HARSCO CORPORATION Fellow  Shareholders: F. Nicholas Grasberger, III President and Chief Executive Officer Nearly two years ago, I joined Harsco’s leadership team to help a venerable industrial manufacturing and services company rebuild  its way to sustainable success. Our mission is simple and straight- forward: to deliver above-market improvements in income, cash  flow and return on invested capital (ROIC) and create renewed  value for our shareholders. Now, seven months into my tenure as Harsco’s CEO, I’m seeing clear signs that Harsco’s resurgence is underway.  been identified as underperforming. In addition, we have refined  and reinforced our global operating standards—The Harsco Way  of Working—consistently throughout all Metals & Minerals sites.  Drawn from the demonstrated success of our highest-performing  locations, they bring uniform best practices to such site-level activities as safety, operations, maintenance and general manage- ment. For example, by streamlining operations and managing our  maintenance and equipment more efficiently, we expect to realize  approximately $35-$40 million in annualized benefits.  Harsco’s two manufacturing businesses, Harsco Rail and  Harsco Industrial, continue to win market share through product  innovation, quality, reliability and an acute customer focus. Harsco  Rail is emerging as a truly international business with a long  runway for growth. Major new wins in Europe supporting the Swiss  railway system speak to this group’s growing footprint and its  capacity to build strong local relationships. Its Intelligent Solutions  group is forming technology partnerships that respond directly to  critical railway needs, such as keeping trackside employees safer  with a new collision avoidance system. Harsco Rail is also leading  the way with innovative equipment solutions for higher output and  greater precision that help customers complete track maintenance  faster and more efficiently.  We balanced disciplined, pragmatic thinking with decisive action  throughout 2014. First, we completed the sale and merger of our  Infrastructure division and retained a minority ownership position  in the combined business. The value of this investment grew during the year, and we anticipate continued growth ahead. When  we eventually exit our position in a few years, we expect to generate  significant cash proceeds to invest in further growth opportunities. Second, we constructed and began to execute the detailed  plan to boost the financial and operational performance of our  Metals & Minerals business. Our Project Orion improvement plan  focuses on a more disciplined, analytical process to allocate  capital; a new organizational structure aligned around operational  and functional excellence; and cost reduction. The result should  be improved contract outcomes leading to higher profit margins  and returns on capital. As evidence, we have now turned around  approximately 30 percent of the locations previously identified  as underperforming into contracts that are better able to gener- ate acceptable returns. We also are exiting a small number of  sites where we did not see acceptable solutions. By early 2016,  we expect to address all of the contracts that have previously  Harsco Industrial derives much of its revenue from the natural  gas industry. This has been a solid growth platform over the past  several years, and the recent dip in energy prices does not alter  our strategic priorities or weaken our confidence in the long-term  potential of this segment. In 2014 we successfully integrated our  Hammco acquisition and gained an established position in the process cooler segment of the energy and petrochemical markets.  We also moved forward on a new, consolidated manufacturing  2014 SUMMARY ANNUAL REPORT 1 The Harsco Blueprint 