Posted: Mar 13, 2013 2:08 PM by Janine Reyes
Updated: Mar 13, 2013 6:57 PM
CORPUS CHRISTI -- An Austrian steel manufacturing company announced plans today to move into the La Quinta trade gateway in San Patricio county.
The move is a $700 million investment and brings with it 150 high paying jobs.
Its empty land right now, but by 2016, an Austrian company by the name of Voestalpine plans to make it their American site.
"It's the largest and most significant foreign direct investment of our group in it's entire 75 year history," said Matthais Pastl, Director Location Research for voestalpine.
Their search spanned 8 countries and 17 sites before deciding on the La Quinta Trade Gateway land purchased by the port in 1998. $58 million in improvements should be complete by this year, making an ideal location for the green iron making corporation.
Port officials say the company plans to use all the surrounding resources and that's exactly what they hope for in a tenant.
They will bring in iron ore pellets to make the product through the channel and ship out completed sponge iron the same way.
"Not only that they are going to use product generated by Eagle Ford Shale and not only that, its natural gas, which, they're not even drilling for natural gas right now," said Port Commissioner Mike Carrell.
The plan is to send half of the finished steel back to Austria.
"The other half of it could be sold to TPCO, the Chinese pipe company," Carrell said.
Negotiations are not final just yet, they should be complete this summer.
After two years of construction, voestalpine plans to be operational and provide 150 local high paying jobs.
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