Up to 600 jobs over the next two years could be created at a site in Newport, as steel supplier Liberty House plan to recycle steel from scrap.
The process will see scrap metal melted in an electric arc furnace and then made into new products. The furnace will take around two years to install.
Liberty's executive chairman Sanjeev Gupta will make a further announcement later today.
The news comes after the firm said they will employ 70 workers at Tredegar in South Wales, with many more jobs created in the supply chain.
Watch Carole Green's package here.