The Government has been criticised for refusing to recall Parliament to discuss the steel crisis amid fears that thousands of jobs could be axed.
Ministers have also signalled opposition to nationalising the industry while efforts are made to find a buyer for Tata Steel plants.
The Indian conglomerate shocked unions by deciding to sell its loss making UK business, threatening huge job losses.
The Government turned down calls from the Labour Party to recall Parliament but announced that the Prime Minister will chair a meeting of ministers on Thursday morning in Downing Street.
Business Secretary Sajid Javid cut short a business trip to Australia and spoke to the chairman of Tata Group.