FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year ended December 31, 1993
HARSCO CORPORATION SAVINGS PLAN II
(Full title of the Plan)
HARSCO CORPORATION
(Name of issuer of the securities held pursuant to the Plan)
Camp Hill, PA 17001-8888
(Address of principal executive office)
Telephone - (717) 763-7064
Financial Statements and Exhibits
(a) Financial Statements.
The financial statements filed as part of this report are listed in
the Index to Financial Statements included herein.
(b) Exhibits.
(1) Consent of Independent Accountants
(2) Participant's Statement of Account
(3) Description of Federal Tax Considerations
(4) Appendix B to Savings Plan II
HARSCO CORPORATION SAVINGS PLAN II
INDEX TO FINANCIAL STATEMENTS
FORM 11-K ANNUAL REPORT
Report of Independent Accountants
Financial Statements:
Statement of Net Assets Available for Benefits with Fund Information:
December 31, 1993 - Funds A and C (commingled), Funds B, E and F
December 31, 1992 - Funds A and C (commingled), Funds B, E and F
Statements of Changes in Net Assets Available for Benefits with Fund
Information for the year ended:
December 31, 1993 - Funds A and C (commingled), Funds B, E and F
Notes to Financial Statements 8-13
Supplemental Schedules:
Assets Held for Investment Purposes as of December 31, 1993 - 27(a)*
Reportable Transactions for the year ended December 31, 1993 - 27(d)*
* Refer to item numbers in Form 5500 (Annual Return/Report of Employee
Benefit Plan) for the plan year ended December 31, 1993.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Plan Administrative Committee
of the Harsco Corporation Savings Plan II:
We have audited the accompanying financial statements of the Harsco
Corporation Savings Plan II listed in the index on page 3 of this Form
11-K. These financial statements are the responsibility of the
Administrative Committee. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
As discussed in Note 5 to the financial statements, effective January
1, 1994, the Harsco Corporation Savings Plan II was merged into the
Harsco Corporation Savings Plan.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for benefits
of the Plan as of December 31, 1993 and 1992, and the changes in the net
assets available for benefits for the year ended December 31, 1993 in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules
of Assets Held for Investment Purposes and Reportable Transactions are
presented for the purpose of additional analysis and are not a required
part of the basic financial statements but are supplementary information
required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security
Act of 1974. The Fund Information in the statement of net assets
available for benefits with fund information and the statement of
changes in net assets available for benefits with fund information is
presented for purposes of additional analysis rather than to present the
net assets available for plan benefits and changes in net assets
available for plan benefits of each fund. The supplemental schedules
and fund information have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
As discussed in Note 2 to the financial statements, the Company
changed its method of accounting for participant withdrawals in 1993.
COOPERS & LYBRAND
Philadelphia, Pennsylvania
June 28, 1994
HARSCO CORPORATION SAVINGS PLAN II
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
December 31, 1993
<TABLE>
<CAPTION>
Harsco
Common Fixed Managed Indexed
Stock Income Equity Equity
Total Funds A & C Fund B Fund E Fund F
__________ ___________ __________ __________ __________
<S> <C> <C> <C> <C> <C>
Assets
Investments, at fair value (Note 2)
Harsco Corporation 220,177 shares of
common stock (cost $6,581,481) $ 8,944,705 $ 8,944,705 $ - $ - $ -
Mutual Funds (cost $613,021 and
$348,985, respectively) 1,012,081 - - 641,341 370,740
Short-term investments
(at cost which approximates market) 652 633 11 5 3
__________ __________ __________ __________ __________
9,957,438 8,945,338 11 641,346 370,743
Investments, at contract value (Note 2)
Guaranteed rate group annuity contract 1,638,314 - 1,638,314 - -
__________ __________ __________ __________ __________
Total investments 11,595,752 8,945,338 1,638,325 641,346 370,743
__________ __________ __________ __________ __________
Contributions Receivable:
Employer's 161,366 161,366 - - -
Participants' 234,425 118,742 53,291 36,691 25,701
Interest Receivable 6,123 - - - 6,123
__________ __________ __________ __________ __________
Total receivables 401,914 280,108 53,291 36,691 31,824
__________ __________ __________ __________ __________
Total assets 11,997,666 9,225,446 1,691,616 678,037 402,567
Liabilities
Payable to Harsco Savings Plan (43,817) (43,817) - - -
__________ __________ __________ __________ __________
Net assets available for benefits $11,953,849 $ 9,181,629 $ 1,691,616 $ 678,037 $ 402,567
__________ __________ __________ __________ __________
__________ __________ __________ __________ __________
</TABLE>
The accompanying notes are an integral part of the financial statements.
HARSCO CORPORATION SAVINGS PLAN II
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
December 31, 1992
<TABLE>
<CAPTION>
Harsco
Common Fixed Managed Indexed
Stock Income Equity Equity
Total Funds A & C Fund B Fund E Fund F
__________ ___________ __________ __________ __________
<S> <C> <C> <C> <C> <C>
Assets
Investments, at fair value (Note 2)
Harsco Corporation 178,153 shares of
common stock (cost $4,874,831) $ 6,750,373 $ 6,750,373 $ - $ - $ -
Mutual Funds (cost $326,922 and
$178,899, respectively) 492,960 - - 309,115 183,845
Short-term investments
(at cost which approximates market) 262,199 118,236 54,544 52,086 37,333
__________ __________ __________ __________ __________
7,505,532 6,868,609 54,544 361,201 221,178
Investments, at contract value (Note 2)
Guaranteed rate group annuity contract 1,421,996 - 1,421,996 - -
__________ __________ __________ __________ __________
Total investments 8,927,528 6,868,609 1,476,540 361,201 221,178
__________ __________ __________ __________ __________
Contributions Receivable:
Employer's 68,362 68,362 - - -
Participants' 163,274 90,043 32,914 23,881 16,436
Interest Receivable 809 654 - 85 70
__________ __________ __________ __________ __________
Total receivables 232,445 159,059 32,914 23,966 16,506
__________ __________ __________ __________ __________
Total assets 9,159,973 7,027,668 1,509,454 385,167 237,684
Liabilities
Payable to Harsco Savings Plan (3,831) (3,672) - (159) -
Payable for employee withdrawals (121,465) (56,088) (55,642) (4,220) (5,515)
__________ __________ __________ __________ __________
Net assets available for benefits $ 9,034,677 $ 6,967,908 $ 1,453,812 $ 380,788 $ 232,169
__________ __________ __________ __________ __________
__________ __________ __________ __________ __________
</TABLE>
The accompanying notes are an integral part of the financial statements.
HARSCO CORPORATION SAVINGS PLAN II
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND
INFORMATION
For the year ended December 31, 1993
<TABLE>
<CAPTION>
Harsco
Common Fixed Managed Indexed
Stock Income Equity Equity
Total Funds A & C Fund B Fund E Fund F
__________ ___________ __________ __________ __________
<S> <C> <C> <C> <C> <C>
Assets
Additions to net assets attributed to:
Investment income
Net appreciation in fair value
of investments $ 568,575 $ 502,642 $ - $ 47,233 $ 18,700
Dividends 344,105 273,265 - 57,401 13,439
Interest - short-term investments 5,439 4,429 552 266 192
Interest - group annuity contract 100,814 - 100,814 - -
__________ __________ __________ __________ __________
1,018,933 780,336 101,366 104,900 32,331
Cash Contributions:
Employer's, less forfeitures
of $4,033 705,303 705,303 - - -
Participant's 1,667,670 958,041 316,997 234,070 158,562
__________ __________ __________ __________ __________
Total additions 3,391,906 2,443,680 418,363 338,970 190,893
__________ __________ __________ __________ __________
Deductions
Deductions from net assets attributed to:
Employee withdrawals 543,826 276,016 206,175 37,892 23,743
Participants transferred to Harsco
Savings Plan 50,373 40,311 6,828 1,875 1,359
__________ __________ __________ __________ __________
Total deductions 594,199 316,327 213,003 39,767 25,102
__________ __________ __________ __________ __________
Net increase prior to interfund transfers 2,797,707 2,127,353 205,360 299,203 165,792
Interfund transfers - 30,280 (23,198) (6,174) (908)
__________ __________ __________ __________ __________
Net increase 2,797,707 2,157,633 182,162 293,029 164,883
Net assets available for benefits:
December 31, 1992, as previously
reported 9,034,677 6,967,908 1,453,812 380,788 232,169
Cumulative effect of accounting
change (Note 2) 121,465 56,088 55,642 4,220 5,515
__________ __________ __________ __________ __________
December 31, 1992 9,156,142 7,023,996 1,509,454 385,008 237,684
__________ __________ __________ __________ __________
December 31, 1993 $11,953,849 $ 9,181,629 $ 1,691,616 $ 678,037 $ 402,567
__________ __________ __________ __________ __________
__________ __________ __________ __________ __________
</TABLE>
The accompanying notes are an integral part of the financial statements.
NOTES TO FINANCIAL STATEMENTS OF SAVINGS PLAN II
1. General Description of Plan:
The following description of the Harsco Corporation Savings Plan II
("Savings Plan") provides only general information. Participants should
refer to the Plan agreement for a more complete description of the
Plan's provisions.
The Savings Plan, which became effective January 1, 1989, is a defined
contribution plan designed to comply with the requirements of the
Employee Retirement Income Security Act of 1974 ("ERISA") and with the
requirements for qualification under Sections 401(a) and 401(k) of the
Internal Revenue Code (the "Code").
All employees who receive a stated weekly, hourly, monthly or annual
rate of compensation and are employed by Harsco Corporation (the
"Company") or any subsidiary of the Company in the United States, its
territories and possessions and are covered by a collective bargaining
agreement that expressly provides that the employees subject thereto
shall be covered by, or remain covered by, this Plan, are deemed
"Covered Employees". Appendix B of the Plan and as amended from time to
time, shall identify the collective bargaining units representing
Covered Employees under this Plan and the date as of which their
coverage commenced. Any Covered Employee who has completed at least one
thousand (1,000) hours of service during the twelve (12) month period
beginning with the date of commencement of his employment is deemed an
"Eligible Employee".
To participate in the Savings Plan, an Eligible Employee must elect to
contribute to the Plan through payroll deductions each pay period in
whole percentages from 2% to 16% of compensation received for services
as an employee of the Company or any subsidiary of the Company. The
participant shall designate what percentage of such contributions will
be "After-Tax Contributions" and what percentage will be "Tax-Saver
Contributions." Based on the participants' collective bargaining unit
agreement, a participant who makes Matched After-Tax and/or Matched
Tax-Saver Contributions in an aggregate amount of 4%, 5% or 6% of his
compensation may also elect to contribute from 1% to 10% of his
compensation as an Unmatched After-Tax and/or Unmatched Tax-Saver
Contribution. In no event during the year, based on the participants'
collective bargaining unit agreement, may (a) Matched After-Tax and
Matched Tax-Saver Contributions exceed 4%, 5% or 6% of compensation, (b)
Unmatched After-Tax and Unmatched Tax-Saver Contributions exceed 10% of
compensation or (c) Tax-Saver Contributions exceed the amount specified
by the Internal Revenue Service code which is $8,994. Tax-Saver
Contributions shall constitute a reduction in the participant's taxable
income for purposes of Section 401(k) of the Code but for the purpose of
the Company's tax deductions, shall be considered contributions made by
the Company. After-Tax Contributions will be considered to be the
participant's contributions to the Savings Plan and shall not constitute
a reduction in the participant's taxable income for the purposes of
Section 401(k) of the Code.
Pursuant to the Savings Plan, the Company will make monthly
contributions either wholly or partially in cash or Common Stock of the
Company to the Trustee for the account of each participant in an amount
equal to 50% of the first 4%, 5% or 6% of such participants'
compensation designated as Matched After-Tax Contributions and/or
Matched Tax-Saver Contributions. These contributions are referred to as
"Company Contributions".
2. Summary of Significant Accounting Policies:
Basis of Accounting:
The financial statements of the Savings Plan are prepared under the
accrual method of accounting.
Payment of Benefits:
In 1993, the Savings Plan adopted the provisions of the AICPA Audit and
Accounting Guide, "Audits of Employee Benefits Plans", requiring that
amounts allocated to withdrawing participants not be reported as a
liability in the statement of net assets available for plan benefits.
As a result, the Savings Plan recorded a cumulative effect adjustment at
the beginning of 1993 of $121,465. This represents the amounts
allocated to withdrawing participants but not yet paid at December 31,
1992. Prior year's financial statements were not restated.
Investment Valuation:
The Harsco Corporation Common Stock is stated at market value, which
represents the closing price of the stock on the Composite Reporting
Tape of the stock exchanges on the last day of trading of the calendar
year. The Participant Group Annuity Contracts with Metropolitan Life
Insurance Company (Metropolitan), are stated at cost plus accrued
interest with principal and interest guaranteed by Metropolitan. Based
on available information at December 31, 1993, the Company believes that
the fair value of the Metropolitan Group Annuity Contracts is not
significantly different from cost plus accrued interest. The Fidelity
Magellan Mutual Fund shares in the Managed Equity Fund are stated at
market value, which represents the closing price of the fund on the last
trading day of the calendar year. The Vanguard 500 Portfolio Index
Trust Mutual Fund shares in the Indexed Equity Fund are stated at market
value, which represents the closing price of the fund on the last
trading day of the calendar year. Short-term investments, which
represent the temporary investment of funds until purchases of common
stock are completed, are invested in the CoreStates Liquidity Fund.
Other:
The plan presents in the Statement of Changes in Net Assets Available
for Benefits with Fund Information the net appreciation (depreciation)
in the market value of its investments which consists of the realized
gains or losses and the unrealized appreciation (depreciation) on those
investments.
Fund A and Fund C, described in Note 3, are commingled and share
proportionally in income distribution and realization of appreciation or
depreciation on investments.
The purchase and sales of investments are recorded on a trade-date
basis. Dividend income is recorded on the ex-dividend date. Income from
other investments is recorded as earned on an accrual basis.
Both participants' and Company contributions are accrued in the period
of the related payroll deductions. Forfeitures, a result of withdrawals
prior to full vesting in the plan, are used to reduce the amount of
future Company contributions.
3. Investment Programs:
The Savings Plan, comprised of participants' and Company contributions,
is divided into the following funds described below.
(1) Fund A-(Common Stock purchased with Company contributions): a
fund consisting of Common Stock of Harsco Corporation purchased in the
open market, from the Company, or through privately negotiated
transactions to the extent permitted by rules of the New York Stock
Exchange and the Securities and Exchange Commission.
(2) Fund B-(Fixed Income Fund, consisting of investments purchased
with participants' contributions): a fund currently maintained through
an agreement with one or more insurance companies or other financial
institutions, designated by the Company, under which the insurance
company or financial institution shall guarantee repayment of the
principal and payment of interest at a fixed annual rate for a specified
period of time in accordance with the terms of the agreement. However,
all participating employees earn interest at a pooled or "blended rate"
which is determined each year and is based upon the applicable specific
rates for the current and prior years. Consequently, the blended rate
for 1993 combines the specific rates for 1992 (6.26%) and 1991 (8.45%),
with the 6.70% rate for monies deposited and redeposited in 1993.
(3) Fund C-(Common Stock purchased with participants' contributions):
a fund consisting of Common Stock of Harsco Corporation purchased in the
open market, from the Company, or through privately negotiated
transactions to the extent permitted by rules of the New York Stock
Exchange and the Securities and Exchange Commission.
(4) Fund E-(Managed Equity Fund purchased with participants'
contributions): a fund consisting of shares of the Fidelity Magellan
Mutual Fund which is managed by Fidelity Management and Research
Company, Boston, Massachusetts.
(5) Fund F - (Indexed Equity Fund purchased with participants'
contributions): a fund consisting of shares of the Vanguard 500
Portfolio Index Trust mutual fund which is managed by the Vanguard
Group, Valley Forge, Pennsylvania.
If at any time it is not possible for the Trustee to purchase Common
Stock of the Company as required for Funds A and C, the Trustee will
invest such funds in short-term obligations of the United States
government or agencies thereof or in other types of short-term
investments, including commercial paper (other than obligations of the
Company or its affiliates).
Investment choices, which an Eligible Employee may elect, are as
follows:
A. Participant's Matched After-Tax and/or Matched Tax-Saver
Contributions - At the time an Eligible Employee enrolls for
participation in the Plan, he shall also elect to have his Matched
After-Tax and/or Matched Tax-Saver Contributions invested in accordance
with 1 or 2 below, depending upon whether or not he has attained the age
of fifty-five (55).
1. Under Age Fifty-five (55) - In multiples of 25% in Funds B, C, E
and/or F provided at least a minimum of 50% of the first 4%, 5% or 6%
for 1993 of the Contribution is in Fund C, based on the participants'
collective bargaining agreement.
2. Age Fifty-five (55) and over - In multiples of 25% in Funds B,
C, E and/or F in any combination thereof. No minimum percentage is
required in any of these Funds.
B. Participant's Unmatched After-Tax Contributions and/or Unmatched
Tax-Saver Contributions - At the time of enrollment for participation in
the Plan, or as of any subsequent enrollment date, a Participant who
elects to make Unmatched After-Tax and/or Unmatched Tax-Saver
Contributions shall also elect to have such Contributions invested,
whether or not he has attained age fifty-five (55), in multiples of 25%
in funds B, C, E and/or F in any combination thereof. No minimum
percentage is required in any of these Funds.
There were 773 participants at December 31, 1993 who participated in one
or more of the four investment funds. At December 31, 1993 the number
of participants selecting each of the investment funds for their
contributions was as follows:
Harsco Corporation Common Stock 754
Fixed Income Fund 390
Managed Equity Fund 271
Indexed Equity Fund 216
4. Reconciliation of Financial Statements to Form 5500:
The following is a reconciliation of net assets available for plan
benefits per the financial statements to the Form 5500:
1993
__________
Net assets available for benefits per the financial statements
$11,953,849
Amounts allocated to withdrawing participants
(60,354)
__________
Net assets available for benefits per the Form 5500
$11,893,495
__________
__________
The following is a reconciliation of benefits paid to participants per
the financial statements to the Form 5500:
1993
__________
Benefits paid to participants per the financial statements $
543,826
Add: Amounts allocated to withdrawing participants
at December 31, 1993
60,354
Less: Amounts allocated to withdrawing participants
at December 31, 1992
(121,465)
__________
Benefits paid to participants per the Form 5500 $
482,715
__________
__________
Amounts allocated to withdrawing participants are recorded on the Form
5500 for benefit claims that have been processed and approved for
payment prior to December 31, but not yet paid as of that date.
5. Subsequent Event:
(1) On January 1, 1994 FMC Corporation and Harsco Corporation
formed a joint venture known as United Defense, L.P. Harsco's BMY-CS
Division will be jointly owned with FMC holding a majority interest of
60 percent and Harsco holding the remaining 40 percent. According to
the provisions of the agreement, the partnership will establish as part
of its' Partnership Benefits Plans a Partnership 401(k) Plan which will
be a qualified plan under Section 401(a) of the Code. As soon as
practicable after the establishment of the Partnership 401(k) Plan,
subject to the receipt of all appropriate governmental actions, FMC and
Harsco, respectively, shall cause the trustee of its 401(k) Plan(s) to
transfer to a Partnership Master Trust established in connection with
the Partnership 401(k) Plan (a) the number of shares of FMC or Harsco
stock held under its 401(k) Plan for plan participants and (b) cash,
cash equivalents or other securities with a readily determinable market
value such that the total of (a) and (b) shall equal the fair market
value of the assets of the respective FMC and Harsco 401(k) Plans
representing the account balances of plan participants as of the date
such assets are transferred. At December 31, 1993 there were 651
participants in the Harsco Corporation Savings Plan II that will
transfer into the Partnership 401(k) Plan when established.
(2) Effective January 1, 1994 Harsco Corporation Savings Plan II
was merged into the Harsco Corporation Savings Plan. As a result of
this merger, the remaining 122 participants in Plan II at December 31,
1993 that are not transferring into the Partnership 401(k) Plan will be
included in the Harsco Corporation Savings Plan.
6. Federal Income Taxes:
The Company received a determination from the Internal Revenue Service
on August 26, 1991, that the Plan, effective January 1, 1989, as last
amended January 1, 1990, is a qualified plan under Sections 401(a) and
401(k) of the Internal Revenue Code and is therefore exempt from Federal
income taxes under the provisions of Section 501(a). Further amendments
have been made to the Plan since January 1, 1990 and additional
amendments are anticipated to be made in order to comply with the
requirements of the Internal Revenue Code as amended. The Company
believes that the Plan, as amended, is currently designed and being
applied in compliance with the applicable requirements of the Internal
Revenue Code and intends to submit the Plan to the Internal Revenue
Service for a determination of continued qualification.
As to the Federal Income Tax status of the employee with respect to the
Plan, see "Description of Federal Tax Considerations", Exhibit (3),
incorporated by reference.
HARSCO SAVINGS PLAN II
ASSETS HELD FOR INVESTMENT PURPOSES - ITEM 27(a) (FORM 5500)
December 31, 1993
<TABLE>
<CAPTION>
Shares or Current
Par Value Description of Investment Cost Value
_________ _________
<S> <C> <C> <C>
Common Stock
220,177 Harsco Corp. Common Stock, per value $1.25 $6,581,481 $ 8,944,705
_________ __________
Total Common Stock 6,581,481 8,944,705
_________ __________
Contracts - Insurance
$465,270 Metropolitan Life Insurance
GAC '11979, 8.45%, 1/1/1994 465,270 468,487
$442,389 Metropolitan Life Insurance
GAC '13400, 5.48%, 1/1/1996 442,389 444,412
$721,683 Metropolitan Life Insurance
GAC '12885, 6.26%, 1/1/1995 721,683 725,414
_________ __________
Total Contracts - Insurance 1,629,342 1,638,313
_________ __________
Mutual Funds
9,264 Fidelity Magellan Fund 613,021 641,341
8,388 Vanguard Instl Equity Index Fund 348,985 370,740
_________ __________
Total Mutual Funds 962,006 1,012,081
_________ __________
Total Assets $9,172,829 $11,595,099
_________ __________
_________ __________
</TABLE>
HARSCO CORPORATION SAVINGS PLAN II
SCHEDULE OF REPORTABLE TRANSACTIONS - ITEM 27(d) (FORM 5500)
For the year ended December 31, 1993
<TABLE>
<CAPTION>
(i), (ii)
(a) (b) Total Number Value of (v)
Identity of Description of Purchase(P) Purchases Net Gain
party involved of Asset or Sales(S) or Sales or (Loss)
_____________________________________________________________________________________________
<S> <C> <C> <C> <C> <C>
Harsco Corporation, Harsco Common (P) 135 $1,735,393 $ 0
plan sponsor Stock, Fund A and (S) 1 $ 20,806 $ 2,253
Fund C
Metropolitan Life Group Insurance (P) 7 $ 440,405 $ 0
Insurance Company Contract Fixed (S) 4 $ 57,908 $ 0
Income, Fund B,
Interest 5.48% to
8.45% guaranteed
rate, unit price $1
Corestates Financial Corestates Liquidity (P) 109 $2,517,226 $ 0
Corporation Fund, Money (S) 186 $2,836,124 $ 0
Vanguard Mutual Fund - (P) 17 $ 189,543 $ 0
Indexed Equity, (S) 9 $ 390,979 $17,591
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Plan Administrative Committee has duly caused this annual report to be
signed by the undersigned thereunto duly authorized.
HARSCO CORPORATION SAVINGS PLAN II
BY /S/ Richard C. Hawkins
R. C. Hawkins, Chairman
Plan Administrative Committee
June 28, 1994
HARSCO CORPORATION SAVINGS PLAN II
Annual Report on Form 11-K
for the year ended December 31, 1993
INDEX TO EXHIBITS
Exhibit
Number Data Required Location in 11-K
1 Consent of Independent Accountants Page 18
2 Participant's Statement of Account Page 19
3 Description of Federal Tax Incorporated by reference
Considerations from pages 49-54 Post
Effective
Amendment No. 2 to form
S-8
Registration Statement
(Registration No.
33-24854)
effective April 30, 1990.
4 Appendix "B" to Savings Plan II Page 20
EXHIBIT 1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in Post Effective Amendment
No. 2 to Form S-8 Registration Statement (Registration No. 33-24854) of
our report which includes an emphasis of a matter paragraph regarding
the merger of Harsco Corporation Savings Plan II into Harsco Corporation
Savings Plan and explanatory paragraphs regarding (1) supplemental
schedules and fund information and (2) a change in the method of
accounting for participant withdrawals in 1993, dated June 28, 1994, on
our audits of the net assets available for benefits of the Harsco
Corporation Savings Plan II as of December 31, 1993 and 1992 and the
changes in net assets available for benefits for the year ended December
31, 1993, which report is included in this Annual Report on Form 11-K.
COOPERS & LYBRAND
Philadelphia, Pennsylvania
June 28, 1994
EXHIBIT 2
HARSCO CORPORATION SAVINGS PLAN
AS OF DECEMBER 31, 1993
Total Tax-Saver Contributions To-Date $0.00
Total After-Tax Contributions To-Date $0.00
Total Company Contributions To-Date $0.00
Total Earnings To-Date $0.00
Total Value of Your Account $0.00
Sample Participant SSN: 999-99-9999
123 Main Street Division 00
Anywhere, US 12345 Location 00
<TABLE>
<CAPTION>
Harsco Fixed Money Managed Indexed
Common Income Market Equity Equity
Stock Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C>
Balance as
of 1/1/93 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
Company
Contributions 0.00 0.00
Earnings<F1> 0.00 0.00
Adjustments
Tax Saver
Contributions 0.00 0.00 0.00 0.00 0.00 0.00
Earnings 0.00 0.00 0.00 0.00 0.00 0.00
Withdrawals
Transfers
Adjustments
After-Tax
Contributions 0.00 0.00 0.00 0.00 0.00 0.00
Earnings 0.00 0.00 0.00 0.00 0.00 0.00
Withdrawals
Transfers
Adjustments
Balance as
of 12/31/93 $ 0.00<F2> $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
Vested Balance as of 12/31/93 $ 0.00
Participant as of 07/01/83
<FN>
<F1> Includes dividends.
<F2> Includes $0.000 shares of Harsco Common Stock at $40.625 market value per share plus $0.00 of cash earning interest but not
yet invested in stock.
</TABLE>
EXHIBIT 4
SAVINGS PLAN II
APPENDIX "B"
COLLECTIVE BARGAINING UNITS
Collective Bargaining Units Date of Coverage
___________________________ ________________
United Steelworkers of America January 1, 1989
Local Union No. 7687 (BMY)
International Brotherhood of April 1, 1990
Boilermakers, Iron Shipbuilders
Blacksmiths, Forgers & Helpers,
Local Lodge No. 398 (P-K)
United Steelworkers of America July 1, 1990
Local Union No. 8628 (HKT)
United Automobile, Aerospace and January 1, 1992
Agricultural Implement Workers
of America
Local Union No. 2310 (PCS)
International Union of Operating Engineers June 1, 1992
Local Union No. 101 (HKT)
United Steelworkers of America April 1, 1993
Local Union No. 8027 (IKG)
United Paperworkers International July 1, 1993
Local Union No. 50542 (IKG)
