commiss decis june measur implement spain siderúrgica añón sa notifi document number spanish text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite regard comment procedur press report compani siderúrgica añón sa hereinaft siderúrgica añón obtain loan eur million back region govern galicia financ instal roll mill commiss request inform measur letter letter juli commiss remind request letter juli spanish author inform commiss exist loan guarante grant galician institut econom develop igap letter juli commiss request inform term loan guarante remind date septemb octob spanish author provid inform request letter octob supplement letter novemb letter date decemb commiss notifi spain decis initi proceed articl commiss decis ecsc decemb establish commun rule state aid steel industri hereinaft steel aid code respect measur commiss decis initi procedur publish offici journal european commun commiss invit interest parti submit comment measur time commiss issu inform injunct request inform letter date march spanish author submit comment provid inform request miss inform submit letter date april supplement letter date commiss receiv comment interest parti forward spain opportun react comment receiv letter date march inform provid spain commiss decid juli extend measur procedur initi loan guarante refer recit letter date august spanish author submit comment commiss decis initi procedur publish offici journal european commun commiss invit interest parti submit comment measur commiss receiv comment interest parti forward spain opportun react ii fact recipi siderúrgica añón compani creat januari product sale steel product start product test march creat share capit amount eur subscrib hierro añón sa hereinaft hierro añón rodonita sl hereinaft rodonita hierro añón compani dedic sale steel product subsidiari gallega de malla sl hereinaft gallega de malla produc weld steel mesh tabl show relev figur group employe turnov eur million balanc sheet eur million employe turnov eur million balanc sheet eur million gallega de malla hierro añón na promocion añón siderúrgica añón total rodonita compani belong epifanio campo sl group hereinaft epifanio campo activ industri materi sector tabl show relev figur compani rodonita hold stake employe turnov eur million balanc sheet eur million employe turnov eur million balanc sheet eur million pretensado campo campo brick epifanio campo nueva cerámica campo ostreira cerámica campor saez siderúrgica añón total spanish author main object hierro añón rodonita invest cover steel product depend extern sourc achiev uniform qualiti product increas ad group plan siderúrgica añón product direct compani belong group rest export commun north africa latin america possibl asia percentag lower phase project finish total invest cost project initi amount eur financ resourc public aid loan market compani produc finish product concret reinforc bar bar coil steel billet purchas open market concret reinforc bar low ad product build sector substanti capac reduct place year product capac reduc million tonn year itali sector siderúrgica añón activ suffer overcapac shown tabl sourc report invest commun coal steel industri offic offici public european commun straight concret reinforc bar commun product million tonn commun capac million tonn utilis rate sourc report invest commun coal steel industri offic offici public european commun coil concret reinforc bar commun product million tonn commun capac million tonn utilis rate spain export tonn product rest eu import tonn rest commun concret reinforc bar produc commun ireland sweden finland descript measur novemb galician region govern igap award siderúrgica añón grant eur repres elig cost eur paid juli igap creat act channel activ galician region govern stimul galician economi decemb spanish ministri scienc technolog grant interest free loan eur matur year year grace period april siderúrgica añón contract syndic loan eur bank cover broader agreement galician region govern bank call inversion estratégica de galicia inesga facil interest rate euribor month basi point formalis fee repay loan cover igap subsidiari guarante guarante compani pai premium equival amount guarante igap agre februari subsidis basi point interest rate formalis fee loan april siderúrgica añón share capit increas eur publicli control compani sodiga galicia scr sa hereinaft sodiga provid eur actual contribut amount share eur price eur share paid increas premium eur hierro añón eur rodonita eur privat partner paid eur share half paid immedi half paid end septemb increas capit siderúrgica añón capit held hierro añón rodonita sodiga parti sign agreement hierro añón rodonita siderúrgica añón promis sodiga bui sodiga stake april higher amount theoret account firm determin independ expertis initi contribut eur sodiga receiv siderúrgica añón decemb annual instal eur advanc payment final amount sodiga risk capit compani control galician region govern dedic acquir temporari stake undertak relat develop galicia economi industri sodiga sharehold galician region govern directli igap financi institut sodiga receiv grant igap amount eur grant financ special invest invest riskier financ compani longer matur amortis period invest geograph area march siderúrgica añón share capit increas eur sharehold subscrib stake sodiga contribut eur term sharehold price share payment parti sign agreement hierro añón rodonita siderúrgica añón promis sodiga bui sodiga stake april higher amount theoret account firm determin independ expertis initi contribut eur sodiga receiv siderúrgica añón decemb annual instal eur advanc payment final amount ground initi procedur decis initi proceed commiss express doubt stake acquir sodiga share capit siderúrgica añón regard genuin provis risk capit usual invest practic market economi price paid guarante market price commiss express doubt compat common market measur measur adopt spanish author financ invest list previou section iii comment interest parti letter februari european independ steelwork associ eisa consid aid incompat common market market steel bar suffer overcapac invest profit lead distort competit privat investor risk capit current market condit product product letter march unión de empresa siderúrgica unesid consid illog public fund build capac sector substanti amount public fund devot reduc workforc capac letter march federacciai feder italian steel compani argu market steel bar suffer overcapac invest sector involv high risk expect profit consid involv sodiga inesga prompt polit consider final interest rate loan grant inesga premium paid guarante correspond market condit letter octob uk steel enterpris hereinaft uk steel submit overcapac excess countri competit low price featur sector normal privat investor contribut capit creation capac question hierro añón rodonita invest project avail illeg state aid fact hierro añón rodonita output intern purpos put question mark profit siderúrgica añón transfer price product untranspar gear maximis downstream profit hierro añón rodonita siderúrgica añón letter date juli siderúrgica añón made submiss compani juli commiss regul ec januari applic articl ec treati state aid small medium size enterpris hereinaft sme regul appli steel sector fact aid grant expiri ecsc treati consequ settl case law commiss decis compat aid base element fact law exist moment decis adopt moment aid grant commiss notic determin applic rule assess unlaw state aid commun commiss aspect treatment competit case result expiri ecsc treati refer mention framework guidelin commun notic regul circumst siderúrgica añón sme intens aid grant lower intens mention articl sme regul aid compat common market exempt notif oblig grant award igap interest free loan grant ministri scienc technolog compani argu grant scheme approv commiss juli state aid state aid compat common market stake acquir sodiga capit siderúrgica añón compani claim fact interest privat public sharehold relev essenti factor privat public investor particip term condit support posit compani contend commiss consid state aid involv stake acquir bavaria capit nmh steel produc decis juli mention commiss decis octob initi proceed stake acquir walloon region carsid commiss account interest privat public sharehold letter septemb compani argu month period establish articl steel aid code adopt decis elaps commiss longer entitl adopt decis measur refer letter decemb letter date june siderúrgica añón submit comment firstli claim aid analys light ecsc treati steel aid code maintain aid fell scope sme regul thirdli argu aid exist aid mean articl council regul ec march lai detail rule applic articl ec treati hereinaft procedur regul grant entri forc steel sector state aid rule ec treati iv comment spain acquisit sodiga stake share capit siderúrgica añón spanish author argu normal practic market economi invest decis viabil project expect profit present case sodiga stake siderúrgica añón acquir time increas capit simultan exist sharehold subscrib share circumst spanish author maintain case law fulfil privat investor criteria spanish author claim repurchas agreement sodiga ensur minimum return invest year higher interest year treasuri bond time contract sign case state aid involv compat common market point viii ii inform commiss state aid risk capit involv medium size enterpris start stage assist area fact sodiga paid higher price share disburs immedi spanish author maintain compens minimum return invest grant sodiga sharehold benefit case maintain normal practic sharehold pai higher price newli issu share reflect substanti impetu impart project origin sharehold contract supplier equip acquisit land sodiga particip increas capit siderúrgica añón spanish author argu sodiga particip proport hold term condit sharehold circumst state aid imput action sodiga public author spanish author contend case law commiss provid evid interven decis invest siderúrgica añón regard loan grant inesga spanish author maintain fund exclus privat sourc particip bank bank free particip financ oper inesga involv limit follow sens conclud public fund involv maintain comparison refer rate commiss refer rate correspond averag year interbank swap rate month septemb octob novemb increas percentag point year interbank swap rate date grant loan correct refer rate final contend interest rate similar higher loan grant compani belong añón group guarante igap spanish author claim line market condit contend commiss appli privat bank type project amount quarter differ commiss appli present transact stem factor condit call guarante stricter bank guarante enforc request igap guarante enforc subsidiari capac beneficiari declar insolv risk assum igap low cover loan loan financ invest project promot group solvenc spanish author provid statement bank caixa galicia banco pastor effect view condit loan ident sharehold appli commiss year guarante igap subsidi formalis fee spanish author maintain aid grant scheme approv commiss eur fell scope commiss regul ec januari applic articl ec treati de minimi aid appli ecsc sector contend market product affect major product group rest export eea grant provid igap spanish author argu award scheme approv commiss compat common market event spanish author maintain aid compat common market fell scope sme regul appli ecsc steel sector affirm aid line commun guidelin state aid environment protect contend system chosen water treatment improv environment protect compar tradit system repres addit cost eur similarli natur ga reheat furnac drastic reduc emiss compar fuel oil repres addit cost eur thirdli fact civil work hydraul instal lubric instal cabl pipelin carri surfac made underground improv work condit prevent underground leak repres addit cost eur comment made parti recit spanish author state support factual evid associ prevent entri market compani context spanish author recal difficulti obtain suppli product tradit produc undu delai honour deliveri prompt promot compani carri invest drew commiss attent commiss decis eec august relat proceed articl eec treati relat judgment commun lawcourt found member eisa part anti competit practic assess measur siderúrgica añón manufactur steel bar rod product includ annex ecsc treati undertak mean articl treati present case evid spain unlawfulli implement measur follow procedur laid articl steel aid code commiss accept argument put forward compani recit aid exist aid procedur initi ecsc treati commiss adopt final decis juli decis extend procedur adopt juli spanish author juli notic invit submit comment publish septemb point commun aspect treatment competit case result expiri ecsc treati commiss state case continu investig provis procedur regul adopt final decis articl ec treati commiss accept compani argument expiri month period initi decis initi procedur prevent adopt decis recit court justic rule judgment decemb case kingdom belgium commiss european commun quot month period set articl sixth steel aid code regard prescript period link loss compet quot present procedur regul fulli applic articl thereof compli exist state aid articl ec treati aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state incompat common market acquisit sodiga stake share capit siderúrgica añón acquisit sodiga stake share capit siderúrgica añón recit commiss note place sodiga control galician region govern commiss note galician region govern consid form part igap programm support undertak circumst commiss consid sodiga action imput state order decid advantag confer beneficiari measur commiss appli market economi investor principl principl appli commiss case accept develop court judgment essenc principl public author invest compani term condit accept privat investor oper normal market economi condit invest state aid principl transact privat investor public investor part state aid privat public investor particip term condit case acquisit sodiga stake capit siderúrgica añón reason firstli increas capit sodiga paid stake immedi privat partner paid sodiga paid eur share acquir privat partner paid eur main beneficiari siderúrgica añón product privat partner make profit input sodiga count profit siderúrgica añón order obtain return invest commiss accept argument premium paid sodiga normal practic recit compani start product capabl show good perform record justifi premium argument accept appli capit inject made investor time commiss note virtu agreement bui back share sodiga ensur return invest privat sharehold commiss consid take account fact annual instal paid sodiga stake minor influenc manag compani siderúrgica añón produc sharehold econom point view stake treat subordin particip loan standpoint risk involv invest treat normal share capit subordin particip loan rank debt instrument prioriti share capit question abovement return invest cover risk involv accept privat investor grant subordin particip loan commiss approach adopt decis ec decemb state aid implement spain sniac sa consid normal interest rate cover risk involv increas capit correspond interbank rate commiss calcul market refer rate normal basi point add loan spain april march basi point basi point justifi absenc secur risk involv entri compani steel sector suffer structur overcapac fact explain earlier involv higher risk normal loan case insolv creditor prioriti line indic contain commiss notic method set refer discount rate state refer rate increas basi point situat involv risk secur requir bank provid commiss consid acquisit stake issu confer advantag siderúrgica añón financ state resourc aid element stake equival differ interest rate case stake case stake take account instal paid siderúrgica añón sodiga aid correspond differ reimburs paid annual interest payment reimburs princip due appli abovement normal interest rate result yearli interest payment eur due stake eur due differ interest payment actual reimburs schedul stake set stake eur year aid free reimburs schedul current reimburs schedul aid year stake eur year aid free reimburs schedul current reimburs schedul aid year loan grant inesga loan grant inesga recit commiss consid state aid element involv interest rate appear low commiss note fund provid privat bank free decid particip loan circumst commiss conclud financi term due igap intervent guarante interest subsidi paid directli bank fact syndic loan state aid involv loan guarante grant igap regard guarante grant igap recit commiss practic assess individu guarante includ condit guarante constitut state aid present case commiss note siderúrgica añón financi difficulti mean commun guidelin state aid rescu restructur firm difficulti obtain loan financi market intervent state note guarante link specif loan fix maximum amount cover outstand loan open end price paid guarante commiss doubt premium paid year outstand guarante debt formalis fee correspond market price similar guarante take account list maximum price guarante publish bank particip loan commiss accept compar quot offer quot submit post bank recit hypothet made purpos procedur addit bank necessarili repres market view commiss accept argument special featur guarante recit reduct price quot normal quot market rate reason fact guarante spain enforc request explain demand secur beneficiari present case igap expressli waiv requir secur obtain agreement galician region govern fact guarante cover loan relev matter guarantor amount risk fact project promot group solvenc relev group liabl siderúrgica añón debt circumst commiss consid specif case market rate similar guarante spanish author year recit commiss consid guarante question confer advantag siderúrgica añón financ state resourc amount state aid involv guarante point notic guarante establish cash grant equival individu guarante calcul grant equival soft loan interest subsidi repres differ market rate rate obtain state guarante premium paid deduct present case order determin market rate loan absenc guarante loan financ invest commiss consid interest rate secur credit facil grant caixa de galicia siderúrgica añón princip eur interest rate euribor month formalis fee matur year march interest subsidi inesga loan differ risk premium inesga loan euribor month risk premium credit facil euribor month minu paid guarante amount eur eur measur grant provid igap recit interest free loan grant ministri scienc technolog recit subsidis igap interest formalis fee grant inesga recit confer advantag siderúrgica añón financ state resourc amount aid measur mention previou point grant provid igap eur subsidi grant igap loan grant inesga year eur interest subsidi eur eur formalis fee eur interest free loan grant ministri scienc technolog year eur eur distort competit effect trade view exist competit intra commun trade sector recit commiss consid abovement aid measur distort threaten distort competit affect trade member state commiss conclud grant provid igap interest free loan grant ministri scienc technolog subsidis igap interest loan formalis fee grant inesga stake acquir sodiga share capit siderúrgica añón guarante grant igap constitut state aid mean articl ec treati compat common market commiss firstli accept argument aid measur grant approv scheme decis authoris scheme commiss note spanish author commit respect relev rule steel sector commiss note rule steel sector contain steel aid code exclud steel sector scheme impos prior notif oblig prior notif oblig respect aid grant siderúrgica añón cover scheme point commiss commun aspect treatment competit case result expiri ecsc treati quot take decis juli respect state aid put effect date prior commiss approv commiss proce accord commiss notic determin applic rule assess unlaw state aid quot paragraph notic rule set quot prejudic interpret council commiss regul field state aid quot subparagraph articl regul ec quot individu aid scheme grant date entri forc regul absenc commiss authoris breach notif requir articl treati compat common market mean articl treati exempt fulfil condit regul requir articl express refer made regul quot commiss consid view figur turnov workforc total balanc sheet siderúrgica añón link enterpris recit medium size enterpris annex sme regul assess invest aid grant siderúrgica añón fulfil condit sme regul respect commiss note articl sme regul individu aid grant exempt prior notif oblig threshold mention met aid form grant eur provid igap exempt spanish author recit aid repres invest invest amount eur higher eur threshold laid articl steel industri regard sector qualifi region aid paragraph point commiss commun rescu restructur aid closur aid steel sector point multisector framework region aid larg invest project situat time steel aid grant steel aid code siderúrgica añón medium size enterpris start point applic ceil refer articl articl pursuant articl gross aid intens exce threshold gross intens igap grant account full amount grant amount initi disburs amount claim spanish author recit amount grant amount disburs consid assess aid sentenc point multisector framework region aid larg invest project larg individu aid grant steel sector exempt sme regul incompat common market grant provid igap exempt sme regul stress conclus reach steel aid code place time aid grant appli aid consid invest aid exempt sme regul combin grant provid igap incompat reason set recit compat region derog state aid assess accord substant criteria set instrument forc time aid grant line commiss notic determin applic rule assess unlaw state aid mention steel aid code authoris region aid time aid grant aid qualifi region derog commiss accept argument invest elig environment aid reason articl steel aid code set criteria applic environment guidelin commiss avoid gener invest aid plant equip grant cover environment protect environment guidelin applic accord steel aid code state aid ostens intend environment protect measur fact gener invest cover point present case commiss note place environment consider account spanish author grant aid commiss note invest water treatment system reheat furnac increas effici compani reduct cost water energi instal type equip normal practic industri consid environment invest commiss consid reason carri cover environment guidelin case spanish author recipi provid concret evid environment benefit instal make independ expertis consult member state annex steel aid code deduct advantag regard lower cost product annex steel aid code requir explain addit cost calcul invest civil work commiss consid environment benefit benefit safeti worker cover environment guidelin provis steel aid code commiss provis steel aid code aid deem compat aid aid research develop closur aid grant greec commiss note aid train aid mean commiss regul ec januari applic articl ec treati train aid employ aid mean commiss regul ec decemb applic articl ec treati state aid employ event spanish author reli derog regul final commiss note commiss notic state aid risk capit applic steel sector time aid grant applic sector eighth paragraph point viii thereof view forego commiss consid except prohibit invest aid steel sector applic present case measur identifi commiss constitut state aid compat common market vi conclus commiss find spain unlawfulli implement state aid measur question incompat common market measur discontinu articl regul ec neg decis case unlaw aid commiss decid member state concern measur recov aid recipi aid recov includ interest date dispos recipi date recoveri interest calcul basi refer rate calcul grant equival region aid adopt decis articl state aid spain grant siderúrgica añón sa incompat common market aid refer paragraph includ aid element involv stake acquir sodiga share capit siderúrgica añón correspond annual premium appli initi capit inject eur reduc annual repay eur case stake acquir ii annual premium appli initi capit inject eur reduc annual repay eur case stake acquir grant award igap novemb amount eur interest subsidi grant respect syndic loan eur april guarante direct interest subsidi provid igap total amount eur payment formalis fee eur igap respect loan eur april interest subsidi contain interest free loan eur grant ministri scienc technolog decemb articl spain refrain grant aid recipi measur refer articl regard payment authoris made date adopt decis spain requir reimburs payment made date adopt decis date adjust condit measur list articl market condit refer decis spain measur recov recipi aid refer articl recoveri effect delai accord procedur nation law provid effect implement decis sum recov bear interest period run date put dispos recipi actual recoveri interest rate appli refer rate calcul grant equival region aid interest rate refer subparagraph appli compound basi entir period refer articl spain inform commiss month notif decis measur plan compli provid inform questionnair attach annex decis articl decis address kingdom spain brussel june commiss mario monti member commiss oj oj oj oj oj inesga develop fund dedic facilit financ viabl project special interest galician economi agreement financi institut galician region govern bank sign agreement bank undertook contribut eur million financ invest project term agreement particip bank refus contribut financ project oj regul amend regul ec oj oj oj grant provid igap gge interest free loan ministri scienc technolog gge loan grant inesga gge guarante grant igap gge subsidis igap loan grant inesga gge subsidis igap formalis fee gge oj regul amend act access oj oj oj oj ecr paragraph sourc http www xunta es galicia pdf judgment court juli case kingdom belgium commiss european commun boch ecr paragraph quot establish measur state aid appli criterion mention commiss decis contest belgian govern determin extent undertak obtain sum question privat capit market case undertak capit held public author test similar circumst privat sharehold regard forese obtain return leav social region polici sector consider subscrib capit question quot judgment court instanc march join case westdeutsch landesbank girozentral land nordrhein westfalen commiss european commun ecr ii paragraph possibl rule final price higher altern method theoret account latest project made sodiga februari theoret account yield return invest oj approach line commiss decis ec ad basi point subordin loan absenc secur recit decis refer footnot oj eighth paragraph indent comparison made tabl account fact actual rate return measur correspond hypothet annual premium due year reimburs princip realiti revenu spread instal commiss notic applic articl ec treati state aid form guarante oj point oj life base rate loan commiss consid risk premium requir privat creditor secur loan constitut reliabl paramet assess aid element involv inesga loan oj oj oj cleric error read quot articl quot oj oj provis applic assess aid grant commiss notic determin applic rule assess unlaw state aid point paragraph commun guidelin state aid environment protect commun guidelin state aid environment protect sentenc annex steel aid code point quot aid encourag firm contribut significantli improv environment protect quot annex oj regul amend regul ec oj oj line paragraph commiss notic determin applic rule assess unlaw state aid commiss check aid compat commiss council regul forc state aid field annex inform implement commiss decis calcul amount recov provid detail amount unlaw state aid put dispos recipi concis descript measur date payment amount aid currenc date repay comment explain detail interest payabl amount recov calcul recoveri measur plan describ detail measur measur plan bring effect recoveri aid relev legal basi measur plan date recoveri aid complet recoveri effect provid detail aid recov recipi concis descript measur date amount aid repaid currenc date repay attach support document repay shown tabl point measur consist instal reimburs separ row date date aid individu instal aid put dispos recipi amount aid put dispos recipi gross grant equival date date recipi repaid aid individu instal aid date date aid individu instal aid put dispos recipi date date aid repaid