Unions have welcomed the return of the British Steel brand after the Scunthorpe steel works were sold by Tata Steel.
Investment firm Greybull Capital has bought the Long Products business, securing thousands of jobs at the huge plant. The company is renaming the business British Steel.
Unite's convenor in Scunthorpe, Martin Foster, described the sale as 'a massive vote of confidence' in the town of Scunthorpe.
"British Steel's first day of trading marks the beginning of a new chapter not only for Scunthorpe, but UK steelmaking. It is a massive vote of confidence in a world class workforce and the town of Scunthorpe with its proud history of steelmaking.
Meanwhile The Community union heralded the sale as a 'new chapter' in the country's steel industry.
"Community warmly welcomes the opening of this new chapter in the course of the UK steel industry.
As well as the Scunthorpe steelworks, the Long Products business includes a design consultancy in York, two mills in Teesside, an engineering workshop in Workington, and associated distribution facilities, as well as a rail mill in northern France.
the number of people employed by the Long Products business in the UK
British Steel commercial director Peter Hogg said it was a landmark day for the business.
"Today marks the first day of business for our new company and we are delighted to be launching under the iconic British Steel brand.
Bimlendra Jha, chief executive of Tata Steel UK, praised employees and unions for their part in the sale.
"Employees and trade unions have worked closely with the Long Products Europe management team to improve the business's prospects, putting it in a more competitive position than it has been for many years. It is through their dedication and hard work that we are in this position today in spite of continued challenges in the market."
The new British steel logo will be unveiled at a flag raising ceremony will take place at the Scunthorpe Steelworks this morning.