Government would consider going in with another buyer on commercial deal, and that they had appointed accounting giant EY as a commercial adviser.
"I've been in contact with potential buyers, making clear that the government stands ready to help," said Javid. "This includes looking at the possibility of co-investing with a buyer on commercial terms."
The business secretary added that, as the deal was still at a commercially sensitive point, he was not at liberty to disclose further details but said he would share the details with parliament as soon as possible.
He also added that while he "would love to stand here today and declare the crisis over", this is not something he could do and he could not promise that any more jobs would not be lost.
Javid revealed that key management at Tata Steel had confided in him recently that they had, at one point, been considering an "immediate closure" of the plant in Port Talbot.
Answering a question from another MP shortly after delivering his initial statement, Javid revealed that he had not "ruled anything out" when it came to nationalisation but he believed that "the best way forward for any steel operator" was to be run commercially.
However, he added that, because he did not want the UK to have to rely on imports for its steel, government would be doing what it could to help support the industry.
Earlier on today, Tata Steel revealed that it had sold its steelworks in Scunthorpe to turnaround specialists Greybull Capital.