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Form 8-K Horsehead Holding Corp For: Jan 06

January 6, 2015 1:01 PM EST


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 6, 2015
Horsehead Holding Corp.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
001-33658
(Commission File Number)
20-0447377
(IRS Employer Identification No.)
4955 Steubenville Pike, Suite 405
Pittsburgh, Pennsylvania 15205
(Address of principal executive offices, including zip code)
724-774-1020
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item�7.01.
Regulation FD Disclosure.

On January 6, 2015, members of senior management of the Company will deliver a presentation on its update of the Mooresboro facility. The presentation will include written communication comprised of slides and will be accessible on the Companys website. The slides from the presentation are attached hereto as Exhibit 99.1.

The information shall not be deemed filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.

Item�9.01.
Financial Statements and Exhibits.

(d) Exhibits
The list of exhibits in the Exhibit Index to this report is incorporated herein by reference.




EXHIBIT INDEX
Exhibit
No.���������
��������������������������� � ������� Description
99.1
Investor Update Presentation, dated January 6, 2015.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on January 6, 2015.

HORSEHEAD HOLDING CORP.

By:���� /s/ Robert D. Scherich��������
Name: Robert D. Scherich����
Title: Vice President and Chief Financial Officer

HORSEHEAD HOLDING CORP. 255 102 0 150 150 150 0 153 153 2 104 140 192 192 192 New Zinc Plant, Mooresboro, NC  July 2014 January 6, 2015


2 Legal Disclaimers Forward Looking Statements This presentation contains statements, estimates and projections with respect to the anticipated future performance of the Company that may be deemed to be forwardlooking statements. You should not place undue reliance upon these statements. These statements relate to analyses and other information, which are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our future prospects, liquidity, possible or future results of operations, developments and business strategies. Although we believe that our plans, intentions and expectations reflected in or suggested by such forwardlooking statements are reasonable, we cannot assure you that we will achieve those plans, intentions or expectations. Non-GAAP Financial Measures We have included certain financial measures in this presentation, including EBITDA and Adjusted EBITDA, which are non- GAAP financial measures as defined under the rules of the Securities and Exchange Commission.


3 Agenda n Welcome and Introductions n Facility Overview and Status Update n Facility Tour n Q&A Session n Adjourn around 4:00 p.m.


Company Transformation Timeline 4 2009: Initiated discussions with Tecnicas Reunidas regarding SX-EW zinc technology 2010: Launched feasibility studies on SX-EW project; conducted lab studies to confirm technical feasibility; initiated search for site location Feb. 2011: Announced exploratory plans for new SX-EW production plant Q2 2011: Completed basic engineering study; received board approval to proceed with project Sept. 2011: Announced selection of site and commenced construction at Mooresboro 2012: Obtained air permit; finalized detailed engineering; continued site construction Nov. 2011: Completed acquisition of Zochem, expanding zinc oxide production capabilities Q2 2012: Announced intentions to expand Zochem capacity Mar. 2012: Executed option agreement with Shell to purchase Monaca site Apr. 2014: Permanently closed Monaca zinc production facility Dec. 2013: Ceased zinc oxide refinery operations at Monaca plant and began demolition; entered into ThirtyOx JV with Imperial Zinc Corp. for the acquisition and processing of zinc bearing secondary materials Nov. 2014: Shell exercised its option to purchase the Monaca site Q4 2014: Fourth quarter zinc production at Mooresboro plant totaled 11,960 tons Aug. 2014: ThirtyOx facility commenced operations May 2014: First zinc production began at Mooresboro Monaca/Zochem Initiatives Mooresboro Plant Progression Q1 2014: Completed Zochem expansion project 2014 2013 2012 2011 2010 2009


n The ramp-up of zinc production at Mooresboro has accelerated after some initial delays. q June 2014 was the first full month of production with over 2,900 tons of zinc produced, ahead of our first month projection q The plant ramp-up was impeded in July by a corrosion-resistant coating failure on the impeller blades in the leaching tanks which has been repaired. Plant Update 5 q Third quarter production of 4,300 tons was affected by issues associated with the removal of solids in the leach clarifier/sand filter system. � Improved control of clarifier reduced levels of suspended solids progressing through the sand filters which has increased flow. � Production increased to 11,960 tons in the fourth quarter; 5,366 tons in December. q We began introducing feed to the lead/silver recovery circuit during the fourth quarter in preparation to begin lead-silver concentrate production. Potential to ship first concentrate in early 2015. Recent data supports possibility of higher silver content than originally thought. q Continue to sell zinc calcine from EAFD recycling during Mooresboro ramp-up. Will cease calcine production when Mooresboro at ~75% of nameplate capacity q Recent production levels approaching cash flow breakeven after plant operating cost and cash interest expense. 3,400 4,300 11,960 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Q2 2014 Q3 2014 Q4 2014 Mooresboro Production Ramp (tons) 29,225 35,782 25,976 - 5,000 10,000 15,000 20,000 25,000 30, 35,000 40,000 45,000 50,000 Q2 2014 Q3 2014 Q4 2014 Zinc Calcine/WOX Sales (tons)


Simplified Block Diagram of Zinc SX/EW Plant Electrowinning Melting Casting Area 500 Area 400 SX Stripping SX Depletion Area 200 Area 100 Gypsum Precipitation Cementation Bleed Treatment SX Extraction SX Washing Final Treatment Gypsum Effluent Zinc Conc. B Area 300 Cadmium Cement Waelz Oxide Wash/Leach / Neutralization Leach Solids Lead/Silver Recovery Zinc Conc. A Lead/Silver Conc SHG Zinc CGGZinc PW Zinc Area 600 Skimmings 6 Indicates Decoupled Unit Operation with significant buffer capacity = Clarifier/ Sand Filter Clarified Leach Solution


7 Start-up Milestones, Strategies and Risks n Key Milestones: Status Dates  First Zinc Production Complete 5/14  Achieve Cash Flow Break-even (~230 tpd) Capable, Inconsistent 1/15 (target)  First Lead-Silver Concentrate Current Focus 1/15 (target)  Eliminate need for calcine production (~330 tpd) Current Focus Q115 (target)  Introduce ThirtyOx feed Future Q215 (target)  Achieve initial design capacity (430 tpd) Future  Increase production to full potential of cell house Future n Ramp-up Strategies:  Gradually increase flow, identify restrictions and debottleneck as necessary.  Anticipate potential bottlenecks and re-engineer or retrain as needed.  Work continuously to improve equipment reliability, employee training and process control. n Potential Risks:  Intermittent equipment reliability or process control issues cause upset conditions resulting in occasional off- quality/scrap cathode production. Typically takes several days to work thorough an upset.  Solids removal is much improved but not completely solved. Evaluating modification to sand filters and replacement with a different filter design. Increasing bypass flow.  Treatment of extraneous water in effluent treatment system.  Organic management.


8 Summary n Ramp-up pace has accelerated after initial unforeseen bottleneck issues. n Mooresboro investment is still expected to realize $90 to $110 million of incremental EBITDA compared to prior Monaca-based operation. n Zochem transformation is complete. Recent results support the potential to realize $15-20 million in annual EBITDA on ~$32 million investment. n Monaca demolition is nearly complete. Shell has assumed full responsibility for the cost of demolition and the cost to remediate the site. Closing date on the property has not been set as yet. n Beginning to focus on future growth opportunities:  INMETCO will need to expand U.S. production capacity to meet expected growth at the Outokumpu Calvert, AL facility.  New EAF steel plant investments and industry consolidation is creating the opportunity for another Horsehead EAF dust recycling facility in the U.S.


9 Plant Tour n Safety Briefing n Tour Description


Simplified Block Diagram of Zinc SX/EW Plant Electrowinning Melting Casting Area 500 Area 400 SX Stripping SX Depletion Area 200 Area 100 Gypsum Precipitation Cementation Bleed Treatment SX Extraction SX Washing Final Treatment Gypsum Effluent Zinc Conc. B Area 300 Cadmium Cement Waelz Oxide Wash/Leach / Neutralization Leach Solids Lead/Silver Recovery Zinc Conc. A Lead/Silver Conc SHG Zinc CGGZinc PW Zinc Area 600 Skimmings 10 Indicates Decoupled Unit Operation with significant buffer capacity = Clarifier/ Sand Filter Clarified Leach Solution


11 Q&A n Following Tour


12 Adjourn




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