ANDY McDonald, the MP for Middlesbrough, has hailed the SSI deal as “the springboard for an industrial renaissance for Teesside”.

After a deal was announced to hand the former Redcar steelworks site back into public ownership, Mr McDonald was quick to back the plans to bring steel making back to the area.

He said: “The acquisition of the SSI land is great news for Teesside and it’s a huge relief that a deal has at long last been finally reached and I congratulate the Mayor all concerned for getting this deal over the line.

“The potential for development and good long-term jobs is absolutely enormous. Labour, as was stated in the North-East manifesto, is entirely supportive of the plans to return steelmaking to Teesside and is in complete agreement about the proposal for electric arc furnaces.

“The UK currently ships vast quantities of scrap metal overseas and there is now a real opportunity to reshore that process and make it a key part of a circular economy in steel making as well as a major component of the local Green Industrial Revolution.

“No doubt we will learn of the detailed financial terms of settlement in due course, but this agreement will hopefully be the springboard for an industrial renaissance for Teesside.”

Rachel Anderson, the assistant director of policy with the North East England Chamber of Commerce, added: “It is fantastic news that a deal has been agreed for the former SSI site which allows its future development to be moved forward and new jobs and industries developed.

“We are also pleased to learn that our members Redcar Bulk Terminal’s business has also been saved, protecting 90 jobs for our region.

“The site represents a tremendous opportunity for Teesside and hopefully development can now move swiftly to bring the land back into use”