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Former Coventry MP Dave Nellist has called for the government to take over troubled firm Tata Steel as fears of plant closures loom after the firm announced it wanted to sell its UK business.

He also called on Jeremy Corbyn to adopt the same stance after the Labour Party leader urged the prime minister, David Cameron, to recall parliament to debate the situation in the UK steel industry.

Tata Steel’s parent company Tata owns Coventry-based Jaguar Land Rover and the metal firm is one of the luxury car manufacturer’s suppliers.

The steel company recently opened a research and development centre at the University of Warwick and aims to completely relocate its R&D to Coventry.

Mr Nellist said: “Most of my family were steelworkers. The sale or closure of the remaining steel works would be a disaster for the areas concerned.

“The Tories were forced to nationalise Rolls Royce in 1971, and completed the job in just 24 hours. If we had a serious public sector led house-building programme there would be plenty of need for steel. I support the call to nationalise steel.

“Jeremy Corbyn is absolutely right to urge the prime minister to recall parliament to debate the issue. But I urge Jeremy to add his name to the call for nationalisation to save jobs and to defend the communities that rely on the industry.

“Governments have been quick to bail out the banks. Why not the same for the steelworkers and their families?

“The situation with Tata once again shows why the capitalist system, that puts profit before everything, can’t be trusted to provide jobs and security for ordinary people.”

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But Sajid Javid, the government’s business secretary, appeared to play down any suggestion of nationalisation ahead of a meeting of key ministers today.

Mr Javid said: “I’m deeply concerned about the situation. I think it’s absolutely clear that the UK steel industry is absolutely vital for the country.”

He added: “At this stage, given the announcement from Tata has just come out, it’s important I think we talk to them properly and understand the exact situation and we look at all viable options.

“I don’t think nationalisation is going to be the solution because I think everyone would want a long-term viable solution.

“And if you look around Europe and elsewhere I think nationalisation is rarely the answer, particularly if you take into account the big challenges the industry faces.”

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Tata says it is being forced to sell its UK steel business after trading conditions “rapidly deteriorated” in the UK and Europe. It pointed the finger at a global oversupply of steel, cheap steel imports, high costs and currency volatility.

Tata was founded in 1868 and has an annual turnover of £77billion and made a profit of £4.7bn in 2015. It owns more than 100 companies and employs 600,000 people worldwide, including 80,000 steel workers in 26 countries.