A deal to secure jobs and production at Port Talbot and other steelworks across the UK has been made with Tata Steel, Community Union has confirmed.
It follows talks involving representatives from Community, Unite and GMB at the Port Talbot steelworks on Wednesday.
Community said it had "secured a commitment from Tata Steel" over the future of the company's steelworks.
Tata's UK business was originally put up for sale in March.
Details of the deal include:
- A guaranteed, minimum five-year commitment to maintaining Port Talbot's two blast furnaces
- A 10-year £1bn investment plan to support steel making at the site
- A consultation on replacing the current British Steel Pension Scheme with a "defined contribution scheme" with maximum contributions of 10% from the company and 6% from employees
Speaking after meeting with union representatives, Roy Rickhuss of Community said: "The past year has been incredibly difficult for steelworkers and their families.
"When Tata announced in March that they planned to sell the steelworks, no one knew if they would have a job by Christmas.
"This proposal would secure jobs for years to come and bring serious investment not just to Port Talbot but to steelworks across the UK.
"Reaching this stage of the process is a credit to the hard work of our members who never gave up the fight to 'Save Our Steel' - it was their jobs on the line and it has been their campaign that has brought Tata to this position."
Almost 7,000 people are employed by Tata Steel across Wales, including more than 4,000 in Port Talbot.
Other plants which will benefit from the deal being reached include Llanwern, Trostre, Shotton, Corby, Hartlepool and sites in the West Midlands.
It comes eights months after Tata announced its original intention to sell its UK assets - but this was put on hold as the company considered a European tie-up with German steelmaker ThyssenKrupp.