Tees Valley mayor Ben Houchen has described a rescue deal for the manufacturer British Steel as ‘wonderful’.
China's Jingye Group, which develops and manufactures steel products, has agreed in principle to purchase the struggling business for £70m and has reportedly pledged to increase production.
Mayor Houchen said: ‘After many months of uncertainty and worry about the future of British Steel, today’s announcement that a deal has been done and Teesside jobs have been protected and secured is wonderful.
'I couldn’t imagine a better early Christmas present for all of those workers who have had to deal with the uncertainty.’
British Steel employs 4,000 people on its Scunthorpe and Teesside sites, and supports an additional 20,000 jobs in the supply chain.