A support package of up to £9m has been announced by the Government and Tata Steel to provide support to Scunthorpe steel workers and the local economy.
It comes after Tata Steel confirmed it will cut almost 1,200 jobs at its plants in Scunthorpe and Scotland.
Labour has called on the British and Scottish governments to take action following the announcement of 1,200 UK job losses by Tata Steel.
Announcing the redundancies - most of which were in Scunthorpe and Lanarkshire - Tata blamed in part a massive influx of cheap steel from China, adding that the European Commission (EC) needed to act to "deal with unfairly traded imports".
Angela Eagle, Labour's shadow business secretary, said the announcement was "devastating for workers and their local communities", adding: "With each passing day there is a new blow to the industry which is now on its knees."
She called on the government to work with the EC and China to "relieve the pressure on the industry".
Eagle also urged the Scottish government to intervene, saying: "When Grangemouth, Fergusons and Prestwick Airport were at risk, the Scottish Government stepped in to provide support and to secure jobs.
"They need to do the same now – anything less will not be acceptable.”
As the UK steel industry comes perilously close to collapse, Nina Nannar reflects on her own upbringing in the shadow of Scunthorpe's plant.
Jeremy Corbyn has accused the Government of having no industrial strategy as redundancies mount in the crisis-stricken steel sector.
Caparo Industries is set to go into administration later today, ITV News has learned.