The 40-metre-tall building will sit on a 90-acre site adjacent to Teesworks’ £107m heavy-lift South Bank Quay.
The factory services the offshore wind sector, producing monopiles that form the foundations of offshore wind turbine construction.
It will create 1,500 jobs in the supply chain and during construction when work begins on site in July for South Korean backer SeAH Wind.
Tees Valley Mayor Ben Houchen said: “2022 is our year of construction and we are rebuilding a new skyline for Teesside – one that looks to the future and is creating hundreds of well-paid jobs in the cleaner, healthier and safer industries of tomorrow.
“It’s fantastic to see that both SeAH Wind and its construction consultants, K2 Consultancy, are committed to employing local workers and using the region’s talent and suppliers to deliver the facility. These aren’t just fancy pictures, they’ll start to be a reality, with spades in the ground coming in just a few short months.
“This latest move once again proves this scheme, along with other innovative projects taking place at Teesworks, are not pie-in-the-sky proposals. They are very real developments going ahead right now and delivering for local people.”
President & CEO of SeAHSteel Holdings, Joosung Lee said: “After acknowledging a solid and stronger business relationship, SeAH Wind and Teesworks have decided to set out a long journey together.
“I am sure that the remaining work will go smoothly with the support of TVCA and our local partners.
“Bringing UK’s first monopile manufacturing facility is a very meaningful and significant project to the UK offshore wind industry. We will make every effort to produce visible outcomes in every stage of the development.”