COMMISSION ORDERS REPAYMENT OF BULGARIAN STEEL RESTRUCTURING AID
December 1st, 2009
BY KEITH NUTHALL
THE EUROPEAN Commission has effectively ordered the Bulgarian government to recoup Euro 222 million in restructuring aid paid to bankrupt Bulgaria steel maker Kremikovtzi. After an investigation, the Commission concluded that Kremikovtzi had not followed a business plan it accepted as a condition of receiving special government restructuring subsidies. Normally these handouts are not allowed within the European Union (EU), but Bulgaria had permission to restructure its steel industry ahead of it joining the EU in 2007 under a 1994 'Europe ...
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