The investment follows the announcement that British Steel has submitted a planning application for a £26m improvement to its Special Profiles business.
The plans for a new service centre at Skinningrove, which include cut-to-length lines, product milling, machining and warehousing operations, would enable the company to make and process profiles for the forklift industry.
The mill at Skinningrove already rolls profiles that are used in a range of applications, such as track shoes and forklift masts.
Special Profiles customer quality and technical manager, Dominic Hill, said: “The laser takes millions of measurements on every bar we roll.
“We have a series of laser systems across the mill and this new one provides dimensional checks for our products while the profiles are still hot.”
Mr Hill added: “This enables us, if necessary, to adapt our rolling process to achieve the exact requirements our customers are looking for.”