The South Tees Development Corporation, Krung Thai Bank Public Company Limited, The Siam Commercial Bank Public Company Limited and TISCO Bank Public Company Limited have held positive discussions over the future of the former SSI Steelworks.

The discussions have been hosted at the British Embassy in Thailand.

An agreement in principle has now been reached subject to contract and board approval, to transfer the SSI UK assets and land to the South Tees Development Corporation.

The final agreement will need to be agreed by the Official Receiver and ultimately the boards of three Thai Banks.

Subject to contract, the transaction will be completed later this year.