U.K. authorities say they will look at "all viable options" to shore up British steel making after Tata Steel said it may sell its U.K. operations.

The pledge by the governments of Britain and Wales on Wednesday comes after Tata's board expressed concern for the deteriorating performance of the U.K. unit and concluded it was time to explore all options for restructuring, "including the potential divestment of Tata Steel U.K., in whole or in parts."

The British and Welsh governments said they "remain committed to working with Tata and the unions on a long term sustainable future for British steel making."

Britain's steel industry has been hit hard by cheap Chinese imports, which have depressed prices, and manufacturers want anti-dumping duties to be imposed.