More than 4,000 steel jobs look to have been saved after Tata Steel sold its Long Products Europe arm to Greybull Capital for a nominal 1€.
The UK Scunthorpe plant is part of the package.
Greybull are planning €500m investment, but have warned staff to expect a pay cut and a reduced pension plan.
The business will be renamed ‘British Steel’ and will include Scunthorpe, an engineering works in Workington, two steel mills in Teesside, a consultancy in York and other centers.
The Long Products Europe business supplies steel for rail and construction.
Greybull believe the business is sound and has been in talks with Tata for the past nine months in order to thrash out a deal.
Greybull are looking to be in profit in two years are are asking staff to accept a 3 percent pay cut.
A workers ballot is due on April 19.