A "very contructive" meeting has been held between the deputy first minister and the management buyout team at a threatened factory in the Conwy valley.
Ieuan Wyn Jones said the urgency of the situation at Dolgarrog Aluminium was accepted by all those involved.
Administrators have failed to find a buyer for the plant, which employs 170.
Council leader Goronwy Edwards also had a "positive meeting" and was "hopeful" a case could be put for a £2m rescue package from the assembly government.
Cllr Edwards said the management buyout team and Gareth Jones AM were at an earlier meeting.
"I'm hopeful that a case can be put forward. We have committed ourselves as an authority to put our support into any survival package, hopefully the assembly will put their shoulder behind it."
"My officials will now consider the application for grant assistance as a top priority"
The assembly government would need to put forward £2m for the management buy-out to keep going, added Mr Edwards.
"That is the long and short of it, without the assembly it is looking bleak, and this is a vital employer for the valley," he added..
Dolgarrog Aluminium was set up five years ago following a management buy-out of the former Alcoa plant and it is Britain's only integrated casting and rolling aluminium mill.
'Commitment'
The company celebrated its 100th anniversary of aluminium making on the site this year.
A spokeswoman for administrators KPMG said earlier this week that some employees were told on Wednesday they would be made redundant.
"We had been hopeful we'd be able to find a buyer for the business but those interested in buying couldn't come up with the necessary funds," she said.
"The process of winding down means not everybody will leave immediately but all the jobs will go when the winding down process is complete."
Ieuan Wyn Jones, economy minster, said he had a "very constructive meeting" with senior management, union officials and council representatives.
He said the asembly government understood the importance of the company to the Conwy valley and north Wales economies.
"The urgency of the situation facing the company was accepted by everyone involved, and I gave a commitment that my officials will now consider the application for grant assistance as a top priority," he said.
Mr Jones added that he was pleased that the local council gave a similar assurance.
"We will do whatever we can to assist but will also need the cooperation of the administrators," he said.
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