HARSCO CORPORATION facility for air coolers that will begin operating in mid-2015. It will  reduce costs, integrate Lean manufacturing concepts and expand  capacity to support the natural gas market. Our IKG business is  working to expand its traditional metal grating products focus with  complementary offerings, while our Patterson-Kelley unit intro- duced its new SONIC® stainless steel boiler and patented NURO™  touchpad controls system to very encouraging customer response.  Building and executing a new blueprint takes a highly competitive  mindset—and a strong will to win. In filling key positions, I look  for proven leaders who share a passion for success and a commit- ment to our values. In 2014 we further strengthened our senior executive team by welcoming a new chief financial officer, a new  group president of Harsco Metals & Minerals, and a new chief human resources officer. Our team members have diverse backgrounds, but have each held leadership positions in highly  successful organizations that expect excellence, encourage  innovation and inspire personal achievement. I’m excited to see us working toward the same goals, with shared enthusiasm for transforming Harsco into a better company.  Harsco is enormously fortunate to be led by a strong Board  of Directors whose keen insights and wisdom also bring tremendous value to our transformation. In particular, I want to thank David Everitt for serving as Interim CEO into the second  half of 2014. His exceptional leadership experience and pragmatic  advice have made a lasting mark on our planning and execution.  After his assignment as Interim CEO, Dave was elected chairman  of Harsco’s board, where his direct familiarity with the Harsco  transformation objectives will be invaluable. We have also added  two new members to the Harsco board, Elaine La Roche and Phil Widman. Both bring to our board outstanding global leadership  credentials. Elaine is a seasoned senior financial services executive  now serving as a senior advisor to the China International Capital  Corporation US. Phil recently retired as senior vice president and CFO of Terex, a leading global manufacturer for the construction,  mining and infrastructure sectors. In addition, we acknowledge with the greatest respect and appreciation two long-standing board  colleagues, Dr. Bob Wilburn and Andrew Sordoni, who retired from  the board in 2014. Initial signs of success.  Looking back on 2014, I’m generally  pleased—but not nearly satisfied—with the improved results I saw  across a number of key metrics. Return on invested capital.  ROIC provides shareholders with  a powerful tool for making investment decisions by measuring  how effectively Harsco deploys shareholder capital. By improving  capital allocation and boosting efficiency, we increased Harsco’s  overall ROIC by approximately 60 basis points, from 6 percent to 6.6 percent. With ROIC-accretive investments in our growth businesses, we anticipate another meaningful jump in 2015 on the way to 10 to 12 percent over time. Top-line revenue growth.  Harsco is executing a plan to scale our  Rail and Industrial businesses and return Harsco Metals & Minerals  to sustainable growth. In 2014 revenue increased to $2.07 billion,  up approximately 3 percent over 2013, excluding the former Infrastructure segment. Capital spending.  In 2014 Harsco recorded $208 million in  maintenance and growth capital expenditures. We continued to  invest in growth platforms while applying greater discipline to  managing capital commitments in Harsco Metals & Minerals.  Free cash flow.  Strong working capital performance in Rail helped  increase our free cash flow to $52 million from $20 million last  year. We sustained our dividend for the 258th consecutive quarter,  rewarding shareholders with steady, predictable returns and a better than 4 percent yield on their Harsco investment. By staying  the course, Harsco can continue to generate attractive dividends  while using our underlying cash flow to invest in growth areas  that deliver high potential returns. Focused Leadership  2 2014 SUMMARY ANNUAL REPORT