The move by the Business Committee follows the recent liquidation of the firm, putting 5,000 jobs at risk.Read more
The shadow business secretary criticises government policies on climate change and the UK steel industry.
The British Steel Support Group has reaffirmed its commitment to the company, which is currently in administration.
The meeting, chaired by Business Secretary Greg Clark, brought together figures from British Steel, the Government, businesses and unions concerned with company sites at Teesside and Scunthorpe.
It was agreed that suppliers and customers will form a sub-group, which Mr Clark (pictured) says has agreed to meet regularly to find a suitable buyer and safeguard jobs.
About 700 jobs are at currently at risk in the North East.
Labour MP for Redcar, Anna Turley, said that the Secretary of State brought an "open and inclusive" style of working that was "desperately lacking in 2015" - when the SSI steelworks closed down.
Residents in an East Cleveland village say they plan to ask Teesside representatives to "put politics in the bin for a few months" and fight for the survival of British Steel.
The company's future remains uncertain after it went into administration last week - putting 700 Teesside workers' jobs in jeopardy and thousands more in the supply chain.
The official receiver says good progress is being made towards finding a buyer for the company.
Linda White, from Carlin, told BBC Tees a group of residents have joined together to take action.
She said: "We will go through this as a community, we'll be strong as a community and we won't sit back and let people in London make decisions about our lives".
A petition to try to help save steel making in the region has been started and so far just under 600 people have signed it.
Anna Turley is MP for Redcar and secretary of the steel all-parliamentary party group.
The emergency summit on the future of British Steel’s liquidated business on Teesside has ended with an undertaking by local politicians to do all they can to safeguard the 700 jobs at the Lackenby and Skinningrove plants.
The meeting was called by the Tees Valley Mayor, Ben Houchen, and included MPs, and the leaders and chief executives of the region’s councils.
In a statement they said the priority is to support efforts to find a new owner, adding that all options - including significant public subsidy and nationalisation - must remain on the table.
The Tees Valley Mayor and council leaders are holding an emergency meeting in Stockton to discuss a plan of action following the collapse of British Steel.
About 800 jobs are at risk in the North East after the company went into liquidation on Wednesday.
Mayor Ben Houchen is meeting Teesside MPs and representatives from the administrators Ernst & Young.
It would be a waste of money to keep British Steel alive.
That's the view of one writer to the Financial Times who says that the Scunthorpe works - the main part of the British Steel business - had been considered for closure twenty years ago. [That was when the old British Steel Corporation merged Dutch Hoogovens to create Corus.]
"When Tata Steel took over Corus in 2007 it soon knew Scunthorpe would be a problem," writes Jan van Veelen, whose address is Zug, Switzerland.
He says he was part of the team conducting due diligence for one of the "vultures" considering a takeover of Scunthorpe in 2015. "It was clear to our team that even with massive cash injections the steelworks was antiquated and would not survive without a drastic reorganisation," the letter says.
That is when Greybull Capital stepped in and the writer says he hopes that Greybull does not benefit in any way from money pumped in by Tata and the state.
There's more in the letter here.
BBC Radio 5 Live
The Government's Official Receiver is still searching for a buyer for British Steel after it went into liquidation earlier this week.
But Will Walker-Arnott, an investment manager at Charles Stanley, says he thinks it's unlikely a buyer will be found.
"I struggle to see who would want to get involved in this. Greybull [the firm's previous owner] blamed Brexit uncertainty and weakness in sterling for the firm's problems. Neither of those issues are going away".