Tata Steel is believed to be selling its UK assets, including Port Talbot, sources told the Press Association tonight.
The development casts doubt over the future of thousands of steelworkers’ jobs across the UK including plants in Stocksbridge and Rotherham.
Union leaders travelled to Mumbai where the Tata board met to discuss the company’s loss-making UK business.
They had been hoping Tata would agree to a turnaround plan to keep steelmaking in Port Talbot and other UK plants.
The news will affect other Tata plants including Rotherham, Corby and Shotton.
Tata announced over 1,000 job cuts in January, with 750 in Port Talbot.
Thousands of steel jobs have been lost in the past year, with companies blaming cheap Chinese imports and high energy costs
Plaid Cymru leader Leanne Wood tweeted : “If reports from Mumbai are true, it’s devastating. @Plaid_Cymru wants Assembly recall. All must work together now to save our steel industry.”
Labour MP Stephen Kinnock, who is with the union delegation in Mumbai, had urged Tata to “hold its nerve “ in the face of the problems it was facing.
He was critical of the Government for not sending a minister to lobby the Tata meeting.
Business Secretary Sajid Javid is going to Australia on a business trip.
The decision came completely out of the blue to union officials.
Community, Unite and the GMB will now step up calls on the Government to do more to save the steel industry.