The purchase of Redcar's Corus plant by a Thai steelmaker has raised the prospect of 800 jobs being created.
Sahaviriya Steel Industries (SSI), which bought the Teeside Cast Products plant from Corus in a £300m deal, plans to invest an extra £330m in the plant over the next two years.
SSI said it was looking to hire back 800 of the plant's 2,000 former employees, who lost their jobs after the plant was mothballed in 2010.
Interviews are already underway.
SSI plans to revive slab steel manufacturing at the plant, mainly for export to the Far East.
The company intends to increase its overall production and sales to 3.5m tonnes in 2012.
As part of the deal, Corus, owned by India's Tata Steel, will expand its facilities and the port at Redcar.
Corus almost sold the plant in 2009 to Italian and South Korean based companies, but the deal fell through after issues with the £480m price tag.
The SSI deal represents a significant dip in the plant's valuation.