Corus is to sell its Teesside coil plate mill to China as part of a multi-million pound deal.
The mill, which has been closed for two years, is to be dismantled and shipped out to the Far East.
Bosses of the Anglo-Dutch company are yet to reveal who they are selling it to but said it was not a direct competitor.
The deal kills off hopes of the plate mill ever reopening.
About 230 people lost their jobs when the mill closed - marking the end of integrated steel-making on Teesside.
Redcar MP Vera Baird said: "The site would never have reopened under Corus, so it is good they are making some money by getting rid of a dead asset.
"There is a chance that Teesside could end up supplying China. If we work hard this could be Teesside's new export customer."
Ms Baird said she did not think the move would affect restructuring plans for Corus on Teesside.
Work to dismantle the mill is due to start next month.
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