Corus has agreed to set aside a threat to sue the heads of four international steel producers, opening the door to talks that could offer a lifeline to one of the company’s biggest steel plants.

After the change in stance by Kirby Adams, the Anglo-Dutch steelmaker’s chief executive, he is set to meet representatives of the four companies in coming weeks to discuss ways to keep open a plant in Teesside employing 2,000 people.