Minister of Trade, Industry and Energy Joo Hyung-hwan has stressed the coming creditor-led restructuring program would be conducted according to market principles and existing policy tools.

Joo made the comments at a hotel in Seoul on Tuesday at a meeting with the chief executives of the nation's top ten conglomerates.

The minister added that firms that were not struggling due to losses or low-profit margins could use the recently passed Special Act on Corporate Revitalization to reconsolidate their businesses. 

He also said that credible institutions are analyzing the competence of struggling firms including those in the shipbuilding sector. Joo said the government would use the results of the analyses in future restructuring moves.