It's been announced that £1,400,000 will be awarded to Redcar's steel plant from the Regional Growth Fund.
The area has been given more than £7,000,000 in total with £6,700,000 of that going to support the chemical industry on Teesside. It will help Lotte Chemicals to create 55 jobs as well as safeguarding an extra 173 positions.
Business Secretary Vince Cable today visited SSI's blast furnace just a month after it was relit. He said the money will go towards training staff at SSI.
"What the regional growth fund does is puts in government money to sit alongside a lot of private investment to give private companies the confidence to make big investments. We're showing our support for the project and our support for the company that's investing in Britain but this is a really good story for Teesside which has got high unemployment and a lot of problems and this is helping to turn it around."
SSI UK president Phil Dryden also said the weeks since the blast furnace was relit have gone well.
"We started up and there was a big party but for me the concern was always whether we'd have sustained consistent operation and it's exceeded all my wildest dreams, it's been great."