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| Hungarian steel producer Dunaferr investigation closed The European Commission has closed its in-depth investigation into investment aid in the from of a tax relief for Dunaferr, the largest Hungarian steel producer, part of the Donbass/Duferco group. Since the Hungarian authorities informed the Commission that Dunaferr was no longer eligible for the aid and it had not been paid out yet, the investigation has become without object. On 16 April 2008, the Commission launched an in-depth investigation as it had serious doubts whether the aid to Dunaferr would respect the provisions of the EU 2002 Multisectoral framework on regional aid for large investment projects. The latter prohibits aid for investment projects in the steel industry because of the structural problems in this sector. However, in the course of the investigation Hungary informed the Commission that Dunaferr had decided not to avail itself of the tax relief and had withdrawn its application to the national authorities. As Dunaferr was intended to benefit from the tax relief as of 2009 only, no aid has been paid out yet. write your comments about the article :: © 2008 Construction News :: home page |