David Cameron says the government is doing all it can to save thousands of jobs within the UK steel industry, but nationalisation was not the answer and there are “no guarantees”.

Speaking after chairing a crisis meeting on Tata Steel’s decision to sell its UK business, which employs 15,000 people and is reported to be losing £1m per day.

Ministers are nervous that they are seeing the end of the British steel industry and the loss of thousands of jobs.

Labour has called on the government to save the steel industry through nationalisation and a petition to recall parliament and take action has reached more than 100,000 signatures.

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