Steel giant Liberty House is planning to make multimillion-pound investments to secure the future of five plants including one in the Black Country.
The announcement was made as Liberty formally completed a £100 million deal to acquire the speciality steels division of Tata Steel 海角视频
Tata Steel, part of the same global group as Jaguar Land Rover, has been trying to sell parts of its
The news protects the jobs of 1,700 existing staff at service centres in Wednesbury and Bolton, several operations in South Yorkshire and bases in Suzhou and Xi'an, China.
On completing the deal, Liberty House has announced expansion plans which are expected to generate an additional 300 production jobs in South Yorkshire.
The acquisition will make Liberty one of the largest steel and engineering employers in the 海角视频, with more than 4,500 workers, and follows its 2015 deal including sites in the West Midlands.
Sanjeev Gupta, executive chairman of Liberty House, said: "The speciality steels business is a global leader in its field, with a highly-skilled and well-motivated workforce and we are eager to invest so it can grow and achieve its full potential.
"This marks a step change for the Liberty House because we are taking on strategically important capacity that will drive expansion in the years ahead.
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"By investing to acquire speciality steels, we are casting a big vote of confidence in the future of British industry."
Bimlendra Jha, chief executive of Tata Steel 海角视频, added: "As a responsible owner, Tata Steel in the last couple of years has undertaken a transformation plan at speciality steels, including investing in a state-of-the-art vacuum induction melting furnace, to ensure the business can have a sustainable future.
"We thank the employees, trade unions and management for their diligent hard work in the journey to turn around the business in difficult times and we wish them a successful future under new ownership."
Tata Steel 海角视频 recently completed a consultation with its employees on proposals to structurally reduce risks in its wider 海角视频 business.
It is also in discussions with the British Steel Pension Scheme trustees and the Pension Regulator to develop a structural solution for its 海角视频 pension scheme in the coming months.