Around 600 steel jobs are at risk in Corby in Northamptonshire after Tata Steel announced on Tuesday night that it is considering selling off its UK business, ITV News understands.
The board of its European holding company has been advised to explore all options for restructuring, including the potential divestment of Tata Steel UK.
In a statement issued in Mumbai, Tata said it noted with "deep concern" the deteriorating financial performance of its UK subsidiary in the past year.
The Government said it is "working tirelessly" to find a long-term solution to the steel crisis.
Meanwhile the former deputy leader of the Labour party John Prescott has questioned why Business Secretary and Bromsgrove MP Sajid Javid is in Australia and not in the UK, with thousands of steel jobs under threat.
Bromsgrove MP and Business Secretary Sajid Javid is expected back in the UK today to discuss the future of Tata steel.
With Tata Steel expected to sell off its entire UK operation we look at what we know so far about the crisis facing the UK steel industry.