Salans and Shearman & Sterling have advised alongside three other law firms on a $468m (£287m) acquisition that will see a steel production site in Teeside re-opened, securing hundreds of local jobs.

Salans advised Thailand's Sahaviriya Steel Industries (SSI) on the deal, which saw SSI acquire Teeside Cast Products in Redcar from Tata Steel Group.

The mandate represented Salans' first from SSI with London corporate partner Zarko Iankov leading a team that also included partners from the firm's real estate, employment, litigation, finance and competition practices.

The firm worked alongside joint venture partner Pinsent Masons, which provided environmental and pensions law advice fielding a team led by energy and environment head Paul Rice and pensions partners Anthea Whitton and John Hanratty.

Shearman London corporate partner Laurence Levy led the team advising Tata Steel, with Freshfields Bruckhaus Deringer partner David Pollard advising on pensions matters and DLA Piper partner Neil Slater advising on real estate and environmental issues.

Clifford Chance advised SSI's lending banks, led by partners Nicola Wherity in London and Andrew Hutchins in Hong Kong.

The deal will create around 800 new jobs at the site, on top of the existing workforce of 700. The 3,000-acre site has been disused since
February 2010.

Iankov told Legal Week:  "It's one of those deals that is especially satisfying because it brings with it a great number of benefits for a lot of people, particularly in the current context of this part of the northeast – a proud area with great steelmaking traditions."