GREEK STEEL FIRM SOVEL'S INVESTMENT AID APPROVED BY COMMISSION.

The European Commission's has approved aid totalling over ECU 10 million destined to the Greek steelworks, Sovel, in Almiros. The aid in question, the Commission learnt, was given based on Greece's regional aid programme and was found to be compatible with Community rules governing state aid in the steel industry. The firm Sovel had acquired, in September 1996, the old assets of Metallourgiki Halyps, a firm that had been placed in liquidation after it went bankrupt in 1991. "Yet, as the plant had not been in use since the end of 1988", a statement read, "the Commission's services had been in serious doubt over the maintenance of production capacity during these years".

Following an inspection of the site made in...