A further 333 jobs have been saved at the steel group Caparo.
Administrators PwC said the Caparo Tubular Solutions business had been sold to the Gupta family, whose interests include the Simec and Liberty House groups.
Caparo Tubular Solutions includes the businesses of Caparo Precision Tubes Oldbury, Caparo Tube Components, Caparo Accles and Pollock, Hub Le Bas and the Caparo Tubes Tredegar asset.
Robert Moran, partner at PwC leading the Caparo sales process, said: "The sale of Caparo Tubular Solutions is a major boost for the Midlands economy, the employees of Caparo and more widely for the UK steel industry.
"This deal preserves all 333 jobs at Caparo Tubular Solutions, which manufactures, distributes and supplies advanced tube components and parts for the automotive and aerospace industries in the West Midlands and South Wales."