A top-level steel summit is to be held urgently, the Government has said amid warnings the UK industry is at "breaking point".
Business Minister Anna Soubry said officials from the Welsh Assembly and Scottish Parliament would be invited to join their Westminster counterparts alongside worker and company representatives.
She agreed to the meeting after Labour, Conservative and SNP MPs warned about the steel industry's dire prospects.
Ms Soubry told the Commons she echoed Prime Minister David Cameron's pledge for the Government to do everything it could to support the industry.
The minister is planning to visit China next week to discuss issues affecting the industry, although she noted the UK is unable to control global steel prices and over-production.
But she said: "I will do all I can to make the argument within Government where it is the case we're doing things we shouldn't do ... because although I'm not an actual free marketeer, I do believe there is a role for Government."
Ms Soubry also said: "We will have our summit, we will get on and arrange it quickly.
"I've already got a list of people I think it's obvious we will invite but it will be across Government I hope, and involve the Welsh Assembly, the Scottish Parliament, all the relevant partners, representatives of the workers and the various companies."
Labour's Anna Turley, who led the debate, praised Ms Soubry for being a "breath of fresh air" and said: "I think in a crisis situation like this, I would beseech (Chancellor George Osborne) and beseech the Government to be bold, to look at everything they can do and it's in their hands to look at where money is found.
"I think we've heard today the strength of feeling that money must be found and action must be taken."
Moving the debate, Ms Turley urged ministers to ease restrictions said to deprive UK steel of £431 million a year compared to global competitors.
The MP told the Commons research suggested business rates, air pollution targets, energy policy costs and the exchange rate are hampering the industry in its bid to survive.
She warned the "crisis" for UK steel has been caused by the collapse in the steel price from £318 per tonne to £191 per tonne, with Chinese exports "flooding" the market.
MPs heard 30,000 people are employed in the industry, with more than 2,000 jobs at risk in Ms Turley's Redcar constituency.
She called for the "top-level summit" to find solutions and also proposed a series of measures, including the cutting of business rates to ensure they are in line with competitors in France and Germany.
UK production costs can also be reduced by the earlier introduction of a compensation package for energy-intensive industries ahead of April 2016, Ms Turley said as she noted this would create a level playing field with the European Union.
She added: "UK steel is at breaking point. This is a crisis for one of the most important foundation industries in the British economy."
Labour's Paul Flynn (Newport West) called for the Government to take an "exceptional measure" to deal with a temporary problem which risks leading to "permanent damage" to the steel industry.
Tory Andrew Percy (Brigg and Goole) also stressed the steel industry was one of the last in the area he represents that still provides high skilled jobs and so its loss would be devastating.
Iain Wright, Labour chairman of the Business, Innovation and Skills Committee, warned: "The steel industry in Britain is facing a perfect storm."
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