Corpus Christi Port Authority Approves Long-Term Lease With Austrian Firm

Port of Corpus Christi Commissioners approved a long-term lease agreement with voestalpine Texas Holding, during an April 9 meeting. Voestalpine selected the authority's La Quinta property as their preferred location. The agreement "will drive import and export cargo through the Port of Corpus Christi," said Mike Carrell, chairman of the Port Commission. He said the commitment by the port and the Army Corps of Engineers to fund and extend the La Quinta Ship Channel to the site of the La Quinta Trade Gateway "was a significant factor in the negotiations." Voestalpine will lease about 475 acres of upland property and about 11 acres of submerged land for an initial lease term of 50 years, with two 15-year options and use it for a $700 million Hot Briquetted Iron (HBI) plant and a 1,060-foot long high-performance dock capable of unloading iron ore pellets and loading HBI. The authority said voestalpine will anchor development at La Quinta Trade Gateway facility. The voestalpine group is based in Austria.