NEW DELHI, FEBRUARY 20: Private steel producers have criticised government's decision to bail out Steel Authority of India Ltd (SAIL) with a financial package involving loan waiver and guarantees for mobilising fresh loans from financial institutions and banks.Sail 2 lastAccording to the society of private steel producers, sailwith its highly depreciated plants and machinery, well equiped infrastructure and the erstwhile monopoly position in the steel market was already placed advantageously with respect to the new steel majors.The waiver of loans would further strengthen itscompetitiveness vis-a-vis other. As against this, the private companies were faced with stiff terms and conditions for loans.The society urged the government to take effective actionto rescue the new private steel majors from the ongoing Financial crisis by way of arranging institutional finance so that the last mile projects were completed fast.Whatever the compulsions of the government in getting thesail restructuring through, indofer said the urgency of the situation demanded that all steel producers were treated on an equal footing so that the Indian steel industry could emerge a vibrant global force.
