According to a statement released by the Steel Ministry on Saturday, he made these comments at the global forum on the excess steel capacity held at Berlin on November 30.
"Government policies do not provide any financial support for setting up of new steel capacities. Steel companies have to sustain by being competitive and having a disciplined approach towards loan management," he said.
"Policy approach of the government for exit of financially stressed units ensures transparency in the process with the possibility of takeover by alternate efficient management under the new bankruptcy law."
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.