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British Steel has secured a five-year contract worth £500m to supply train tracks for Network Rail, in a move which could help safeguard the short-term future of the Scunthorpe steelworks.

British Steel announced Tuesday that it has landed a new contract with the Network Rail railway company worth more than a half-billion dollars.

Network Rail has signed a £500m ($678.8m) contract with British Steel to supply more than 337,000 tonnes of track over the next five years.

British Steel has secured a £500m contract with Network Rail that is set to secure thousands of manufacturing jobs.