commiss decis octob walloon region financi stake carsid sa notifi document number dutch french version authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof regard council regul ec march lai detail rule applic articl ec treati call interest parti submit comment regard comment procedur letter date octob belgium notifi commiss walloon region plan acquir stake capit steel compani carsid sa inform commiss letter date novemb februari letter date april commiss inform belgium decid initi procedur laid articl commiss decis ecsc decemb establish commun rule state aid steel industri commiss decis initi procedur publish offici journal european commun commiss invit interest parti submit comment measur commiss receiv comment interest parti forward belgium opportun react comment receiv letter date june septemb octob novemb ii compani hold carsid société wallonn de gestion de particip sogepa walloon region hold compani thing activ société wallonn pour la sidérurgi sw steel industri object part wallonia gener econom polici promot creation expans compani promot public industri initi time notif sogepa stake capit belgian steel produc cockeril sambr held capit duferco clabecq recit decis duferco la louvièr recit duferco belgium recit sogepa hold cockeril sambr exchang decemb hold capit usinor turn begin stakehold capit arcelor recit sogepa hold duferco clabecq reduc oper reduc capit absorpt loss carri august ensu capit increas carri duferco invest similarli sogepa direct hold duferco la louvièr virtual disappear capit reduct loss absorpt carri novemb ensu capit increas carri duferco belgium usinor belgium sa hold compani usinor group belgium french usinor group end main european steel group turnov amount eur million worldwid time notif usinor held cockeril sambr begin usinor group merg luxembourg group arb spanish group aceralia creat group arcelor world largest steel produc duferco invest sa duferco invest hold compani duferco group duferco privat italian swiss group specialis trade steel product includ raw materi produc flat long carbon steel product group worldwid turnov usd billion belgium duferco invest control steel product compani duferco clabecq duferco la louvièr compani pai duferco invest servic provid group belgian compani annual fee turnov annual fee broken agenc fee manag fee duferco clabecq compani set duferco group walloon author sw compani forg de clabecq insolv januari sw contribut capitalis duferco clabecq cash inject eur million provid subordin loan eur million guarante duferco group duferco group provid capit inject eur million decis novemb commiss view measur sw constitut state aid decis commiss note compani busi plan anticip posit oper margin year oper profit year tabl show financi indic duferco clabecq septemb million eur capit reserv turnov oper profit loss profit loss tax total loss duferco la louvièr compani set duferco invest walloon author sw order acquir compani hoogoven usin gustav boël octob oper court approv arrang creditor sw contribut capitalis duferco la louvièr capit inject eur million provid subordin loan eur million guarante duferco group duferco group provid capit inject eur million decis juli commiss view assist provid sw constitut state aid decis commiss note compani busi plan anticip profit achiev year addit contribut financ addit invest carri duferco la louvièr duferco invest sogepa set hold compani duferco belgium stake capit duferco la louvièr sogepa contribut capitalis duferco belgium inject eur million subordin loan eur million guarante duferco group duferco group contribut inject eur million septemb capit paid eur million sogepa provid loan full septemb duferco belgium agre loan amount eur million financ invest carri duferco la louvièr financi year end septemb duferco belgium report loss eur tabl show number financi indic duferco la louvièr septemb million eur capit reserv turnov oper profit loss profit loss tax total loss iii detail descript measur announc chairman usinor sacilor group februari intend close cockeril sambr hot roll line charleroi talk enter usinor cockeril sambr duferco group sogepa primarili view set joint ventur produc slab base cockeril sambr exist mill charleroi plant own duferco clabecq continu cast talk culmin memorandum understand format carsid sign octob walloon region intervent consist stake held sogepa steel compani carsid sa origin intend stake worth eur million letter date belgium inform commiss notwithstand disagr commiss analysi set decis initi proceed view overcom commiss object sogepa hold reduc eur million eur million origin plan contribut cash duferco invest decemb await favour decis commiss cockeril sambr made contribut kind net set eur million duferco made cash contribut amount eur million carsid initi capit set eur million cockeril sambr contribut kind consist plant broadli integr product line charleroi site electr product line marcinel site plant valu independ compani octob put eur million cockeril contribut stock valu eur million liabil consist provis eur million unpaid wage eur million debt supplier eur million duferco cash contribut immedi purchas clabecq wide strip continu cast plant plant valu independ compani novemb put eur million immedi compani set cockeril sold hold carsid usinor belgium duferco price eur million payabl carsid capit divid usinor belgium duferco plan contribut sogepa duferco invest final hold sogepa carsid sharehold hold duferco invest usinor belgium sa carsid capit iv oper principl carsid carsid slab product plant integr cast plant annual capac million tonn serv duferco electr plant output share cockeril walloon compani belong duferco transit period carsid output serv cockeril sambr result oper clabecq blast furnac annual steel product capac million tonn definit close carsid produc exclus compani duferco group arcelor oper open market cockeril sambr duferco group sign long term suppli contract carsid cover period end cockeril sambr duferco cockeril sambr initi opportun termin contract end cockeril sambr exercis withdraw carsid sharehold cockeril sambr duferco termin contract product plant mention recit carsid intend acquir plant improv product qualiti plan carri mainten invest plant environment invest cost transfer duferco clabecq continu cast charleroi estim eur million usinor belgium contribut carsid credit requir loan credit line amount bear interest annual rate procur raw materi deleg relev depart arcelor duferco group remuner scrap purchas respons group purchas or coal coke respons group carsid sharehold agre compani product slab intend cover product cost relev plant slab suppli product cost ensur compani make loss year sharehold agre distribut profit dividend fix cost cast plant born duferco fix cost electr plant born cockeril sambr capac tonn capac electr plant reach million tonn born cockeril rest born duferco partner capac intend parti bear fix cost proport variabl cost born parti relat output allot establish contract workforc electr plant essenti vari layoff staff cast plant situat steel market good year commun steel industri output reach record level million tonn steel downward trend output appar begin mark subsequ gener context addit slowdown growth world uncertainti econom situat increas event septemb unit state flat carbon steel product main product duferco clabecq duferco la louvièr situat market commun worri result import figur commiss regul ec march impos provision safeguard measur import steel product world level situat note particip high level oecd meet held septemb addit investig steel initi unit state januari juli ad uncertainti prospect develop intern trade steel product belgium net export steel product output export rest commun vi doubt express commiss initi procedur commiss express doubt sogepa behaviour analys context past invest equival privat investor type reason suppos privat sharehold carsid prepar provid cash compani risk privat sharehold public sharehold carsid consid equival contribut privat partner serv move product plant compani belong group state hand put fresh monei risk expect return capit invest state carsid consid match expect privat investor return invest depend hand situat firm involv project develop steel industri world european region level vii comment interest parti coru steel produc coru believ walloon region invest carsid sogepa involv state aid compani base opinion fact privat investor seek return invest acquir stake carsid condit accept sogepa place coru take view carsid competit competit futur coru carsid geograph locat number competit disadvantag term input cost labour coal price iron or price scrap price electr price scale oper small benefit economi scale carsid offset competit advantag counteract penalti sell commod product suppli market produc export product cost charleroi higher averag competitor charleroi cost usd tonn highest cost produc europ except small greek produc halyvourgiki number produc analys world steel dynam add fact carsid sell slab price equal cost duferco arcelor put competit disadvantag sell finish product manufactur carsid slab privat investor take equiti stake carsid consequ concern continu arrang lead substanti reduct duferco arcelor carsid negoti transfer price concern lead privat investor increas risk premium factor decis invest requir higher normal rate return coru view prospect carsid achiev viabl level profit precis reason usinor announc publicli februari steel product charleroi futur sogepa invest regard act normal investor sharehold motiv usinor wish exit charleroi negoti commit gave purchas cockeril oper provid low cost rout duferco recoup loss incur reli carsid slab suppli belgian oper profit trade end product duferco oper avoid vamp clabecq blast furnac move product charleroi hope loos monei clabecq gener profit sogepa invest order preserv job coru consid expect rate return invest insuffici warrant coru calcul net discount return sogepa make invest coru view optimist assumpt sogepa expect return vastli rate privat sector investor requir assumpt return neg thirdli coru believ equip contribut greatli overst cockeril transact primarili allow exit charleroi site pai closur cost equip expect gener profit context true event auction sale equip question gener scrap coru experi scrap cover environment cost site clearanc fourthli coru consid equip estim correctli sogepa assum higher econom risk compar privat sharehold carsid sharehold inject fresh capit uncertain ventur invest privat sharehold carsid kind directli contribut purchas plant compani group coru doubt privat sharehold prepar provid cash compani fifthli coru argu steel sector characteris structur capac state aid presum present public stake acquir compani oper sector sixthli coru carsid oper feasibl special pre retir programm charleroi clabecq coru view derog legal minimum ag pre retir year requir discretionari administr decis absenc worker base charleroi carsid employ carri full burden pre retir coru consid particip public author pre retir programm involv state aid seventhli coru consid context justifi sogepa invest histor analysi previou support sogepa reinforc view privat investor undertak invest privat investor posit sogepa sever link duferco cockeril entiti invest fresh capit carsid unit kingdom unit kingdom view compani independ oper free market privat investor seek return invest inject fund carsid condit set stake viii comment belgium belgian author begin point walloon public author decad pursu polici invest steel industri wallonia sogepa consid independ privat investor hold duferco clabecq duferco la louvièr arcelor belgian author sogepa behaviour privat hold compani privat group compani pursu sector polici guid longer term profit prospect carri invest sharehold industri project group stake indirect profit profit assur direct profit belgian author contest commiss assert sogepa sharehold contribut fresh cash decemb duferco invest carri increas carsid capit amount eur million sale duferco clabecq continu cast carri part contribut made privat partner carsid sale justifi fact carsid produc duferco group slab specif size necessit purchas continu cast plant met criteria plant situat clabecq equival risk incur sogepa belgian author sogepa incur risk line contribut carsid sharehold contribut equip fresh cash incur risk belgian law commiss oblig sogepa make contribut kind privat partner carri capit increas cash notwithstand contribut made amount eur million equip contribut belgian author valu independ expert assess contribut cockeril sambr articl belgian commerci code requir appoint auditor equip purchas duferco clabecq concern fact establish expert assess accept arcelor continu cast plant similar duferco clabecq cost eur million construct month duferco clabecq transfer set month carsid competit belgian author view carsid offer advantag includ reduct cost flexibl transfer product cast plant electr plant make easier adjust demand creation captiv region market roll mill duferco arcelor notwithstand advantag site situat sea outlin coru carsid situat industri partner produc slab price eur tonn figur usd cite coru carsid product cost studi cru intern limit cost marcinel usd higher european averag world averag studi base output tonn carsid current output tonn increas output improv product explain reduct cost produc slab present eur tonn market price slab europ eur tonn transport includ suppli slab duferco clabecq duferco la louvièr produc coil sheet competit price equival european averag slab produc carsid result improv gross margin eur million year duferco la louvièr eur million year duferco clabecq belgian author reason fear carsid instal fulli arcelor duferco sign long term suppli contract run contract provid parti right bear fix cost plant serv return invest letter belgian author estim return equiti invest carsid period averag year tax year tax respons calcul carri coru recit decis net discount return expect carsid belgian author methodolog coru number correct residu carsid instal hypothesi continu oper carsid intern rate return belgian author accept similar invest appli long term interest rate increas account risk inher steel industri calcul present subsequ carsid intern rate return put appli normal hypothesi continu plant assum liquid compani event belgian author profit presum demonstr public intervent accompani concomit signific privat back commiss substitut judgment investor establish reason certainti programm financ state accept market economi investor situat steel industri concern belgian author view industri fairli cyclic crisi part cycl peculiar steel industri measur adopt unit state consider increas price europ asia durabl econom situat weak demand slab market market suffer structur capac europ contrari europ net import slab situat expect differ year ahead past perform duferco clabecq duferco la louvièr belgian author maintain extern duferco group raw materi market exchang rate product market effect reduct output restructur affect result signific extent compani achiev forecast set initi busi plant final pre retir programm belgian author maintain arrang involv transfer public resourc employ addit belgian author discret inclus worker firm benefit arrang criteria stipul law met applic compani recognis difficulti undergo restructur worker elig scheme ix assess measur procedur initi ecsc treati practic adopt final decis juli belgium reaction comment interest parti arriv june addit inform provid subsequ recit decis commiss made clear notic aspect treatment competit case result expiri ecsc treati case adopt final decis articl ec treati point notic event doubt express commiss initi procedur relat descript measur plan belgium state aid made clear commun case law clarif made commun judicatur concept state aid refer articl ec treati relev appli provis ecsc treati extent incompat treati 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 exist state aid disput fund provid sogepa constitut state resourc virtu mission sogepa action attribut walloon region exist aid element concern determin public resourc made carsid consid genuin contribut risk capit accord normal practic market economi investor decis initi procedur view fact invest carri privat sharehold carsid made kind directli direct stake purchas capit good group compani commiss express doubt hypothet privat sharehold carsid prepar agre make contribut cash order provid requir compani commiss note firstli account term mean belgian legisl capit contribut form physic asset equival capit contribut form cash affect analysi carri initi procedur duferco invest usinor incur risk regard firstli contribut eur million duferco invest commiss note amount immedi transfer duferco clabecq purchas continu cast plant carsid spend eur million transfer clabecq instal formal point view separ compani set sharehold commiss take view econom point view form part duferco group group take risk august duferco invest held duferco clabecq capit recit usinor contribut commiss note view notabl declar decis close instal contribut carsid usinor take risk contrari usinor receiv eur million duferco invest price sale part hold recit term agreement set carsid recit reduc possibl usinor incur loss decid electr plant view reduct contribut sogepa increas contribut duferco invest maintain eur million cash initi plan recit commiss note privat partner take risk expect return capit invest sogepa decis initi procedur commiss express doubt contribut line principl market economi investor notabl situat steel market situat compani duferco group cockeril sambr belgian author argument return invest presum demonstr public intervent accompani concomit signific privat back accept reason set recit decis clear usinor decis stake carsid directli link profit carsid conclud contrari instal contribut suffici profit usinor oper usinor avoid costli social secur plan hand fact duferco group readi risk amount eur million decis factor assess sogepa act normal market economi investor reason set place duferco gain direct benefit carsid sogepa gain fee purchas raw materi integr plant point view direct profit invest duferco greater sogepa agenc manag fee duferco receiv duferco clabecq duferco la louvièr turnov indirect return invest continu higher duferco sogepa fee line market practic belgian author claim duferco obtain profit compani sogepa obtain return capit invest carsid commiss consid equival investor oper normal market economi condit expect commiss estim basi carsid forecast cash flow optimist hypothesi favour carsid capac utilis constant cost continu oper intern rate return invest minimum rate requir view risk event rate belgian author invest steel industri view sensit carsid perform quantiti produc turn depend market situat rate lower point fact rate refer recit higher result calcul carri belgian author letter recit methodolog commiss accept calcul subsequ carri belgian author recit significantli estim termin invest termin valu belgian author result intern rate return obtain appli doubl count item depreci provis invest residu asset valu includ stock account forecast cash flow belgian author calcul account fact assum liquid compani plant realis tune initi account belgian author estim point fact termin invest assum continu oper gener measur earn power compani calcul discount rate forecast cash flow compani perpetu sogepa take account carsid indirect profit compani slab produc concern commiss consid sogepa posit minor sharehold compani justifi commit capit place carsid product arcelor repres small percentag output arcelor group set carsid neglig impact arcelor competit sogepa profit duferco clabecq duferco la louvièr concern figur put forward improv gross margin compani recit figur base assumpt maximum capac utilis duferco clabecq duferco la louvièr carsid market structur capac world level market flat product maximum capac utilis occur exception addit sogepa hold minor stake duferco clabecq duferco la louvièr carsid set combin loss amount eur million state steel market recit hope short term signific improv situat commiss note duferco clabecq compani difficulti undergo restructur purpos belgian legisl earli retir circumst commiss consid minor investor lost larg part initi invest obtain advantag similar partner background crisi situat market prepar commit fund view commiss consid minor investor oper normal market condit prepar contribut fund oper expect produc proper return partner main beneficiari involv walloon region carsid condit decis confer advantag carsid view fact steel industri subject keen competit intra commun trade steel product substanti aid liabl distort competit affect intra commun trade constitut state aid mean articl treati compat common market aid compat common market derog provid articl treati aid social charact grant individu consum intend make good damag caus natur disast except occurr similarli consid compat common market provis articl intend promot execut import project common european interest remedi disturb economi member state intend promot cultur heritag conserv commiss examin compat aid light derog provid articl carsid arcelor duferco clabecq duferco la louvièr form part steel industri defin annex multisector framework region aid larg invest project point framework region aid steel industri compat common market belgian author argu aid restructur aid point commiss commun rescu restructur aid closur aid steel sector make clear rescu restructur aid firm difficulti steel industri incompat common market commiss note expiri ecsc treati affect assess compat notifi measur common market substant law place consequ expiri ecsc treati point notic refer recit affect ban region invest aid xi conclus conclus commiss take view sogepa stake capit carsid constitut state aid incompat common market adopt decis articl financi hold société wallonn de gestion de particip sogepa amount eur million compani carsid sa propos belgium constitut state aid incompat common market measur implement articl belgium inform commiss month notif decis measur compli articl decis address kingdom belgium brussel octob commiss mario monti member commiss oj regul amend act access oj oj footnot busi secret begin compani found difficult econom financi situat led walloon author intermediari sw complet embark seri measur save compani includ bfr billion capit increas decemb commiss adopt neg final decis measur order recoveri aid paid commiss decis ecsc decemb ecsc steel forg de clabecq oj decis compet belgian court declar compani insolv januari hoogoven staal group acquir control compani difficulti april recoveri plan drawn situat continu deterior letter belgian author case nn duferco belgium oj regul amend regul ec oj case carsid raw materi tranship deep sea vessel barg barg river canal system load work mean doubl handl extra freight cost product tonn slab requir kg coal kg iron or extra eur tonn materi cost add eur eur tonn slab cost top labour cost higher belgium part eu labour product part due size oper poor add eur tonn singl mainten team product line singl stock replac part economi research develop simplif develop process logist synergi belgian author carsid forecast cash flow consid end termin eur million result residu plant initi account eur million ad month worth stock compani part carsid forecast cash flow consid end termin eur million arriv ad capit subscrib distribut profit depreci provis excess invest requir initi account instal belgian author subtract cost dismiss termin determin footnot oj join case ecr ii paragraph belgian author arriv duferco fee provid agenc contract conclud clabecq la louvièr manag fee studi carri intern level consult reput busi bank show manag fee turnov period ten year date compani restructur decis commiss take posit scheme oj oj