Rainham Steel has successfully secured a deal for the former Pet Polymers site, on Flixborough Industrial Estate, which has lay unused since being demolished in 2013.
Lying just outside the village of Flixborough, approximately five miles to the north west of Scunthorpe town centre, the site was previously used to produce plastic bottles and food packaging.
The steel giant is now expected to use the land as a storage depot to take advantage of its location next to the M181 motorway and Wharf access to the River Trent and the River Humber.
Duncan Willey, the Chartered Surveyor who completed the deal for PPH Commercial, said: “Rainham Steel are obviously a major employer in Scunthorpe so this sale has to be viewed as a major positive for the town and its staff because it emphasises their commitment to the area.
“The importance of the steel industry is not lost on anyone in the town and this acquisition suggests that the company remain ambitious and keen to grow.
“The land, which had previously been used by Pet Polymers to manufacture a wide range of plastics, attracted substantial interest from a number of parties as the demolition of the existing premises has create a completely blank canvas.”