Three months on from emergency legislation being passed to save British Steel’s Scunthorpe plant from closure, a £500m deal has now been struck with the rail network to safeguard the steelworks’ short-term future.

The five-year contract will see British Steel forge more than 337,000 tonnes of train tracks for Network Rail, securing thousands of jobs.

British Steel's Scunthorpe plant in north Lincolnshire was saved in April (Image: Peter Byrne/PA Wire) Firms in the east’s steel industry have welcomed the move, hailing it a “sign of support for British manufacturing and engineering”.

However, while a deal to cut import tariffs between the US and UK came into force this week - with rates reduced for British car manufacturers and aerospace exports - steel and aluminium remain subject to a 25pc tariff, which could double to 50pc if a transatlantic deal is not struck by deadline day on July 9.

Thetford-based Pegasus Profiles cut and process steel plate for a range of industries and applications, including buildings, vehicles, agricultural machinery and power stations.

Pegasus Profiles in Thetford (Image: Sonya Duncan) The company stocks 500 tonnes of steel at any one time, with up to half coming from the UK.

“Having our own domestic steel supply in Britain is critical to businesses like ours,” sales director Roy Denyer said.

“There are countless companies throughout East Anglia who rely on a strong steel industry.

Roy Denyer, sales director at Pegasus Profiles in Thetford (Image: Sonya Duncan) “As an industry we’ve been through a tough period over the last year because of the rising cost of raw materials and steel.

“But some of our customers have recently picked up substantial work and I think there is a........

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