Port of C.C.'s 50-year lease to Austrian steel makerPort of C.C.'s 50-year lease to Austrian steel makerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=77022013-04-15T08:45:00Z2013-04-14T00:00:00Z

PORTLAND - Port of Corpus Christi commissioners unanimously approved a long-term lease for an Austrian steelmaking company, which could break ground in the La Quinta Trade Gateway this summer.

The site for the 50-year lease for Voestalpine Texas Holdings covers about 486 acres of the La Quinta property. Voestalpine will pay the first five years’ rent, set at $3 million per year, upfront.

The port is clearing the way for Voestalpine by rerouting and removing pipeline that runs under the construction site. It also will add a road that connects US 181 to the waterfront.

The Voestalpine plant will produce iron that will be used to make high-grade steel. Company leaders have said cheap natural gas, used in the manufacturing process, was one motivator to set up a U.S. location.

Voestalpine is the third international company to announce a move to the area, after a Chinese steel mill and Italian plastics manufacturer.

Phase I of the Voestalpine plan includes construction of steel plant and a dock on the east side of the waterfront property. While the company has three years to break ground, it plans to start on the plant this summer.

Corpus Christi Caller-Times
Corpus Christi
http://www.caller.com/news/2013/apr/09/port-of-corpus-christi-approves-50-year-lease-to/Read more at {Source}

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