Wales First Minister Carwyn Jones is urging UK Prime Minister David Cameron to take the Port Talbot steel plant into "public ownership" until a buyer can be found.
Mr Cameron has previously said nationalising the plant is not the answer to the crisis, despite the possibility of around 6,000 jobs being lost at Port Talbot and a further 9,000 at various locations across the UK. He has instead urged Tata to keep the plant open for a matter of 'months, rather than weeks' to find a buyer.
Last week, Tata Steel confirmed that it plans to sell its UK business, with the Port Talbot plant losing an estimated £1 million a day. On Monday, unions said they had written to the Prime Minister urging him to take personal charge of talks to prevent the closure of the plant.
Carywn Jones and David Cameron will meet with Chancellor George Osborne, business secretary Sajid Javid and Welsh secretary Alun Cairns. Mr Javid will then fly to India to discuss the sale process with Tata's chairman.
Ahead of the meeting, First Minister Carywn Jones said: "Britain must remain a steel producing country and we must work together to achieve and maintain that.
"The Welsh government has committed to doing what we can within our available powers and resources, and now its time for the UK government to act.
"There are strong economic, moral and strategic reasons why we must continue to produce our own steel, and I will be making that argument very clearly, as well as asking for solidarity and support for our workforce.
"I will be asking the PM to provide assurance that the UK government will take Tata's plants in Wales into public ownership to allow enough time for a buyer to be found."
Mr Cameron said: "At this morning's meeting, Carwyn Jones and I will look at how London and Cardiff can work together to make sure that the Port Talbot plant has a solid future and end the uncertainty for workers and their families.
"We remain fully focused on finding a buyer to run the steelworks and today's meeting is an opportunity to discuss what needs to be done to make this prospect as attractive as possible to investors."
On Monday, the boss of commodities firm Liberty House, Sanjeev Gupta, said he held early talks over a possible takeover of the whole UK business without major job losses.