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.
Meanwhile The Community union heralded the sale as a 'new chapter' in the country's 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.
British Steel commercial director Peter Hogg said it was a landmark day for the business.
Bimlendra Jha, chief executive of Tata Steel UK, praised employees and unions for their part in the sale.
The new British steel logo will be unveiled at a flag raising ceremony will take place at the Scunthorpe Steelworks this morning.