These have been challenging times for industrial conglomerate Harsco (NYSE:HSC). Weak demand for commercial construction and weak funding for infrastructure
projects has hurt the company's infrastructure business, while a weak
market for European steelmakers has likewise hurt the mill services
business. Calling a bottom in non-residential construction or steel is a
fool's errand, but odds favor these markets getting better over the
next year or two and a new CEO could reverse a disappointing record
regarding cash flow generation and asset efficiency.