British Steel in Scunthorpe is set to save £4.8 million over the next four years following a re-evaluation of its rates bill.
North Lincolnshire Council has said that the business will start seeing the savings from next month in comparison to what it had been paying for 2016-17.
The council has also secured £20,000 in government funding to help the steel manufacturer find new ways of becoming more energy efficient.
Previously the council has worked closely with British Steel in its transition from Tata Steel, following its purchase in June 2016, in a time when the industry is in need of great support from government.
Council leader Rob Waltham said: “British Steel is an important part of this community. Thousands of people work for the company in Scunthorpe while many, many more are employed in the supply chain.
“It is at the heart of North Lincolnshire and that is why I am so pleased to see this support for British Steel.
“It has made a promising start to life but we know it still faces several challenges.
“The savings on business rates should help the company develop further and open up more new opportunities.”
In November last year, British Steel workers from Scunthorpe joined a march of 10,000 people on Brussels in a bid to impose effective trade defence instruments and greater investment in research and development.
According to industriAll, the European trade union, more than 80,000 steelworkers have lost their jobs across the continent since the economic crisis in 2008, and total employment has dropped to 340,000 people.