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.
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.
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.