The boss of Port Talbot's steel plant, Stuart Wilkie, is launching a management buyout of Tata Steel's UK business.
Mr Wilkie was one of the leading figures behind a turnaround plan that was rejected by Tata it was put up for sale.
The Community union welcomed "prompt discussions with Stuart Wilkie and any management buyout option".
Tata Steel employs around 15,000 people in the UK across various sites, including Port Talbot. With the Port Talbot plant losing an estimated £1 million a day, Tata is understood to want a quick sale, despite assurances from business secretary Sajid Javid that it would be a "responsible" seller.
Mr Wilkie is only the second party to publicly express interest in buying the business. So far, only Sanjeev Gupta, owner of commodities firm Liberty House, had revealed interest. Mr Gupta confirmed that he is in the early stages of talks, but stressed that it was not certain he would lodge a bid.
Earlier this month, Sajid Javid said the government could "co-invest" in the business "with a buyer".
Yesterday, Mr Javid said China had agreed to cut steel production to offset some of the damage caused to the UK steel industry by the country's much cheaper produce.