More than 100 jobs could be created at a steelworks in Kent where 320 people lost their jobs when its previous owners went into receivership.
ASW had plants in Sheerness and Wales
Allied Steel and Wire went into receivership in July 2002, leading to redundancies at the site in Sheerness.
A bar rolling mill has been installed at the plant by the new owners to replace the one dismantled after ASW's assets were sold off.
It is thought the steelworks could be working again by June 2005.
After ASW's demise the plant was bought by Saudi Arabian company Al Tuwairqi, which enabled 144 of the 320 redundant workers to be re-employed.
Spanish steel makers Celsa bought many of ASW's assets and dismantled the bar rolling mill, but its replacement could see more than 100 new jobs created.
Many former employees of ASW lost most of their pensions when the firm went into receivership and have fought a long battle to get their money back.