28/03/2011 02:16 PM
Sahaviriya Steel Industries (SSI), the largest steel maker in Thailand, agreed to buy the Teesside Cast Products (TCP) plant from Tata Steel Europe in August.
The deal values the TCP plant at $469 million (£291 million).
It is welcome news for a region that significantly relies on the steel industry for employment, and at one point looked as though it may not go ahead.
Two years of problems delayed the selling process, when a consortium illegally pulled out.
Talking about the takeover, Win Viriyaprapaikit, SSI's president, told the BBC: "We are very excited to be here, to be part of this, I think it is a wonderful place.
"We want to ensure this 170 years of steel making heritage continues."
It is thought 800 new jobs will also be created.