Stuart Wilkie, Managing Director of Tata Strip Products UK, is heading up a bid to buy Port Talbot steelworks, it has been confirmed.
Mr Wilkie says his plan could offer "sustainable future success".
The investment he is seeking from employees could be as much as £10,000 each, according to sources. Private investors and government support would also be needed.
David Cameron has said the Government is committed to supporting Tata steel during the sale process.
Speaking at Prime Minister's Questions, he said: "Right now we are talking with the board of Tata to make sure that all the questions they need answered are answered by us because we want to have a proper sales process with proper buyers coming forward."
"We want to be very clear that the Government is prepared to support that process and support the outcome and that's exactly what we will do," he added.
Stuart Wilkie believes the loss-making business can be turned around, but at this stage we know little about what he proposes.
A potential buyout of the Port Talbot steelworks is to be led by one of its most senior staff, ITV News understands.