MIGA insured Harsco Corporation and its wholly owned subsidiary, Harsco Bermuda Limited, for their investments in the construction and operation of a steel slag processing plant in Al-Jubail. The equity and loan investments of the Bermuda subsidiary are covered for $2.5 million and the parent company's loan guaranty for $2.0 million. The MIGA guarantees cover the risk of war and civil disturbance.
The project enterprise, Heckett Saudi Arabia Limited, will recover metal from slag produced by the Saudi Iron and Steel Company (Hadeed) at a plant near Al Khubar, in eastern Saudi Arabia. A portion of the reclaimed metal will substitute costlier imported scrap metal used by Hadeed, and other products such as steel slag aggregates will be sold for local construction projects. The project will purchase most construction supplies and spare parts locally.