Hundreds of potential job losses in west Cumbria have been avoided following the collapse of British Steel, according to the county's chamber of commerce.
TSP Engineering in Workington is a subsidiary of British Steel, which employs more than two hundred people.
British Steel had been seeking financial support from the Government, saying it faced a number of Brexit related issues.
The company is still in the hands of the Official Receiver after the High Court put it into compulsory liquidation on Wednesday, putting many jobs at risk.
TSP is not in liquidation and is trading normally.
The Official Receiver is looking to sell British Steel as an entity but, if it fails, it is likely to dispose of TSP Engineering separately to help pay the parent company’s debts.