A £320m deal to sell Teesside's Corus steel plant - mothballed with the loss of 1,600 jobs - is being discussed.

Teesside Cast Products (TCP) was partially mothballed in February when a consortium pulled out of a deal.

Thai steel company SSI has now signed a memorandum of understanding to buy the Redcar site from Corus.

If the deal goes through, a "significant" number of jobs would be created in addition to the existing workforce of over 700.

Geoff Waterfield, site multi-union chairman, welcomed the news, saying it was "a fantastic day for Teesside".