EU court orders Italy to recoup $400m from Alcoa
The European Union's top court on Thursday ordered Italy to
comply with a directive by the bloc's executive arm to fully reclaim 295
million euros ($400 million) of state aid payments that were made to U.S.
aluminum giant Alcoa. Italy granted Alcoa Inc.'s local affiliate, Alcoa
Trasformazioni, preferential electricity prices for two production sites over
several years, but the commission in 2009 ruled that was market-distorting
state aid. Italy has said the subsidy amounted to 257 million euros, plus 38
million euros in interest. Alcoa has since shut down or idled the two Italian
production sites, citing uncertain prospects for economically viable long-term
power supply, rising raw materials costs and falling aluminum demand.
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