VIENNA, March 13 (Xinhua) -- Austrian steel producing and processing company Voestalpine will build a 550-million-euro (about 713 million U.S. dollars) plant in Texas, U.S., the company said here on Wednesday.
The facility at the La Quinta Trade Gateway in San Patricio County, near the city of Corpus Christi is expected to be operational by 2016, Voestalpine CEO Wolgang Eder said in a press release, adding that this is the company's largest foreign investment to date.
The plant is to produce high quality "iron sponge" from iron ore pellets, a material comparable to highest-grade scrap or raw iron in its usage as a primary material in steel production.
About 2 million tonnes of the material is expected to be produced at the plant per year, half of which is expected to be transported via ship to the company's steel works in Linz and Donawitz, Austria. The other half will be reserved before being sold to potential partner companies with an interest in long term supply of the material.