The former deputy prime minister Lord Heseltine has announced plans for a new body to deal with the closed SSI steelworks site at Redcar.
A new development corporation, headed up by an elected mayor for the Tees Valley, will look to attract investment to the site and create jobs.
Lord Heseltine said the government was committed to keeping the SSI site safe.
The full make-up of the new corporation and a list of prospective clean-up firms will be made "within weeks".
During a visit to Teesside, Mr Heseltine said: "Key to the economic future of the Tees Valley will be the regeneration of sites and securing strong business investment to create jobs for the skilled workforce affected by SSI's closure."
'Delivering new jobs'
The creation of the corporation - the first to be created outside London - will unlock greater planning powers and make it eligible for business developments grants.
Communities Secretary Greg Clark added: "The closure of the SSI site has been incredibly difficult for Redcar and the wider Tees Valley.
"Already, up to £80m of government funding is in place to ensure former SSI workers and local affected businesses get the support they need.
"This new Mayoral Development Corporation is the next step, putting local people who know the area best at the heart of driving regeneration and delivering new businesses and jobs for the community."