenues from products developed and brought to market  

strategy with encourag-

within 18 months or less.

22   Harsco Corporation 2010 Summary Annual Report   

 
 
 
Q&A with Scott H. Gerson
Vice President and Group President

Harsco Industrial

Q. How does Harsco Industrial help the Company 

create value? 

A. The global markets we serve—natural gas, industrial 

construction and large commercial institutions—are all 

fundamental to the world’s economic growth and progress. 

We’ve been successful in generating significant free cash 

flow for our shareholders. We also have a long history of 

delivering the consistent EVA growth shareholders expect,

while at the same time placing a relatively low demand 

on the Company’s capital.  

Q. How will OneHarsco contribute to Harsco 

Industrial’s global growth strategy?

A. Harsco’s global network gives us direct access to Company 

resources, facilities and expertise in more than 50 countries. 

As a result, we can follow our customers anywhere in the 

world they need us and serve them through local facilities 

and regional support centers. We also can share customer 

knowledge and contacts with other Harsco businesses to 

identify new sales opportunities. Harsco has tremendous 

strength overall that we’re just starting to access.

Q. What knowledge-based solutions can Harsco 

Industrial provide its global customers 

and distributors?

A. As early adopters of Lean processes, we’ve developed the 

experience and resources across our organization to stream-

line processes and eliminate waste. We’ve also developed 

significant expertise in engineering and IT infrastructure that 

we’re able to share with our global partners to build competitive 

edge and gain market share.

Q. As the new leader for the Harsco Industrial group, 

what strikes you most about these businesses?

A. The quality of our people and our products speaks for itself.

What I’ve been most surprised and excited to discover is the 

This initiative is an extension of the sharp focus on Lean 

manufacturing and knowledge-based solutions we apply across 

all our Industrial businesses. In three years, Lean processes 

have already produced more than $1 million in bottom-line 

savings. We are training certified practitioners within all our 

businesses and sharing this knowledge with our joint venture 

partners and key suppliers to introduce the same practices.

We have also 

become a more 

valued partner to 

our customers and 

distributors, where 

we are applying 

our engineering 

and IT expertise to 

help them reduce 

costs, automate 

and integrate 

processes and gain 

market share. 

These relationships 

position us to 

continue to leapfrog 

our competition and grow with our customers for years to come.  

In 2011 our expectations for the Harsco Industrial group 

include incremental growth in free cash flow and improved 

EVA performance. We will use our global footprint to pursue 

aggressive growth in Latin America, Australia, China and the 

Middle East. By 2015, we look to produce 30 percent of Harsco 

Industrial’s revenues from markets outside the United States.

untapped global potential of these businesses. I’m looking 

onward to what’s ahead for us, and I know my people are, too.

Harsco Corporation 2010 Summary Annual Report   23

Harsco At a Glance

Global Revenue Sources

2010 Revenues

2010 Operating Income

Western Europe  39%

North America  36%

Latin America  9%

Middle East and Africa  7%

Eastern Europe  4% 

Asia–Pacific  5%

Metals & Minerals  48%

Infrastructure  34%

Rail  10%

Industrial  8%

Metals & Minerals  150%

Infrastructure 

-185%

Rail  84%

Industrial  55% 

Corporate 

-4%

We operate in more than 50 countries and employ approximately 19,000 people.

Operating Companies

Description

Major Services & Products

(cid:116)  The world’s largest provider of 24/7 onsite environmental 
and logistics solutions to the global metals industry; 
operations at over 160 sites in more than 30 countries

(cid:116)(cid:1)(cid:1)Proprietary technologies and services for minimizing 
the environmental impacts of waste streams from  
metals production

(cid:116)(cid:1)Industry pioneer in transforming steel and energy 
  industry by-products into commercially viable applications

(cid:116)(cid:1)(cid:1)24/7 onsite services for the recovery and handling 

of metal production metallics and by-products

(cid:116)(cid:1) Mineral products for a range of commercial applications
including industrial abrasives, roofing granules, and          
agricultural and turf soil conditioners  

(cid:116)(cid:1) One of the world’s largest and most complete providers 
of engineered access and forming systems for major 
construction and industrial maintenance projects

(cid:116)(cid:1)(cid:1)The industry’s broadest portfolio of rental equipment        

and installation solutions and related engineering expertise  
for scaffolding, shoring and concrete forming systems

(cid:116)(cid:1) Balanced global footprint and comprehensive range 

(cid:116)  Access services and equipment for industrial plant 

of equipment and services to serve customers in every  
location they operate 

maintenance

(cid:116)(cid:1)(cid:1)Award-winning emphasis on safety

(cid:116)  A global leader in providing equipment and service    

(cid:116)  Comprehensive equipment, parts and contract services 

solutions for the maintenance and construction  
of railway track

(cid:116)  Increasing customer-focused technology and new–          

product development pipeline

for railway track maintenance and new track construction, 
including rail grinding, track renewal and reconditioning,  
and track stabilization

(cid:116)(cid:1) Engineered products for industries that are fundamental 

(cid:116)  Air-cooled heat exchangers for natural gas compression

to world economic growth and progress

and pipeline distribution 

(cid:116)  Strong free cash flow and EVA® generation 

(cid:116)(cid:1) Steel grating for industrial and commercial flooring 

and safety walkways 

(cid:116)(cid:1)(cid:1)Ultra-efficient heat transfer systems for heating and hot 

water service in large commercial and institutional buildings

24   Harsco Corporation 2010 Summary Annual Report   
24   Harsco Corporation 2010 Summary Annual Report   

Total Revenues
$3.0 billion 

Operating Income
$78 million 

Operating Margin
2.60% 

2%

64%

470 bps

Diluted Earnings per Share
$0.13 

92%

Declared Dividends per Share
$0.820 

2%

Comparison of Five-Year Cumulative Total Returns*
Among Harsco Corporation, the S&P Midcap 400 Index and the Dow Jones Diversified Industrials Index

Harsco Corporation 

S&P Midcap 400  

12/05  

12/06  

12/07  

12/08    12/09  

12/10

$100.00 

114.65   195.88  

86.22   103.21  

93.30

100.00   110.32   119.12  

75.96   104.36   132.16

Dow Jones US Diversified Industrials  

100.00   109.54   116.92  

59.57  

67.61  

83.06

* $100 invested on 12/31/05 in stock or index, including reinvestment of dividends.
  Fiscal year ending December 31.

Markets

2010 Highlights

(cid:116)(cid:1)(cid:1)Global and regional producers of carbon steel, stainless 

steel, aluminum, zinc and copper

(cid:116)(cid:1)(cid:1)Repositioned the Metals and Minerals businesses 
as a co-integrated solutions provider for customers

(cid:116)(cid:1)(cid:1)Commercial and industrial users of mineral products 

(cid:116)(cid:1) Exceeded sales goal for the year 

including the agriculture, turf, and construction  
and restoration industries

(cid:116)(cid:1)Significantly lowered the cost base and break-even
  point of the business

(cid:116)(cid:1)(cid:1)Strengthened the leadership team

(cid:116)  Healthy project pipeline; well-positioned for market 

upturn

(cid:116)(cid:1)Serves the worldwide industrial maintenance,                    
  infrastructure construction and commercial                      
  and multi-family construction sectors  

(cid:116)(cid:1) Implemented broad-based restructuring to right-size 

and align the business for new market conditions

(cid:116)(cid:1)New leadership and strategies in place (cid:1)

(cid:116)(cid:1) Increasing focus on larger, more complex projects 
in the global infrastructure and industrial sectors

(cid:116)  Implemented significant cost reductions and permanently 

reduced break-even point to restore competitive  
advantage

(cid:116)(cid:1) Major domestic and international railways, short lines 

(cid:116)(cid:1)(cid:1)Posted record performance and growing global 

and high-speed metro transit systems 

market penetration

(cid:116)(cid:1) Expanding footprint includes significant emphasis 

(cid:116)(cid:1)(cid:1)Ongoing implementation of Lean Continuous Improve-

in emerging markets, including China, Brazil, India                       
and the Middle East and Africa

ment initiatives to enhance efficiency and responsiveness

(cid:116)(cid:1) Natural gas processors, industrial plant and safety 
engineers, and boiler and water heater equipment  
operators and distributors

(cid:116)(cid:1) Significant growth potential through leveraging 

of “OneHarsco”

(cid:116)(cid:1)(cid:1)Strong EVA® value generation

(cid:116)(cid:1) Successful expansion of the heat exchangers business 

into Australia

(cid:116)(cid:1)(cid:1)Received one of our largest-ever single orders for heat 

transfer products

Harsco Corporation 2010 Summary Annual Report   25
Harsco Corporation 2010 Summary Annual Report   25

 
Management’s Report on Internal Control Over Financial Reporting

Management of Harsco Corporation, together with its consolidated 

of any evaluation of effectiveness to future periods are subject to  

subsidiaries (the Company), is responsible for establishing and maintain-

the risk that controls may become inadequate because of changes  

ing adequate internal control over financial reporting. The Company’s 

in conditions, or that the degree of compliance with the policies and 

internal control over financial reporting is a process designed under  

procedures may deteriorate.

the supervision of the Company’s principal executive and principal 

Management has assessed the effectiveness of its internal control 

financial officers to provide reasonable assurance regarding the 

over financial reporting at December 31, 2010 based on the framework 

reliability of financial reporting and the preparation of the Company’s 

established in Internal Control — Integrated Framework issued by the 

financial statements for external reporting purposes in accordance 

Committee of Sponsoring Organizations of the Treadway Commission 

with U.S. generally accepted accounting principles. 

(COSO). Based on this assessment, management has determined that 

The Company’s internal control over financial reporting includes 

the Company’s internal control over financial reporting is effective at 

policies and procedures that:

December 31, 2010.  

(cid:115)(cid:0) Pertain to the maintenance of records that, in reasonable detail, 

accurately and fairly reflect transactions and dispositions of assets  

of the Company;

(cid:115)(cid:0) Provide reasonable assurance that transactions are recorded  
as necessary to permit preparation of financial statements in  

Salvatore D. Fazzolari

accordance with U.S. generally accepted accounting principles, 

Chairman, President and Chief Executive Officer

and that receipts and expenditures of the Company are being made 

February 24, 2011

only in accordance with authorizations of management and the 

directors of the Company; and 

(cid:115)(cid:0) Provide reasonable assurance regarding prevention or timely 
detection of unauthorized acquisition, use or disposition of  

the Company’s assets that could have a material effect on the  

Company’s financial statements. 

Stephen J. Schnoor

Because of its inherent limitations, internal control over financial 

Senior Vice President, Chief Financial Officer and Treasurer

reporting may not prevent or detect misstatements. Also, projections  

February 24, 2011

Report of Independent Registered Public Accounting Firm

To The Stockholders of Harsco Corporation:

In our opinion, the information set forth in the accompanying 

We have audited, in accordance with the standards of the Public 

condensed consolidated financial statements is fairly stated, in all 

Company Accounting Oversight Board (United States), the consolidated 

material respects, in relation to the consolidated financial statements 

balance sheets of Harsco Corporation and its subsidiaries as of 

from which it has been derived.

December 31, 2010 and 2009 and the related consolidated statements of 

income, changes in equity, cash flows  and comprehensive income for 

each of the three years in the period ended December 31, 2010 (not 

presented herein) appearing in Harsco’s annual report on Form 10-K for 

the year ended December 31, 2010; and in our report dated February 24, 

2011, we expressed an unqualified opinion on those consolidated 

PricewaterhouseCoopers LLP

financial statements. 

February 24, 2011

26   Harsco Corporation 2010 Summary Annual Report   

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

ASSETS

Current assets:

Cash and cash equivalents

Trade accounts receivable, net

Other receivables

Inventories

Other current assets

Total current assets

Property, plant and equipment, net

Goodwill

Intangible assets, net

Other assets 

Total assets

LIABILITIES

Current liabilities:

Short-term borrowings

Current maturities of long-term debt

Accounts payable

Accrued compensation

Income taxes payable

Dividends payable

Insurance liabilities

Advances on contracts

Other current liabilities

Total current liabilities

Long-term debt

Deferred income taxes

Insurance liabilities

Retirement plan liabilities

Other liabilities

Total liabilities

COMMITMENTS AND CONTINGENCIES

HARSCO CORPORATION STOCKHOLDERS’ EQUITY

Preferred stock, Series A junior participating cumulative preferred stock

Common stock, par value $1.25, issued 111,611,102 and 111,387,185 shares at December 31, 2010 and 2009, respectively

Additional paid-in capital

Accumulated other comprehensive loss

Retained earnings

Treasury stock, at cost (31,097,043 and 31,034,126 shares at December 31, 2010 and 2009, respectively)

Total Harsco Corporation stockholders’ equity

Noncontrolling interests

Total equity

Total liabilities and equity

December 31, 2010

December 31, 2009

÷÷«$«««124,238

÷««÷«$«««««94,184

585,301

29,299

271,617

144,491

1,154,946

1,366,973

690,787

120,959

135,555

«$3,469,220

598,318

30,865

291,174

154,797

1,169,338

1,510,801

699,041

150,746

109,314

$3,639,240

÷««÷«$«««««31,197

««««÷«$«««««57,380

4,011

261,509

83,928

9,718

16,505

25,844

128,794

206,358

767,864

849,724

35,642

62,202

223,777

61,866

25,813

215,504

67,652

5,931

16,473

25,533

149,413

187,403

751,102

901,734

90,993

61,660

250,075

73,842

2,001,075

2,129,406

–

139,514

141,298

(185,932)

2,073,920

(737,106)

1,431,694

36,451

1,468,145

«$3,469,220

–

139,234

137,746

(201,684)

2,133,297

(735,016)

1,473,577

36,257

1,509,834

««$3,639,240

The complete financial statements for Harsco Corporation as of December 31, 2010  

may be found in the Company’s Form 10-K for the year ended December 31, 2010, as filed  

with the Securities and Exchange Commission on February 24, 2011.

Harsco Corporation 2010 Summary Annual Report   27

Condensed Consolidated Statements of Income

(In thousands, except per share amounts)
Years ended December 31

Revenues from continuing operations:

Service revenues

Product revenues

Total revenues

Costs and expenses from continuing operations:

Cost of services sold 

Cost of products sold 

Selling, general and administrative expenses

Research and development expenses

Other expenses

Total costs and expenses

Operating income from continuing operations

Interest income

Interest expense

Income from continuing operations before income taxes and equity income 

Income tax expense

Equity in income of unconsolidated entities, net

Income from continuing operations 

Discontinued operations:

Loss on disposal of discontinued business

Income tax benefit (expense) related to discontinued business

Loss from discontinued operations

Net income

Less: Net income attributable to noncontrolling interests

Net income attributable to Harsco Corporation

Amounts attributable to Harsco Corporation common stockholders:

Income from continuing operations, net of tax

Loss from discontinued operations, net of tax

Net income attributable to Harsco Corporation common stockholders

Weighted-average shares of common stock outstanding

Basic earnings (loss) per common share attributable to Harsco Corporation common stockholders:

Continuing operations

Discontinued operations

Basic earnings per share attributable to Harsco Corporation common stockholders

Diluted weighted-average shares of common stock outstanding

Diluted earnings (loss) per common share attributable to Harsco Corporation common stockholders:

Continuing operations

Discontinued operations

Diluted earnings per share attributable to Harsco Corporation common stockholders

(a)  Does not total due to rounding.

2010

2009

2008

$2,511,505

527,173

3,038,678

1,994,637

342,242

532,624

4,271

86,473

2,960,247

78,431

2,668

(60,623)

20,476

(4,276)

390

16,590

(7,249)

3,118

(4,131)

12,459

(5,705)

$2,442,198

548,379

2,990,577

1,897,408

354,730

509,071

3,151

7,561

2,771,921

218,656

2,928

(62,746)

158,838

(18,509)

504

140,833

(21,907)

6,846

(15,061)

125,772

(6,995)

$3,340,456

627,366

3,967,822

2,484,975

441,445

602,169

5,295

21,950

3,555,834

411,988

3,608

(73,160)

342,436

(91,820)

901

251,517

(1,747)

(2,931)

(4,678)

246,839

(5,894)

$÷«««««6,754

$÷«118,777

$÷«240,945

$÷«««10,885

(4,131)

$««««÷«6,754

80,569

$÷÷÷÷«0.14

(0.05)

÷÷$÷÷«««««0.08 (a)

80,761

$÷÷÷÷«0.13

(0.05)

$÷÷÷÷«0.08

$÷«133,838

(15,061)

$÷«118,777

80,295

$÷÷÷÷«1.67

(0.19)

$÷÷÷÷«1.48

80,586

$÷÷÷÷«1.66

(0.19)

$÷÷÷÷«1.47

$÷«245,623

(4,678)

$÷«240,945

83,599

$÷÷÷÷«2.94

(0.06)

$÷÷÷÷«2.88

84,029

$÷÷÷÷«2.92

(0.06)

$÷÷÷÷«2.87 (a)

The complete financial statements for Harsco Corporation as of December 31, 2010  

may be found in the Company’s Form 10-K for the year ended December 31, 2010, as filed  

with the Securities and Exchange Commission on February 24, 2011.

28   Harsco Corporation 2010 Summary Annual Report   

Condensed Consolidated Statements of Cash Flows

(In thousands)
Years ended December 31

Cash flows from operating activities:

Net income

Adjustments to reconcile net income to net cash provided (used) by operating activities:

Depreciation

Amortization

Equity in income of unconsolidated entities, net

Dividends or distributions from unconsolidated entities

Loss on disposal of discontinued business

Harsco Infrastructure Segment restructuring plan

Other, net

Changes in assets and liabilities, net of acquisitions and dispositions of businesses:

Accounts receivable

Inventories

Accounts payable

Accrued interest payable

Accrued compensation

Income taxes

Advances on contracts

Other assets and liabilities

Net cash provided by operating activities

Cash flows from investing activities:

Purchases of property, plant and equipment

Purchase of businesses, net of cash acquired*

Proceeds from sales of assets

Other investing activities

Net cash used by investing activities

Cash flows from financing activities:

Short-term borrowings, net 

Current maturities and long-term debt:

Additions

Reductions 

Cash dividends paid on common stock

Dividends paid to noncontrolling interests

Purchase of noncontrolling interests

Contributions of equity from noncontrolling interest

Common stock issued-options

Common stock acquired for treasury

Other financing activities

Net cash used by financing activities

Effect of exchange rate changes on cash

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

*Purchase of businesses, net of cash acquired

Working capital, other than cash

Property, plant and equipment

Other noncurrent assets and liabilities, net

Net cash used to acquire businesses

The complete financial statements for Harsco Corporation as of December 31, 2010  

may be found in the Company’s Form 10-K for the year ended December 31, 2010, as filed  

with the Securities and Exchange Commission on February 24, 2011.

2010

2009

2008

$«««12,459

$«125,772

««$«246,839

279,234

36,005

(390)

176

7,249

72,975

(20,629)

4,395

12,599

36,529

(2,615)

16,305

(18,480)

(20,822)

(13,563)

401,427

(192,348)

(27,643)

22,663

(4,695)

(202,023)

(25,706)

747,213

(821,038)

(65,976)

(5,850)

(1,159)

698

997

–

(700)

(171,521)

2,171

30,054

94,184

$«124,238

$««÷(1,918)

(15,600)

(10,125)

$««(27,643)

282,976

28,555

(504)

410

21,907

–

(15,762)

111,207

35,798

(54,701)

(1,305)

(23,402)

(36,692)

4,242

(44,043)

434,458

(165,320)

(103,241)

2,115

(2,914)

(269,360)

(79,670)

482,493

(487,171)

(63,813)

(3,487)

(13,057)

5,332

995

–

(5,705)

(164,083)

1,833

2,848

91,336

$«««94,184

$÷««(2,399)

(68,906)

(31,936)

«$(103,241)

307,847

30,102

(901)

484

1,747

–

61,244

34,198

(24,238)

(22,144)

3,841

(15,843)

(76,346)

92,580

(65,134)

574,276

(457,617)

(15,539)

24,516

5,222

(443,418)

65,239

975,393

(996,173)

(65,632)

(5,595)

–

–

1,831

(128,577)

(2,025)

(155,539)

(5,816)

(30,497)

121,833

«$«««91,336

$«««««÷(263)

(11,961)

(3,315)

$««(15,539)

Harsco Corporation 2010 Summary Annual Report   29

Condensed Consolidated Statements of Changes in Equity

Common Stock 

Issued

Treasury

Additional  
Paid-in  
Capital

Retained 
Earnings

Accumulated  
Other 
Comprehensive 
Income (Loss)

Noncontrolling 
Interest

Total

$138,665

$(603,169)

$128,622

$1,903,049

$«««««««(129)

$38,023

$1,605,061

240,945

(64,824)

5,894

246,839

(5,595)

(2,026)

(154,572)

20,812

(74,340)

(70)

(64,824
(5,595)

(156,598)

20,812

(74,340)

(70)

3,488

(1,457)

(128,577)

5,233

152

108

(1,457)

(128,577)

3,336

(108)

5,233

$138,925

$(733,203)

$137,083

$2,079,170

$(208,299)

$36,296

$1,449,972

118,777

(64,650)

6,995

125,772

(3,487)

262

(9,141)

5,332

96,802

(30,041)

(60,150)

4

(64,650)

(3,487)

97,064

(30,041)

(13,046)

5,332

(60,150)

4

1,058

(1,880)

3,886

(3,905)

1,366

(684)

3,886

115

194

(423)

(1,390)

$139,234

$(735,016)

$137,746

$2,133,297

$(201,684)

$36,257

$1,509,834

6,754

(66,131)

5,705

12,459

(5,850)

(203)

(156)

698

(6,430)

(700)

22,872

10

(66,131)

(5,850)

(6,633)

(700)

(1,159)

698

22,872

10

754

(1,306)

3,297

(1,003)

1,446

(188)

3,297

144

136

(836)

(1,254)

$139,514

$(737,106)

$141,298

$2,073,920

$(185,932)

$36,451

$1,468,145

(In thousands, except share and per share amounts)

Balances, January 1, 2008

Net income

Cash dividends declared:

  Common @ $0.78 per share

  Noncontrolling interests

Translation adjustments, net of deferred income taxes of $85,526

Cash flow hedging instrument adjustments, net of deferred income taxes  

of $(7,655) 

Pension liability adjustments, net of deferred income taxes of $29,057 

Marketable securities unrealized gains, net of deferred income taxes of $38 

Stock options exercised, 121,176 shares

Net issuance of stock – vesting of restricted stock units, 56,847 shares

Treasury shares repurchased, 4,463,353 shares

Amortization of unearned compensation on restricted stock units,  

net of forfeitures

Balances, December 31, 2008

Net income

Cash dividends declared:

Common @ $0.805 per share

Noncontrolling interests

Translation adjustments, net of deferred income taxes of $(21,866) 

Cash flow hedging instrument adjustments, net of deferred  

income taxes of $10,849

Purchase of subsidiary shares from noncontrolling interests

Contributions of equity from noncontrolling interest

Pension liability adjustments, net of deferred income taxes of $26,012 

Marketable securities unrealized loss, net of deferred income taxes of $(2) 

Stock options exercised, 92,250 shares

Net issuance of stock – vesting of restricted stock units, 101,918 shares

Amortization of unearned compensation on restricted stock units,  

net of forfeitures

Balances, December 31, 2009

Net income

Cash dividends declared: 

  Common @ $0.82 per share

  Noncontrolling interests

Translation adjustments, net of deferred income taxes of $7,612

Cash flow hedging instrument adjustments, net of deferred  

income taxes of $347

Purchase of subsidiary shares from noncontrolling interests

Contributions of equity from noncontrolling interest

Pension liability adjustments, net of deferred income taxes of $(9,727)

Marketable securities unrealized loss, net of deferred income taxes of $(7)

Stock options exercised, 115,493 shares

Net issuance of stock – vesting of restricted stock units, 69,515 shares

Amortization of unearned compensation on restricted stock units,  

net of forfeitures

Balances, December 31, 2010

The complete financial statements for Harsco Corporation as of December 31, 2010  

may be found in the Company’s Form 10-K for the year ended December 31, 2010, as filed  

with the Securities and Exchange Commission on February 24, 2011.

30   Harsco Corporation 2010 Summary Annual Report   

)
)
Five-Year Statistical Summary

(In thousands, except per share, employee information and percentages)

2010

2009 (a)

2008

2007(b)

2006

Income Statement Information attributable to  
Harsco Corporation common stockholders(c)

Revenues from continuing operations 

Income from continuing operations 

Income (loss) from discontinued operations

Net income attributable to Harsco Corporation

Financial Position and Cash Flow Information

Working capital

Total assets

Long-term debt

Total debt

Depreciation and amortization (including discontinued operations)

Capital expenditures

Cash provided by operating activities

Cash used by investing activities

Cash used by financing activities

Ratios

Return on sales(d)

Return on average equity(e)(f)

Current ratio

Total debt to total capital(f)(g)

Per Share Information attributable to Harsco Corporation  

common stockholders(h)

Basic  –  Income from continuing operations

– Income (loss) from discontinued operations

– Net income

Diluted  – Income from continuing operations

– Income (loss) from discontinued operations

– Net income

Book value (f)

Cash dividends declared per share

Other Information

Diluted average number of shares outstanding (h)

Number of employees

Backlog from continuing operations (j)

$3,038,678

$2,990,577

$3,967,822

$3,688,160

$3,025,613

10,885

(4,131)

6,754

133,838

(15,061)

118,777

$÷«387,082

3,469,220

$÷«418,237

3,639,240

849,724

884,932

315,239

192,348

401,427

(202,023)

(171,521)

0.4%

0.7%

1.5:1

37.6%

901,734

984,927

311,531

165,320

434,458

(269,360)

(164,083)

4.5%

9.1%

1.6:1

39.5%

245,623

(4,678)

240,945

$÷«317,062

3,562,970

891,817

1,012,883

337,949

457,617

574,276

(443,418)

(155,539)

6.2%

14.6%

1.4:1

41.1%

255,115

44,377

299,492

$÷«471,367

3,905,430

1,012,087

1,080,794

306,413

443,583

471,740

(386,125)

(77,687)

6.9%

18.9%

1.5:1

40.3%

186,402

9,996

196,398

$÷«320,847

3,326,423

864,817

1,063,021

252,982

340,173

409,239

(359,455)

(84,196)

6.2%

16.4%

1.4:1

47.4%

$÷÷÷÷«0.14

$÷÷÷÷«1.67

$÷÷÷÷«2.94

$÷÷÷÷«3.03

$÷÷÷÷«2.22

(0.05)

$÷÷÷÷«0.08 (i)

$÷÷÷÷«0.13

(0.05)

$÷÷÷÷«0.08

$÷÷÷«18.23

$÷÷÷«««0.82

(0.19)

$÷÷÷÷«1.48

$÷÷÷÷«1.66

(0.19)

$÷÷÷÷«1.47

$÷÷÷«18.79

$÷÷÷÷«0.805

(0.06)

$÷÷÷÷«2.88

$÷÷÷÷«2.92

(0.06)

$÷÷÷÷«2.87 (i)

$÷÷÷«18.09

$÷««««÷«0.78

0.53

$÷÷÷÷«3.56

$÷÷÷÷«3.01

0.52

$÷÷÷÷«3.53

$÷÷÷«18.99

0.12

$÷÷÷÷«2.34

$÷÷÷÷«2.21

0.12

$÷÷÷÷«2.33

$÷÷÷«14.01

$÷««÷÷«0.72

75

$÷««««÷«0.665

80,761

19,300

80,586

19,600

84,029

21,500

84,724

21,500

84,430

21,500

$÷«415,766

$÷«490,863

$÷«639,693

$÷«448,054

$÷«236,460

Includes ESCO Interamerica, Ltd. acquired November 10, 2009 (Harsco Infrastructure Segment).
Includes Excell Minerals acquired February 1, 2007 (Harsco Metals & Minerals Segment).

(a) 
(b) 
(c)  2006 income statement information is reclassified to reflect the Gas Technologies Segment as Discontinued Operations. This Segment was disposed on December 7, 2007.
(d)  Return on sales is calculated by dividing income from continuing operations by revenues from continuing operations.
(e)  Return on average equity is calculated by dividing income from continuing operations by average equity throughout the year. 
(f)  2006 through 2008 have been restated in order to include noncontrolling interests, previously referred to as minority interests, as a component of equity in accordance with the changes to 

consolidation accounting and reporting issued by the Financial Accounting Standards Board January 1, 2009.

(g)  “Total debt to total capital” is calculated by dividing total debt (short-term borrowings and long-term debt including current maturities) by the sum of equity and total debt.  
(h)  2006 per share information is restated to reflect the 2-for-1 stock split effective in the first quarter of 2007.
(i)  Does not total due to rounding.
(j)  Excludes the estimated amount of long-term mill service contracts, which had estimated future revenues of $3.5 billion, $3.6 billion and $4.1 billion at December 31, 2010, 2009 and 2008, respectively.  
Also excludes backlog of the Harsco Infrastructure Segment and the roofing granules and industrial abrasives business within the Harsco Metals & Minerals Segment. These amounts are generally 
not quantifiable due to the nature and timing of the products and services provided.

Harsco Corporation 2010 Summary Annual Report   31

 
 
 
 
 
 
 
 
 
 
 
 
 
Board of Directors and Senior Management
(As of March 10, 2011)

Board of Directors

Salvatore D. Fazzolari
Chairman, President  

and Chief Executive Officer 

Harsco Corporation

Director since 2002

Kathy G. Eddy 1C, 3
CPA and Founding Partner 

D. Howard Pierce 2
Retired President  

and Chief Executive Officer 

ABB Inc.

Director since 2001

Andrew J. Sordoni, III 1, 3
Chairman 

Sordoni Construction Services, Inc.

McDonough, Eddy, Parsons & Baylous, AC

Director since 1988

Dr. Robert C. Wilburn 2
Principal 

The Wilburn Group 

Director since 1986

Senior Management

Salvatore D. Fazzolari
Chairman, President  

and Chief Executive Officer

Galdino J. Claro
Executive Vice President and Group CEO 

Harsco Metals and Harsco Minerals

Ivor J. Harrington
Executive Vice President and Group CEO 

Harsco Infrastructure

Stephen J. Schnoor
Sr. Vice President, Chief Financial Officer     

Director since 2004

David C. Everitt
President, Agriculture and  Turf Division–

North America, Asia, Australia,  

Sub-Saharan and South Africa,  

and Global Tractor and  Turf Products 

Deere & Company

Director since 2010

Stuart E. Graham 1, 3C
Retired Chief Executive Officer 

Skanska AB 

Chairman 

Skanska USA

Director since 2009 

Terry D. Growcock 2C, 3
Retired Chairman 

The Manitowoc Company

Director since 2008

Henry W. Knueppel 1
Chairman and Chief Executive Officer 

Regal Beloit Corporation

Director since 2008

James M. Loree
Executive Vice President  

and Chief Operating Officer 

Stanley Black & Decker

Director since 2010

Serves as Lead Director

and Treasurer

Board Committees
1  Audit Committee
2  Management Development and 

Mark E. Kimmel
Sr. Vice President, Chief Administrative Officer, 

General Counsel and Corporate Secretary

  Compensation Committee
3  Nominating and Corporate Governance 

  Committee
C Indicates Committee Chair

Scott W. Jacoby
Vice President and Group President 

Harsco Rail

Scott H. Gerson
Vice President and Group President   

Harsco Industrial

Douglas Eubanks
Vice President and Chief Information Officer

Michael H. Kolinsky
Vice President – Taxes

Barry E. Malamud
Vice President – Audit

Richard A. Sullivan
Vice President – Business Transformation    

and Chief Supply Chain Officer

Eugene M. Truett
Vice President – Investor Relations and Credit

Richard M. Wagner
Vice President and Controller

32   Harsco Corporation 2010 Summary Annual Report   

Shareholder Information

Company News
Company information, archived news releases and SEC filings 
are available free of charge 24 hours a day, seven days a week 
via Harsco’s website at www.harsco.com. Harsco’s quarterly 
earnings conference calls and other significant investor events 
are posted when they occur. 
  Securities analysts, portfolio managers, other represen-
tatives of institutional investors and other interested parties 
seeking information about Harsco should contact: 
Eugene M. Truett 
Vice President – Investor Relations and Credit 
Phone: 717.975.5677 
Email: etruett@harsco.com

Fax: 717.265.8152 

Quarterly Share Price  
and Dividend Information
Harsco Corporation common stock is listed on the New York 
Stock Exchange (NYSE) under ticker symbol HSC. At year-end 
2010, there were 80,514,059 shares outstanding and 
approximately 18,260 stockholders.  
  As shown below, during 2010, the Company’s common 
stock traded in a range of $19.89 to $35.31 and closed at 
$28.32 at year-end. High and low per share data are as 
quoted on the NYSE. Four quarterly cash dividends were 
paid in 2010 for an annual rate of $0.82, an increase of  
3.1% from 2009. There are no significant restrictions on  
the payment of dividends. 

Annual Meeting
April 26, 2011, 10:00 am 
Radisson Penn Harris Hotel and Convention Center 
Camp Hill, PA 17011

Transfer Agent and Registrar
BNY Mellon 
480 Washington Boulevard 
Jersey City, NJ 07310-1900 
Phone: 800.850.3508 
www.bnymellon.com/shareowner/equityaccess

BNY Mellon maintains the records for our registered 
shareholders and can help you with a variety of  
shareholder-related services at no charge, including:
•  Change of name or address 
•  Consolidation of accounts 
•  Duplicate mailings 
•  Dividend reinvestment enrollment 
•  Lost stock certificates 
•  Transfer of stock to another person 
•  Additional administrative services

You can also access your investor statements online  
24 hours a day, seven days a week at www.bnymellon.com/
shareowner/equityaccess.

Independent Registered Public 
Accounting Firm
PricewaterhouseCoopers LLP 
Philadelphia, PA 19103

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

High
Low
Dividends Declared

High
Low
Dividends Declared

High
Low
Dividends Declared

High
Low
Dividends Declared

2010

$ 35.31
27.96
0.205

35.14
23.47
0.205

27.50
19.89
0.205

28.93
22.71
0.205

2009

$ 31.65
16.90
0.200

32.07
21.39
0.200

36.33
26.69
0.200

37.65
29.38
0.205

Management’s Certifications
The certifications of our Chief Executive Officer and Chief 
Financial Officer required by Section 302 of the Sarbanes-
Oxley Act of 2002 have been filed with the Securities  
and Exchange Commission as exhibits to our Annual Report 
on Form 10-K. 

In addition, in May 2010 our Chief Executive Officer 

provided to the New York Stock Exchange the annual 
Section 303A CEO certification regarding our compliance 
with the New York Stock Exchange’s corporate governance 
listing standards.

 
Harsco Corporation World Headquarters
350 Poplar Church Road
Camp Hill, PA 17011 USA
Tel: 717.763.7064
www.harsco.com