commiss decis aid grant italian govern ot aluminia comsal state own undertak aluminium industri italian text authent eec commiss european commun regard treati establish european econom commun subparagraph articl thereof notic accord articl interest parti submit comment regard comment decemb novemb commiss decid initi procedur provid paragraph articl eec treati respect total lit million aid italian govern grant intend grant restructur state own aluminium industri itali period reason commiss initi procedur question amount aid question appear exce significantli restructur plan state own aluminium industri period examin justifi term common interest submit comment connect procedur initi articl italian govern present commiss seri amend restructur plan modif italian govern take consider commiss posit excess aid compat common market undertook reduc amount aid intend provid lit million decemb commiss decid termin procedur aid measur italian govern grant intend grant state own aluminium industri itali reduc aid measur final approv consist lit million form capit lit million form loan bear interest relief grant provid efim ent partecipazioni finanziamenti industri manifatturier aluminium activ grant lit million loan lit million bear interest relief state own aluminium smelter bolzano condit basi commiss decid termin procedur question italian govern provid aid form state own aluminium industri itali end condit commiss decis commun italian govern letter date januari efim acquir loss make aluminium undertak comsal compagnia sarda alluminio spa involv product roll semi finish product articl law decemb italian govern author efim issu debentur loan amount lit million interest loan charg paid state loan gradual convert equiti capit payment repay instal decis cipe septemb italian author instruct efim lit million debentur loan question financ invest aluminia comsal state own aluminium undertak italian govern author efim notifi commiss accord articl eec treati ii commiss learn italian govern decis provid fund invest state own aluminium industri favour term request notif measur articl eec treati letter date octob italian govern repli letter date march express opinion increas efim endow fund financ mean debentur loan expens state constitut state aid manner notifi basi articl letter italian govern inform commiss debentur loan issu efim lit million intend financ invest modern aluminia portovesm plant lit million financ invest modern expans diversif product comsal portovesm plant loan includ year period grace reimburs year variabl interest rate charg chang half year month decemb interest rate fix interest repay princip sum paid public author loan gradual convert equiti capit efim end period basi inform obtain italian govern public sourc commiss view provis lit billion fund favour term order financ modern expans invest portovesm plant state own aluminium undertak aluminia comsal contain aid element fall articl eec treati commiss view base fact provis fund amount lit million aluminia comsal invest programm constitut aid measur fall articl undertak pai interest repay instal amount receiv undertak suffer loss year restructur plan state own aluminium industri fail enabl undertak return viabil convers lit million equiti capit consid provis risk capit standard compani practic market economi constitut aid mean articl eec treati commiss decis decemb aid state own aluminium industri itali commun italian author januari italian govern subject oblig grant aid industri end grant lit million form interest free loan aluminia comsal convert equiti capit constitut aid grant breach commiss decis decemb commiss decid initi procedur provid articl letter date septemb gave notic italian govern submit comment iii italian govern submit comment connect procedur letter date januari march letter italian author provid inform financ form capit contribut loan grant grant public sector aluminium compani period januari june restructur plan state own aluminium sector carri explain reason italian author prevent restructur plan object fulli attain italian govern inform commiss time state own aluminium industri exclud comsal expect make profit lit million expect result comsal year loss lit million comsal italian author inform commiss compani transfer efim group order govern improv effici state own aluminium undertak compani loss suffer total lit million period appear recoveri provid increas product level suffici debentur loan lit million issu efim italian govern state lit million earmark invest aluminia lit million invest comsal invest aluminia complet total cost amount lit million letter submit comment italian govern provid evid interest free state guarante loan lit million aluminia lit million comsal paid undertak final commiss note cover note letter januari italian author contest aid charact measur consider explain letter contain observ italian govern compat common market aid question context consult parti concern framework procedur provid articl govern member state submit comment iv effect italian govern author efim issu debentur loan lit million financ invest aluminia comsal compani receiv aid form loan interest payabl compani loan replac capit inject equal amount payment interest state constitut clear case state aid compani obtain financ need bear cost case interest carri state month loan period lit million aluminia loan lit million lit million comsal loan lit million convers loan lit million lit million equiti capit constitut provis public fund compani form subscript capit involv element state aid order verifi provis public fund aid case undertak own public author ignor social element region sector polici similar circumst privat sharehold proce inject capit condit basi expect profit financi perform undertak question recent year aluminia suffer loss lit million lit million lit million year compani total debt amount lit million turnov lit million turnov lit million turnov cosmal suffer loss lit million lit million lit million compani total debt amount lit million turnov lit million turnov lit million turnov view financi perform undertak year loss suffer larg amount debt accumul commiss opinion provis addit capit public fund compani circumst involv element state aid reflect set commiss commun member state septemb applic articl eec treati public hold compani capit aluminia produc primari aluminium comsal involv product roll semi finish aluminium product lesser extent product primari aluminium primari aluminium nimex code roll semi finish aluminium product nimex code trade member state itali export tonn unwrought aluminium tonn roll semi finish aluminium product member state spain portug itali export tonn unwrought aluminium tonn roll semi finish product member state itali export member state tonn unwrought aluminium tonn roll semi finish product itali import member state spain portug tonn unwrought aluminium tonn roll aluminium product tonn unwrought aluminium tonn roll aluminium product tonn unwrought aluminium tonn roll aluminium product import itali member state competit produc primari aluminium roll semi finish aluminium product subsector case primari aluminium main produc member state instal capac approxim tonn end aluminia largest primari aluminium produc itali term instal capac largest commun roll semi finish aluminium subsector undertak commun produc million tonn roll aluminium produc situat itali product amount tonn financi assist state strengthen posit enterpris compar compet commun deem affect enterpris aid italian govern decid grant aluminia comsal affect trade member state distort threaten distort competit mean articl aid measur consider incompat common market grant breach gener prohibit grant aid prior notif prior author commiss provid articl eec specif prohibit italian govern grant aid form state own aluminium industri end state commiss decis decemb decis commiss author lit million aid state own aluminium industri itali basi end aid amount author commiss justifi incompat common market commiss decis challeng italian govern decis definit prohibit grant aid fulli respect italian govern view consider italian govern abolish aid element includ interest free loan grant aluminia comsal reason loan convert equiti capit adopt decis articl aid form interest free loan convert equiti capit amount lit million lit million grant italian govern undertak aluminia comsal incompat common market mean articl eec treati aid grant breach provis articl treati condit laid commiss decis decemb aid abolish italian govern recov recipi undertak italian govern convert loan lit million lit million equiti capit articl italian govern inform commiss month date notif decis measur compli therewith articl decis address italian republ brussel commiss leon brittan vice presid gazzetta ufficial della repubblica italiana supplemento ordinario gazzetta ufficial della repubblia italiana bull ec