A deal has been reached with three Thai banks to bring land at the former Redcar steelworks back into public hands.
Tees Valley Mayor Ben Houchen has announced an agreement with SSI, over the huge swathes of industrial land on the south bank of the Tees.
It follows nearly three weeks of intense negotiations between Mayor Houchen and the South Tees Development Corporation (STDC) and SSI.
The mayor has said that the agreement will speak the return of steelmaking to the site within three years.
The deal sees the 840 acres of land owned by SSI UK, along with all other assets on the site, acquired by and transferred to the STDC.
As part of the agreement, SSI will not fight a compulsory purchase order, a hearing for which was started in South Bank last week.
In effect, SSI will pull out of the CPO process but it will continue at the South Tees Business Centre so that smaller parcels of land can be brought under the control of the STDC.
But the hearing was told on Thursday morning that there is still some procedural work to be done, and that one outstanding objection remains from one of the banks - which planning inspector Phillip Ware says is “very, very likely” to be withdrawn.
As part of the deal, 90 jobs have been saved at Redcar Bulk Terminal which will continue to operate as normal and a new, integrated port facility will be built at the site.
The deal also includes a plan to develop a state-of-the-art electric arc steel furnace on the STDC Lackenby site, within three years.
At an emergency meeting of board members for the STDC, the deal received unanimous approval.
In January 2019, Mayor Houchen secured a deal with Tata to transfer 1,420 acres, an area almost the size of Gibraltar and more than half of the developable land at the former Redcar Steelworks, to the STDC.
Today’s announcement means the overwhelming majority of land at the former steelworks site is now under public control.
Win Viriyaprapakit, SSI chief executive said that he fully supports the vision for the site.
Now that there is an agreement, the door is open for the STDC to secure investment into the site, make safe dangerous coke ovens and other derelict structures, and begin to regenerate and create new, well-paid jobs.