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"It is now important that Tata act as a responsible seller and provides the workers and both governments sufficient time to demonstrate the viability of steel making at Port Talbot. 

"I urge Tata not to abandon steel making at this early point but to support the efforts of the workforce and governments to establish an attractive business for future investors." 

MEP Mr Gill has criticised the UK government which he claims has "gold-plated EU legislation all along making it harder and harder for these kinds of industries to survive".

Labour leader Jeremy Corbyn will visit Port Talbot this afternoon, union representatives say.

Image source, PA

"The EU is our most important market for steel," says the Britain Stronger In campaign ahead of the UK's EU referendum in June.

The town of Port Talbot has for more than 60 years been synonymous with steel. 

In its heyday in the 1960s, nearly 20,000 people worked there and the town grew up around it. 

Numbers may have dwindled, but it still has an imposing presence in the Welsh economy.

Image source, M McKeown/Express/Getty

Image source, Topical Press Agency

Image source, Bernard/Fox/Getty

Image source, Bernard/Fox/Getty

BBC economics editor Kamal Ahmed looks at the state of the industry and the reasons behind the slump in demand for UK steel.

Image source, Getty Images

Tata Steel employs more than 80,000 people worldwide and is part of the wider Tata Group, an Indian conglomerate.

Founded more than 100 years ago, it has grown into a global producer with operations in 26 countries and revenue of around £15bn last year.

It became Europe's second largest steel producer, and the biggest in the UK, after it bought Corus, formerly British Steel, for £8bn in 2007.

Tata also has plants in the Netherlands, Germany, France, Belgium and south east Asia.

The steel it produces is used to make a huge range of products, from cars to office furniture and battery cases.

Almost 20,000 people are employed in the steel sector, and more than one in six are now either losing their jobs or at risk of losing them. Business reporter Tim Bowler looks at the issues facing the industry.

Nick Servini
Political editor, Wales

The key question is whether the Welsh Government can do something other than providing the usual level of support for regeneration and training for workers who have lost their jobs.

The Scottish government recently bought two mothballed steel plants in Lanarkshire from Tata before selling them to a private company on the same day.

First Minister Carwyn Jones has said he'd consider something like that but admits there are major differences in the scale.

The buy-out in Scotland will secure around 200 jobs. In Port Talbot we are talking about thousands, and the future of the biggest steel plant in Britain.

Leader of the Welsh Liberal Democrats, Kirsty Williams, said: "Many of our communities strongly rely on this industry. We must stand up for them, learn lessons from the past, and take strong action now.

"The Liberal Democrats believe the UK Government must be prepared to temporarily re-nationalise at least part of the plant in order to make sure that it can be passed as a going concern to a new investor and prevent a gap in operation," she added.

UKIP's leader in Wales, Nathan Gill, described the news as "heartbreaking".

"It is a tragedy though that those in a position to change policy to help this industry do not recognise the magnitude of this decision by the company.

"Port Talbot and its people stand to be massively hurt by this decision unless it is reversed whilst there is still time. Generations will find it more difficult to find work, buy homes and build careers."