The contract extension will see British Steel will supply over 200,000 tonnes, or 4,000km of rail, from March 2019 to March 2021.
Under the company's current five-year deal, up to 9,000km of high quality rail will already have been supplied once the contract finishes in March next year.
Ron Deelen, British Steel's Chief Marketing Officer, said: "This is excellent news, not only for British Steel but the millions of people who use the UK's rail network.
"During the course of the last five years we've worked extremely closely with Network Rail, ensuring the on-time delivery of half-a-million tonnes of high quality rails in lengths of up to 216m.
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"Together we've helped find solutions to the challenges they face, enabling us to develop and install new products which reduce the need for costly and time-consuming maintenance and replacement works. This allows more traffic with less rail maintenance – major benefits for passengers and freight operators, and provides Network Rail with excellent value for money.
"We enjoy an excellent partnership with Network Rail and over the course of the current contract, and the new one, we look forward to further strengthening that and ensuring Britain's railways remain on the right track."
Rob Morton, Supply Chain Operations Director, Route Services, Network Rail, said: "We are proud to extend our historic relationship with British Steel for a further two years. It is pleasing to see two British organisations trading for mutual benefit and for the benefit of the wider British economy.
"This new deal is an example of how we continually review our sourcing options to provide the safest network and maximise value for money for the British taxpayer."
(LM/MH)
