The money will help redundant workers and could create 300 new jobs
The government is giving a £60m package to help Teesside recover from the loss of 1,700 jobs at the Corus steelworks.
It will create an estimated 3000 new jobs in the short term and sustain over 10,000 jobs long term.
£10m is for apprenticeships and support for people affected by the Corus mothballing to start businesses.
Up to £20m will be invested in the Wilton site, to strengthen and sustain its competitiveness and employment.
Enterprise support will be given to redundant workers and could create up to 300 jobs.
The remaining £30m will equip Teesside's steel industry to realise its potential to be part of a low carbon manufacturing base.
This project includes
- investment in redevelopment of industrial land and infrastructure
- investment to establish bio-based materials
- to reduce energy use of industry in the area
- for initiatives on carbon capture and storage
- support for technology transfer and new business practices
Alan Clarke, One North East Chief Executive and Chairman of the Corus Response Group, said:
"This package of support builds upon and accelerates projects which will help underpin the future economy of the Tees Valley.
"It is very much addressing immediate priorities, while putting in place the infrastructure needed to support major changes the process sector and other industries are embracing."