The prime minister will chair a meeting in Downing Street to discuss the crisis gripping the steel industry amid growing fears of huge job losses.
The government is facing criticism over its response to a shock move by Tata to sell its UK assets.
Around 40,000 jobs could be lost if no buyer is found for Tata Steel's UK business, according to analysis by the IPPR think tank.
Labour leader Jeremy Corbyn said he was "shocked " that business secretary Sajid Javid did not believe nationalising the industry could be the solution.
The Government turned down calls from the Labour Party to recall Parliament.
The decision to no longer support its steelworks was a "very agonising decision" but one that had to be made in light of the current industry climate, according to a top Tata Steel executive.
Koushik Chatterjee, Tata's Group Finance and Corporate Executive Director, said the decision was made as a result of the insurmountable "challenges" facing the industry today.
Workers of the UK have put in a lot of heart and soul behind the effort to turn around the business but fundamentally the externalities and the adversities today in the global steel industry are far to high.
Given the kind of overcapacity that is being faced by the world in the steel industry the core structure and the long-term competitive position - it was a very agonising decision but we had to come to a conclusion.
Chatterjee added that Tata would continue to talk to the government and other stakeholders to see how production plants could continue without them but admitted they did not yet know what viable option would be found.
The UK's steel crisis is becoming a "major headache for the government" says ITV News' national editor Allegra Stratton.
Allegra Stratton, Tom Bradby and Chris Ship discuss the government's options.
The government is facing tough, and limited options when it comes to saving UK steel.
Our deputy political editor tweets:
Our deputy political editor tweets:
Seems No10 planning some sort of steel meeting tomorrow morning (the sort of meeting that could be called a "summit" perhaps?)
Downing Street confirmed Prime Minister David Cameron will chair a meeting of key ministers to discuss the steel crisis on Thursday morning.
If no buyer is found or rescue deal struck to save the UK's steel plants, 40,000 jobs could be at risk says a think tank.Read the full story ›
There are concerns that Tata's decision to try to sell its operations in the UK could affect further jobs on Teesside. The company has sites in Darlington, Lackenby, Skinningrove, York and Hartlepool.
But while a deal for the majority of sites is already underway, Hartlepool isn't included in the deal. And that means the 500 workers there face an uncertain future as they wait to see if a buyer can be found. Watch Frances Read's full report:
Local steelworkers have reacted with anger after hearing the government may intervene to save some of the 5,500 jobs at Tata Steel's Port Talbot operation-something it did not do for the SSI steel plant in Redcar.
SSI closed last year with the loss of more than two thousand jobs.
Indian owned Tata announced today that it has decided to sell its loss-making operations in the UK.
The MP for Hartlepool, Ian Wright is calling for parliament to be recalled to allow for a debate following Tata Steel's decision to sell its UK sites.
Mr Wright says MPs should be discussing the issue given the threat to thousands of jobs including around 450 at the Hartlepool works in his constituency.
Tata Steel has announced plans to sell off its failing UK business, which has been hit by rising costs and an over-supply in the market.
Tata employs over 1,000 workers at sites across the region including Darlington, Lackenby, Skinningrove, York and Hartlepool.