Union leaders were demanding urgent answers from Liberty Steel bosses tonight over the future of 3,000 jobs.
Fresh fears for workers' posts were triggered after the firm announced it had hired a team of specialist directors to its board to "accelerate the restructuring and refinancing" of the group after its main backer Greensill Capital went bust.
Liberty said the four new directors will make up a new "restructuring and transformation committee".
It added: "The RTC will be given full autonomy to restructure Liberty's operations to focus on core profitable units, and either fix or sell underperforming units."
Liberty boss Sanjeev Gupta has spent the last two months exploring alternative finance for the firm after the Government rejected a bid for a £170million bailout.
© PALiberty Steel boss Sanjeev Gupta
© PALiberty Steel has 11 plants and 3,000 workers across the UK
A spokesman for steelworkers' union Community said: "We are seeking urgent clarification on the implications of this announcement.
"Sanjeev Gupta has promised to keep every UK steel plant open and we expect him to honour that commitment.
"The future for all the UK businesses must be secured."
Shadow Business Secretary Ed Miliband said: "We need to see every plant remain open and the precious jobs at Liberty saved.
© PAShadow Business Secretary Ed Miliband
"We hope Liberty secures the refinancing it needs to continue operations, protecting plants and jobs.
"But it's absolutely crucial the Government has a Plan B.
"Ministers must not be spectators and must be willing to step in if necessary before insolvency to save jobs and secure our steelmaking industry and supply chain.
"We've had a decade of indifference from Government for our steel industry.
"It must come forward with a long term plan to secure the industry's future."
Concerns were raised over Liberty's future after Greensill collapsed in March.
Greensill was the largest lender to steel magnate Sanjeev Gupta's GFG Alliance - the parent company of Liberty.
Business Secretary Kwasi Kwarteng admitted last month that thousands of jobs are in "danger" at the steel arm.
© NurPhoto/PA ImagesBusiness Secretary Kwasi Kwarteng
But he defended rejecting a plea for a £170m rescue package - saying the cash could have been sent offshore to other GFG Alliance companies rather than pumped into the company's 11 UK mills.
A Business Department source said: "The Business Secretary is in constant contact with Liberty Steel and the trade unions, and has been clear that we will work to support jobs in the industry as it transitions to a competitive, sustainable and low carbon future."
They added: "Under Labour, steel production halved, employment halved, and industrial energy costs rose by two thirds.
"Any suggestion the Labour Party supports Britain's steel industry is laughable."
The Mirror has been campaigning to Save Our Steel since 2015 when the sector was hammered by plant closures and thousands of job losses.