EU approves aid for Italian steel companies
The European Commission has approved 7 million euro of aid that Italy is to grant to four steel companies for environmental protection. The steel companies to benefit from this aid are ILVA Laminati Piani, Acciaietie di Cornigliano, ICMI, and Acciai Speciali Terni. The Commission approves the funding as all the projects relate to adapting and modernizing facilities to reduce emission levels. This is in line with European Union requirements for environmental aid. Some of the installations to receive funding date back to the 1970s. The money will be spent on improving ecological and environmental conditions - particularly with respect to noise, water, air and soil pollution. The Commission was required to investigate the legality of aid being granted to these companies as EU guidelines prohibit aid, which results in savings in production costs. In these specific cases, any such savings envisaged from upgrading the facilities have been deducted from the original amount offered for investment.