Steelworkers' pensions must be protected in any plan to save Tata Steel's UK operation, Labour has said.
ITV News understands ministers are exploring ways of reducing the firm's UK pension burden in a bid to attract buyers.
Reacting to the reports, Owen Smith, Labour's shadow work and pensions secretary, said:
Dealing with the Tata pension scheme must be a central part of any Government package to save our steel industry, so it will be totally inappropriate for Ministers to rush out this vital announcement, in a written statement without any scrutiny on the final day before a recess.
Steel workers’ pensions must be protected, they’ve earned them with hard graft over many years.
So if Ministers are considering measures which might see those pensions reduced, MPs from all parties, especially those representing steel communities, will want a chance to question the plans, along with the trade unions who are playing such a vital and impressive role standing up for Tata workers.
If these reports are accurate, the Secretary of State for Work and Pensions should come to the House to explain precisely what is being proposed, including how current and future steel pensioners will be affected and what precedents might be set by any changes to hard won pension protection legislation.
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The First Minister of Wales, Carwyn Jones, has said a "very positive and constructive discussion" has been held in Mumbai over the future of Tata Steel's UK business.
The Indian conglomerate's board is drawing up a shortlist of potential buyers, although "nobody has yet emerged as a front runner or front runners", added Mr Jones, who has been joined in India by the Business Secretary Sajid Javid.
His comments come as hundreds of steelworkers marched through Westminster to call on the government to save the industry.
What Tata have said is that they need to go through each bid in detail and I welcome that, and that of course will take some time.
What's important here is not to rush things. We need certainty, of course, for the workers in the plants in Wales, where we get to a position where we see a sustainable long-term future for our steel industry.
Tata don't want to let workers down. It is uncertain... but we'll continue to talk to Tata, continue to listen to other bidders who have come forward with a view to getting the right outcome for people.
The leader of the Unite union, Len McCluskey, has called on the government to save the steel industry, as hundreds of steelworkers marched through Westminster to highlight the crisis.
The board of Tata Steel is meeting in Mumbai but has yet to draw up a shortlist of potential buyers for its UK assets.
Thousands of jobs are at risk, with the Port Talbot plant in south Wales facing closure if a buyer cannot be found.
The issue still has to be resolved. We want a secure, guaranteed future for a foundation industry that is vital for our nation.
The whole of our manufacturing depends on British steel and I'm pleased that the government appear to be getting that message, but we want to make certain that those warm words are turned into positive action.
Tata Steel is reviewing all options for its UK business including sale, ITV News understands.
The company said there is "no shortlist" yet for potential buyers.
ITV News' Wales Correspondent Rupert Evelyn has the latest:
Tata reviewing all options for Uk steel business including sale
"No shortlist" yet for potential buyers of Tata steel uk "evaluating bids" say bosses in India
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Hundreds of steelworkers from across the UK have marched through Westminster to put pressure on Tata and the Government to save the crisis-hit industry.
They were joined by the Labour leader Jeremy Corbyn, chanting "Save Our Steel" as they walked past Parliament.
The march came as the management buyout team bidding to purchase the UK assets of Tata Steel made it clear it is working alone rather than in conjunction with another group.
There have been reports that Excalibur has met officials from Liberty House about a possible link-up. The two are believed to be leading bidders for Tata's UK plants.
The Indian conglomerate's board is meeting in Mumbai to draw up a shortlist.
The Labour leader Jeremy Corbyn has joined steelworkers on a march through Westminster to highlight the steel crisis in the UK.
The board of Tata Steel meet in Mumbai on Wednesday to discuss bids for the takeover of its UK assets.
Business Secretary Sajid Javid and Welsh First Minister Carwyn Jones have traveled to the India city for talks.
Mr Corbyn called on the government to save the industry.
It's the basis of manufacturing economy. It's got to be saved. The government has got to be prepared to intervene.
The Welsh Secretary says the Government is determined to find a solution to Tata's complex pension issue.
It came after Stephen Kinnock asked what measures had been taken to ensure a viable and sustainable pension scheme will be developed as a result of the sale of the business.
Alun Cairns said he's met with Business Secretary following his meetings with Tata in Mumbai to discuss the main issues surrounding the sale including the pensions, power and plant.
Steelworkers are marching through Westminster to highlight the crisis in their industry.
They are calling on the government to "ensure the responsible sale of Tata Steel's UK assets" and to deliver "a proper industrial strategy that supports the entire steel sector".