It was created to "promote the economic growth and commercial development of Tees Valley by converting assets in the South Tees area into opportunities for business investment and economic growth".

[1] The jurisdiction comprises approximately 1,800 hectares of land to the south of the River Tees in the Borough of Redcar and Cleveland.

The land includes former Teesside Steelworks and other industrial sites and is close to Teesport.

[2] The corporation made a Compulsory purchase order for land at the former Redcar Steel Works in April 2019.

[3] The £11.5m valuation of the site was contested by the owners Sahaviriya Steel Industries.