NVRI | Market Cap: $1.6B (06/04/26)
Industry:
Commercial Services Capital Goods

DESCRIPTION

Enviri is a global environmental services company operating across two main businesses. Harsco Environmental (HE) provides on-site environmental services to the global metals industry, embedding teams and equipment directly at steel mill sites to manage slag and other waste byproducts. HE handles slag capture, transport, cooling, treatment, and metal recovery, and converts residual material into downstream "ecoproducts" — road surfacing materials, agricultural soil conditioners, and cement additives — sold to third-party markets. HE operates at roughly 120 sites across about 30 countries, serving approximately 70 steel producers. HE contracts are typically long-term with fixed fee or minimum billing components plus a variable element tied to waste volumes, providing downside protection in weak steel markets. Clean Earth (CE) provides specialty waste processing, treatment, recycling, and disposal across the U.S., handling hazardous and non-hazardous waste streams including industrial chemicals, pharmaceutical waste, PFAS-contaminated materials, and contaminated soil. CE operates 19 permitted treatment, storage, and disposal facilities and serves over 90,000 customer locations. Enviri also operates Harsco Rail, which makes track maintenance equipment and provides aftermarket parts and services to railroads globally, though this segment has been weighed down by loss-making engineered-to-order contracts. Notably, Enviri announced an agreement in late 2025 to sell CE to Veolia for over $3B, which upon closing would leave HE and Harsco Rail as the remaining businesses.

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