The Economy Minister is seeking an "urgent conversation" with Tata Steel after the firms plans to cut as many as 3,000 jobs across its European workforce.
The company employs nearly 7,000 people in Wales and It's not clear how many jobs will be lost.
Tata said it wanted to come to terms with a "severe" international steel market, but added there would be no plant closures.
About two-thirds of the job cuts will be office-based.
At this very worrying time for Tata Steel employees and their families, we will do everything in our power to support them.
We plan to change how we work together to enable better co-operation and faster decision-making. This will help us become self-sustaining and cash-positive in the face of unprecedented severe market conditions, enabling us to lead the way towards a carbon-neutral future.
Stephen Kinnock, Labour parliamentary candidate for Aberavon, and David Rees, Assembly Member for Aberavon, said: "This is a devastating blow to the workforce, their families and the wider community.
It leaves steelworkers in great uncertainty as they await more details of any job losses in Wales and particularly at its largest works in Port Talbot.
Tata said its plans include a proposed new way of working to boost productivity and reduce bureaucracy as well as a focus on increasing sales of higher-value steel products.