Correction: Fitch Ratings Affirms Harsco Ratings at 'A-'/'F2'.

Business Editors

CHICAGO--(BUSINESS WIRE)--July 23, 2002

(This is an amended version of a press release issued earlier today containing revised information in paragraph 2.)

Fitch Ratings has affirmed Harsco Corporation's senior unsecured debt and commercial paper ratings at 'A-' and 'F2', respectively, and changed the Rating Outlook to Negative from Stable. The unsecured debt rating affects $460 million of senior debt securities.

The ratings incorporate Harsco's diversification across product lines and geographic markets, leading market positions, and consistent cash flow. The Negative Rating Outlook reflects concerns about low growth in certain of Harsco's markets and weak industry conditions that have put pressure on margins and resulted in reduced debt coverage measures relative to historical levels. Harsco continues to divest low-margin businesses and non-core assets, and cash proceeds should support an improvement in debt/EBITDA which, as of March 31, 2002, was 2.2 times (x) (for the last 12 months).

Liquidity and cash flow are benefiting from Harsco's continued focus on controlling costs and conserving cash by closely managing working capital and capital expenditures. Together with proceeds from asset sales, these efforts contributed to a reduction in debt to $736 million as of June 30, 2002, compared to $836 million at the end of 2000, and a corresponding improvement in debt/capital to 49.9%. Leverage, as measured by debt/EBIDTA, remains above historical levels, at 2.2x as of March 31, 2002, and a reduction will depend on favorable end-markets and any additional asset sales. While Fitch expects improvement in Harsco's financial profile, economic conditions in its primary markets remain uncertain, with weakness noted recently in the access equipment business, and any significant deterioration could have negative connotations for the ratings.