The Thai banks in charge of the former SSI site have agreed to a deal which could see the land transferred to the South Tees Development Corporation.
Krung Thai Bank Public Company Limited, The Siam Commercial Bank Public Company Limited and TISCO Bank Public Company Limited have been meeting with the local organisation at British Embassy in Thailand.
An agreement in principle been reached to transfer the SSI UK assets and land to the South Tees Development Corporation. This is subject to contract and board approval.
The final agreement will need to be agreed by the Official Receiver and the boards of three Thai Banks.
If it gets the green light, the transaction will be completed later this year.