“A NEW chapter” for Teesside steel starts today.

So says the man at the helm of the company that has given steel-making a bright future - on the day it officially takes over Teesside Cast Products.

Win Viriyaprapaikit, president of Thailand’s SSI, was today being handed the key to the Redcar blast furnace in a ceremony marking the completion of the £291m takeover of the site.

The deal, which was completed at 6pm yesterday, will re-ignite Teesside’s proud 150 year tradition of steel making, safeguard 700 jobs, create 800 more and bring $1bn of investment to our doorstep.

Today’s celebrations come at the end of two-year, hard fought campaign to Save Our Steel.

“Today is a celebration for everyone,” said Mr Viriyaprapaikit.

“This isn’t just about the re-starting of steel making, it restores 150 years of heritage - it is part of history.”

With plans for the site to be making steel again by the fourth quarter of 2011, Mr Viriyaprapaikit said there was “a lot of hard work” to do to get the site up and running again.

He said recruitment would start “as soon as possible” with engineering work to bring the blast furnace back on line beginning as soon as next week.

SSI has already committed to invest $1bn on Teesside - which includes the purchase of the site.

SSI is now considering options to carry out work on the blast furnace to extend its current operating life span before a full re-line - which is due in 2014 - is required.

“There’s work we could do that would extend things for one to two years or another option that would extend things for 10 to 12 years.”