Jobs at Shotton Tata Steel are under threat after the company which owns the Deeside plant confirmed plans to sell its UK assets.
Unions have reacted with shock and anger at Tata's decision, taken at a board meeting in Mumbai.
Many people from the Chester area work at the Deeside plant and are among thousands left fearing for their jobs.
Union leaders travelled to Mumbai. They had been hoping Tata would agree to a turnaround plan to keep steelmaking in Port Talbot and other UK plants. The news will affect other Tata sites, including Shotton, Rotherham and Corby.
But in a statement issued in Mumbai, Tata said it noted with 'deep concern' the deteriorating financial performance of its UK subsidiary in the last year.
Read: Jobs threat at Shotton's Tata Steel plant
The statement added: "While the global steel demand, especially in developed markets like Europe, has remained muted following the financial crisis of 2008, trading conditions in the UK and Europe have rapidly deteriorated more recently, due to structural factors including global oversupply of steel, significant increase in third country exports into Europe, high manufacturing costs, continued weakness in domestic market demand in steel and a volatile currency.
"These factors are likely to continue into the future and have significantly impacted the long term competitive position of the UK operations in spite of several initiatives undertaken by the management and the workers of the business in recent years."
Tata said it had suffered 'asset impairment' of more than £2 billion in the last five years.
Working tirelessly
A joint statement from the UK and Welsh governments released by the Department for Business, Innovation and Skills said: "During the review process, we remain committed to working with Tata and the unions on a long-term sustainable future for British steel making.
"Both the UK and Welsh governments are working tirelessly to look at all viable options to keep a strong British steel industry at the heart of our manufacturing base."
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