BALTIMORE (AP) — Maryland and the new owner of the old Bethlehem Steel mill site have signed an agreement to clean up the Baltimore County site and clear the way for redevelopment.

The Maryland Department of the Environment and Sparrows Point Terminal LLC signed an agreement on Thursday in which the company will assume responsibility for ongoing environmental work. Sparrows Point Terminal will also complete cleanup of the 3,100-acre site.

Sparrows Point Terminal will provide the Department of the Environment a $43 million trust fund and a $5 million letter of credit to ensure cleanup of the property.

The Bethlehem Steel plant was the largest in the world in the 1950s and employed 31,000 workers at its peak. It closed in 2012.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.