The taxpayer could co-invest with a buyer to save the Port Talbot steelworks, the Business Secretary has told MPs.
Sajid Javid made his comments after the current owner, Tata Steel, confirmed it was contacting "many tens" of potential buyers for the South Wales site - adding that it would prefer one buyer.
Earlier on Monday, the company said it was selling its Long Products steel business to Greybull Capital, potentially saving over 4,000 jobs at a number of sites in the UK and France.
Commenting on the battle to save Port Talbot, Mr Javid told the Commons a part-renationalisation was possible: "The formal sales process begins today.
"I've been in contact with potential buyers making clear that the Government stands ready to help.
"This includes looking at the possibility of co-investing with a buyer on commercial terms."
He explained that Tata had told him several weeks ago, in confidence, that it was considering the immediate closure of Port Talbot but he was "not prepared to let that happen".
To jeers from opposition MPs, who expressed anger over his decision to visit Australia at the time of Tata's decision to sell, he added: "In the days that followed I worked relentlessly to convince Tata that it was in everyone's interest to keep the plant open and to find a new buyer.
"I also made it very clear that the Government is totally committed to supporting and facilitating that process. This work has paid off."
Responding to his comments, the head of the Community steel union said he was encouraged.
Roy Rickhuss said: "Mr Javid should bring forward further details of what ‘co-investment’ would look like and share his plans with the unions so we can ensure that the best interests of steelworkers are upheld.
"There are still many steps to be taken and yet again we call on the government to match the rhetoric of its ministers with action and to continue to work with the Community to save our steel."
The only company that has so far expressed a public interest in buying the rest of the Tata Steel assets remaining in the UK is Liberty, owned by Sanjeev Gupta, though others are known to be examining their positions.
Mr Gupta has spoken of a desire to save jobs with the potential to remodel Port Talbot as a producer of steel through the use of electric arc furnaces - to take advantage of recycling opportunities.
But top of his list of concerns are high energy costs, which he told Sky News last week would have to be "rectified" by the Government.
He also warned there would be no quick-fix, overnight solution.
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