Report from the Commission - Monitoring of Article 95 ECSC steel aid cases, thirteenth report, May 2000
Date: 2000-05-03
Institutions: European Commission
Subjects: aid to industry, control of State aid, investment, iron and steel industry, production

COMMISSION OF THE EUROPEAN COMMUNITIES

Brussels, 3.5.2000
COM(2000) 261 final

REPORT FROM THE COMMISSION

Monitoring of Article 95 ECSC Steel Aid Cases, Thirteenth Report, May 2000

REPORT FROM THE COMMISSION

Monitoring of Article 95 ECSC Steel Aid Cases, Thirteenth Report, May 2000

Table of contents

Summary

Overview

Irish Steel, Ireland

Siderurgia Nacional, Portugal

Eko Stahl, Germany

Voest Alpine Erzberg, Austria

3

5

6

8

14

16

2

Summary

The Commission presents its Thirteenth Report on the Monitoring of Article 95 ECSC steel and
to its decisions of 4 April 19941, 21 December 19942 and
iron ore aid cases pursuant
29 November 19953.

In accordance with the above mentioned decisions, this thirteenth report will cover the following
companies: Irish Steel, Siderurgia Nacional, EKO-Stahl and Voest Alpine Erzberg. Since most
conditions imposed by the Commission in its decisions approving the aid are already fulfilled,
only the conditions still monitored by the Commission are addressed in this report.

1.

Irish Steel, Ireland

Investments carried out at Irish Ispat up to 31.12.1999 are in line with the planned ones.

Reported production and sales for the first half of the financial year 1999/2000 (from July
1999 to June 2000) are in line with the imposed limitations.

2.

Siderurgia National, Portugal

The monitoring is focused on following up the plan for installation of the electric arc
furnace, which according to a modified plan should be operational in the third trimester of
2001. The required reduction of workforce at SN Serviços is thereby further delayed until
this date. For this reason the Commission intends to extend the monitoring until 15 March
2002.

3.

Eko-Stahl, Germany

The only conditions still monitored by the Commission is respecting the annual capacity
the end of January 2000 and 1,5 million t/y as from
limitation (900 kt/y until
February 2000) of the new hot-rolling mill and the using of its production only for further
processing in the company. The capacity limitation is controlled by an electric device, the
orderly functioning of which is monitored by the Commission.

1

2

3

Decisions No 94/257-261/ECSC (OJ L 112, 3.5.1994, p. 52, 58, 64, 71, 77).
Decision No 94/1075/ECSC (OJ L 386, 31.12.1994, p. 18).
Decision No 96/269/ECSC (OJ L 94, 16.4.1996, p. 17).

3

4.

Voest-Alpine Erzberg, Austria

The price charged for iron ore was in line with market prices and higher than the price of
imported iron ore in the monitored period.

The decision authorised ATS 57 m. aid to be granted over 1999. The company applied for
ATS 51 m and ATS 47,8 m has finally been disbursed. The production exceeded the
ceiling provided by the Decision. However, the amount of aid disbursed was ATS 9,2 m
less than the amount of aid approved by the Commission for that year.

5.

Outstanding issues from previously monitored companies.

ILP

Investments performed in 1999 did not modify the total production capacity of the
company.

The arbitration of the dispute between Riva and IRI on the price paid for ILP, is not
concluded yet.

ACERALIA

In 1999, the total production capacity of the company has not been modified.

AHV-Ensidesa Capital

Social aid paid to the company in 1999 was in line with the approved aid.

Acenor

Social aid paid to the company in 1999 was in line with the approved aid.

Freital

No increase of remaining capacity took place in 1999.

4

Overview

Siderurgia Nacional, EKO Stahl, Irish Steel, Voest Alpine Erzberg

Aid Article 95 ECSC

aid Steel Aid Code

Capacity reduction

Redundancies

Required

Achieved

Remarks

Authorized

Granted

Authorized

Granted

kt/y

Date

Kt/y

Date

Plan

Achieved

100 %

60.12
bn Esc =
306 M

€

5.925
bn
(29,55 M

Esc
€
)

2.409
bn
(12,01 M

Esc
€
)

140

31.12.95

100%

31.12.95

1798

=

1732
96%

Redundancies behind plan, new
electric furnace now planned to
be fully operational 3rd trimester
2001.

900.62
mio DM =
461 M

€

38.298

M.IR£ (47.7
)
M

€

100%

385
DM

38.298
M.IR£ (47.7
M

€
)

mio
408
ÖS=
€
29.7 M

239,8mio
ÖS (17,42
M

€

-

mio

100%

361

31.1.95

100%

28.2.95

by

650
1999

195
1999

by

by

205
1996

209
1996

by

-

-

-

-

-

by

61

71
2002

Redundancies
schedule.

ahead

of

Compan
y

SN

EKO

IRISH
STEEL

VAEG

5

I.

Introduction

Irish Steel, Ireland

The Commission decided on 7 February 1996 (Commission Decision 96/315/ECSC)4 to
approve aid under Article 95 ECSC linked to the sale of Irish Steel Ltd (ISL) to Ispat
International amounting to a maximum of IRL£ 38.298 million, serving various purposes
toward the restructuring of Irish Steel (for details see the previous monitoring reports).

Under the terms of the decision the aid was approved subject to various conditions (for
details see previous monitoring reports).

At present, the only remaining conditions to be monitored are the respect of the production
and sales limitations until 30 June 2000 and the five years production capacity freeze up to
the end of May 2001.

The ninth monitoring report on Irish Steel Ltd (currently Irish Ispat Ltd.) covers the period
up to 31.12.1999, based on information submitted by the Irish authorities on 24 March
2000 in accordance with the Commission's decision.

II.

Production

Actual production of finished products in the period going from the beginning of July 1999
to the end of December 1999 was 145,059 tonnes. This is lower than the level of
production during the corresponding previous period. In order to respect the production
limitation of 361.000 tonnes imposed by the decision for the period July 1999 - June 2000,
production during the first half of 2000 should not exceed 216,000 tonnes. The following
table summarises the situation :

(thousands tonnes)

Finished Products Production

Year

Jul. to Dec.

Jan. to Jun.

Total

97/98

98/99

99/00

145

149

145

185

165

330

314

145

Limitation
/year

350

356

361

Sizes of beams produced were within the current range of sizes as communicated to the
Commission in November 1995.

Total billet production for the period July 1999 to December 1999 was 163,675 tonnes.
Production of billets for sale outside the company for the monitored period was 951 tonnes
(the limitation laid down by the Commission decision for the year 99/00 is of 90,000
tonnes).

4

OJ L 121 of 21.5.1996, p. 6.

6

III.

Sales

Sales of finished products in the monitored period totalled 141,227 tonnes compared with
154,101 tonnes of total sales in corresponding previous period.

The breakdown of sales by market for the period July 1999/December 1999 shows that
approximately 92% of sales or 131,135 tonnes went to European markets as defined under
the decision (i.e. Community, including domestic market in Ireland, plus Switzerland and
Norway). The limitation imposed by the Commission decision for European sales in the
period July 1999/June 2000 is 320,000 tonnes.

The Irish authorities have also provided information on prices. The Commission has
examined this information and concluded that the prices are within the normal range.

Production for sale to Community markets of ISL's largest U beams (Imperial), HE beams
(metric) and IPE beams during the second half of 1999, was 14,732 tonnes. Total
production for sale of these products into the European Community, plus Switzerland and
Norway,
in the period of 98/99 was 34.996 tonnes, slightly under the annual limitation of
35,000 tonnes as laid down in the Commission decision.

7

Siderurgia Nacional, Portugal

I.

Introduction

On 12 April 1994 the Commission approved5 PTE 60.12 billion6 aid to the Portuguese
public steel undertaking Siderurgia Nacional under Article 95 of the ECSC Treaty (see
details in the previous monitoring reports).

This aid was paid in 1994 and 1995.

In September 1994 the Commission approved under the Fifth Steel Aid Code:7

PTE 4.925 billion in social aid,

PTE 1.000 billion in aid for environmental protection.

By the end of 1999, social aid amounting to PTE 2.409,56 billion has been paid. The
remaining social aid and the environmental aid may still be disbursed.

Authorisation of the aid was subject to several conditions. The following conditions are still
monitored by the Commission :

replacement of the blast furnace at Seixal by an electric arc furnace (outstanding),

total workforce to be reduced by 1 798 employees by the end of 1996 (delayed),

The present report covers developments up to 31 December 1999 on the basis of information
provided by the Portuguese Government
in its twelfth monitoring report, which was
submitted, in line with the Commission’s request, on 21 March 2000. The present report
concentrates on the conditions still monitored by the Commission.

II.

Investments

SN Longos – Electric arc furnace

Under the initial restructuring plan (PERG), the blast furnace was to be replaced by an
electric arc furnace by the beginning of 1996. The Portuguese Government’s decision to
privatise the operating companies immediately, which was not envisaged by the initial
restructuring plan, and the approach taken by the authorities of leaving the final investment
decision to the new private shareholders in SN Longos have led to a three-year delay in
installation of the electric arc furnace.

After acquisition of the shares of RIVA group, the only investor left, MEGASA, has
submitted a plan for installation of the furnace that was discussed in the 12th Report, p. 8.
SN Serviços and Portugal informed the Commission that a supplementary delay occurred as
the furnace could not be constructed on the planned site for environmental reasons and as a

5

6

7

OJ L 112, 3.5.1994, p. 52.
PTE 1 billion = ECU 4.987 million (1.1.1999).
OJ C 390, 31.12.1994, p. 18.

8

property issue could not be settled in time. SN Serviços therefore decided to have the
furnace constructed on another site, using existing facilities which will, in the end, result in
the need for less civil construction work, but offers already received had to be modified and
a delay occurred.

The table below shows the new planning. The schedule published in the 12th report is put
between brackets.

Definition of the project and lay-out of the furnace

(April 1999) completed.

Analysis and attribution of the offers

(September 1999) March 2000

Engineering details

Civil construction works

Installing the equipment

Start of operations

Furnace fully operational

(December 1999) March 2000

(June 2000) 4th trimester 2000

(November 2000) 1st
2001

trimester

(January 2001)
2001

2nd

trimester

(July 2001) 3rd trimester 2001

The Commission is following the progress of the plan step by step. It needs to be stressed
that when the derogation was granted under Article 95 of the ECSC Treaty, replacement of
the blast furnace by an electric arc furnace was regarded as a key feature of the necessary
industrial restructuring of Siderurgia Nacional.

The restructuring cannot therefore be regarded as complete until that investment has been
carried out. Although there is currently no indication that the delay will make it necessary to
grant further aid to SN Serviços, the Commission has to monitor the completion of the aided
restructuring. Since the monitoring is at present extended until 15 September 2000 only, the
Commission intends to extend further the monitoring period until 15 March 2002 to cover
the whole period of the plan on the installation of the electric arc furnace.

III. Evolution of workforce

Reduction of the workforce is still lagging behind the initial plan. This delay affects only
SN Serviços and will therefore have no impact on the viability of the privatised companies.
The 447 workers still kept on by SN Serviços are necessary to operate the blast furnace,
which was initially scheduled to cease production by the end of 1996 but can only be closed
once the new electric arc furnace to be installed by SN Longos at Seixal enters into
operation.

9

The delay in implementing the initial plan concerned altogether 359 workers as at the end of
1998. The following tables show the evolution of the workforce and the forecasts:

1997 till 1999 and forecasts for 2000 and 2001

1997

1998

1999

2000*

2001*

SN Longos + Lusosider

925

SN Serviços

Total workforce

Reduction per year

1078

2003

233

Planned total workforce

1410

Deviation without delay
in replacing blast furnace

Deviation from plan

146

593

784

985

1769

234

1410

-

710

878

1588

181

1410

-

359

178

*Expected reductions during years 2000 and -2001

**Workers needed for dismantling the installations.

667

796

1463

125

1410

-

53

609

63**

669

-794

1410

-741

SN Longos is likely to increase its workforce once the new electric arc furnace is put into
service, so that the total workforce of the privatised companies will increase slightly after
the closure of the blast furnace.
target of 1 410 employees set by the
restructuring plan is expected to be achieved at latest during 2001 after closure of the blast
furnace.

The initial

10

Financing of redundancies:

Nature

Number of
workers

Art 56
ECSC

State (Art 56
ECSC)

Company1

Total

Costs in PTE million

510

442

67

174.4

174.4

34.3

383.1

266.1

266.1

986.1

1518.3

-

-

-

-

1019

440.5

440.5

1020.4

1901.4

25.8

23.4

-

49.2

30.2

15.8

25.8

23.4

-

49.2

30.2

15.8

2.0

1086.2

-

53.6

1133

-

1088.2

1186.6

-

706.0

60.4

737.6

798.0

70.04

46.0

46.0

706.0

35.02

35.02

-

1.4

1.4

105.94

108.75

1993 -

Early retirement

1996

Redundancy2

Other

Total3

1997

Early retirement

Redundancy2

Other

Total3

1998

Early retirement

Redundancy2

Other

Total3

1999

Early retirement

Redundancy2

Other

Total3

140

119

20

279

149

78

13

240

175

13

6

194

36.42

36.42

105.94

178.79

1

In accordance with Article 4(1) of the Fifth Steel Aid Code, a contribution from the State defrays 50% of
these costs.

2 Through mutual agreement (negotiated redundancy).

3 These figures do not correspond to the net reduction in the workforce given in the previous table because

the companies have hired some new employees.

In 1999 PTE 52.97 million in social aid authorised under Article 4 of the Fifth Steel Aid
Code was disbursed.

11

IV. Sales

The sales of billets on the Portuguese market by SN Serviços go exclusively to SN Longos.
Prices for these products are fixed on normal market conditions for a period of three
months. Residual steel production is sold on the market against market prices (Metal
Bulletin spot prices). The average prices achieved by the different product groups were
given in the monitoring report. The Commission has compared these prices with the
average market prices and considers them to be within the normal range.

V.

Financial performance

SN Serviços

The Portuguese authorities provided a full set of financial data and financial ratios in line
with the Annex to the Commission’s Decision. As set out in the 12th Report, SN Serviços
suffered during the first half year of 1999 from the general collapse of steel prices. The
large part of the losses were accrued during this period. Steel prices considerably improved
as from the second half year of 19998 and SN Serviços was able to realise a positive cash-
flow in the second half year of 1999. Its price arrangements with SN Longos (price fixed
for 3 months, see above), implying that market prices are followed at a distance, did not
allow SN Serviços to profit immediately from market price improvements. The company
hopes to return to profitability in 2000.

(PTE million)

Sales and services performed

Other income

1997

24 044

31

1998

21 741

89

1999

19 438

-949

Cost of sales

Personnel costs

Depreciation + provisions

Net financial charges

Other costs

Operating result

Gross profit

14 389

13 977

13 053

4 280

1 161

807

4 291

6

509

4 143

1 381

226

3 534

- 1 430

- 581

4081

954

211

3171

-2 981

-2 611

8

Price movement in line with steel market development, see the Commission's Forward Programme for
Steel for the year 2000, OJ C 27/2 of 29.1.2000.

12

VI. Aid

The aid authorised under Article 95 of the ECSC Treaty has been paid in six instalments
between March 1994 and June 1995 as explained in the fourth monitoring report. The
environmental aid approved under Article 3 of the Fifth Steel Aid Code has not so far been
paid. The use of the social aid approved under Article 4(1) of the Fifth Steel Aid Code is
explained above under II.3 (financing of redundancies).

13

EKO Stahl GmbH, Germany

I.

Introduction

On 21 December 1994 the Commission authorised9 DEM 900.62 million10aid to EKO
Stahl GmbH under Article 95 of the ECSC Treaty (see details in the previous
monitoring report).

On 21 December 1994 the Commission further approved11 regional investment aid of
DEM 385 million under Article 5 of the Fifth Steel Aid Code.

Authorisation of the aid was subject to several conditions. The following conditions are
still monitored by the Commission:

-

-

the new hot-rolling mill to reach a capacity of 900 kt/y by the end of 1997 and to be
kept at that level until the end of January 2000. As from February 2000, the
company is allowed to increase the capacity of this mill to 1,5 mio tonnes/year until
the end of January 2005 (monitored, see II),

the output of the new hot-rolling mill to be used only for further processing in the
company’s own cold-rolling facilities (so far observed).

The present report covers developments up to 29 February 2000 on the basis of the
information provided by the German Government
in its report submitted to the
Commission on 15 March 2000. The present report concentrates on the two conditions
still monitored by the Commission.

II. Capacity limitation

Limitation of the capacity of the new hot-rolling mill to 900 kt/y up until the end of
January 2000 and thereafter to 1.5 million t/y up until the end of January 2005 is
guaranteed by an electronic device that makes it technically impossible to exceed those
ceilings. This technical solution was accepted in principle by the Commission in early
1996. For further details on the system, see the fifth monitoring report. The system has
operated reliably and the records of the quantities produced have been regularly
submitted to the Commission.

The authorised capacity increase as from February 2000 posed technical problems to the
company as the electronic device is adjusted for the capacity year, which runs from July
to June.

9

10

11

OJ L 386, 31.12.1994, p. 18.
DEM 1 million = ECU 511 299.72 (1.1.1999).
OJ C 18, 17.1.1997, p. 7.

14

On 15 March 1999 the Commission therefore agreed to a proposal from the German
authorities that the production from July 1999 until July 2000 will be counted using the
average production of the two thresholds which results in a yearly capacity of
1,150 million t for the capacity year July 1999 - June 200012. The machine has been
adapted accordingly on 1 July 1999 and will be adjusted to 1,5 million t/y on 1 July
2000.

III. Production of the new hot-rolling mill

Hot-rolled strip produced in the new hot-rolling mill
cold-rolling mill.

is used exclusively in the

The production of hot rolled strip amounted to 775,026 tonnes in the period 1 July 1999
- 29 February 2000. For the period 1 March - 1 July 2000 the authorised residual
production is 374,974 tonnes.

12

Calculated as follows: (7/12 x 900 = 525) + (5/12 x 1,5 = 625) = 1,150.

15

Voest Alpine Erzberg GmbH, Austria

I.

Introduction

On 29 November 1995 the Commission approved13 state aid to Voest Alpine Erzberg
GmbH (VAEG) to enable it to close down its mining operations gradually up to the year
2002. Approved aid amounts to ATS 272 million14 to cover operating losses over the
period 1995-2002 and ATS 136 million to cover the costs of closing down mines safely
and in an environmentally friendly manner.

The following annual ceilings were approved for the different types of aid are indicated
below in the table under point 4.

Authorisation of the aid was subject inter alia to the following conditions:

-

-

-

the annual aid ceilings and the production ceiling as given in the table above were
not to be exceeded ( production ceiling exceeded; see under II.2.a),

the amount of operating aid was not to exceed the difference between production
costs and revenues (so far observed),

the price charged for iron ore was to be in line with market prices and was not to be
lower than the price of imported iron ore (so far observed).

This report covers developments up to 31 December 1999 on the basis of information
provided by Austria in its eighth monitoring report, which was submitted, in line with
the Commission’s request, on 15 March 2000.

II. New monitoring report

1.

The company

The company Voest Alpine Erzberg Gesellschaft mbH (VAEG) is held by ÖIA
Bergbauholding Aktiengesellschaft, which in turn belongs
to Österreichische
lndustrieholding Aktiengesellschaft, an industrial holding company wholly owned by
the Austrian State. VAEG is involved in the mining of low-density iron ore (~32 % Fe).
The company has only one client, Voest Alpine Stahl AG (VASA), which was privatised
in the autumn of 1995.

13

14

OJ L 94, 16.4.1996, p. 17.
ATS 1 million = ECU 72,672.00 (1.1.1999).

16

2.

Operating aid

(a) Production and sales

In 1999, VAEG produced 1,149 million tonnes of iron ore with an average content of
33.6% Fe and 589.662 tonnes of low grade products which VASA can use for the
blast-furnace burden (Möllerzusatzmaterial). These quantities were sold and delivered
to VASA. .

Production decreased from 1.3 million t/y in 1998 to 1,149 million t/y in 1999 but
exceeded the ceiling of 1 million t/y for 1999 provided in Article 1 of the Decision. The
Austrian authorities have indicated that this has led to a better operating result and to a
need for less aid than authorised.

The Commission is examining this situation in the light of the Decision and has asked
the Austrian authorities for information. The latter informed the Commission on 18
April 2000 that the situation was due to unforeseen circumstances. In the end of 1999 a
risk of collapse forced VAEG to explode part of the mine prematurely. The ore thus set
free was meant to be produced and delivered in 2000 only. VAEG decided to deliver it
already in the end of 1999 as an advance under the contract for 2000. The Austrian
authorities ensured the Commission that the advance delivery will consequently be
deducted from the authorised production in 2000 and that production ceilings will be
respected.

(b) Production costs

The production costs for the standard-grade iron totalled ATS 169.915 million, i.e. ATS
147,22 per tonne in 1999. The production costs for the low grade products totalled ATS
33.581 million,
i.e. ATS 56.95 per tonne. These amounts include closure and
rehabilitation operations carried out in 1999. A detailed overview of production costs is
given in the Annex.

(c)

Pricing

The standard-grade iron ore was sold at ATS 139.50 per tonne. This standard price was
set in December 1998 for the whole of 1999.

The low-grade material (Möllerzusatzmaterial) was sold at ATS 76 per tonne, fixed on
the basis of the market price for lime gravel (Kalkschotter).

price

average

low-grade material
of
The
(Möllerzusatzmaterial) results in ATS 99.60 per tonne. Including the costs of transport
to VASA/Linz, the price charged was ATS 667.50 per tonne Fe.

deliveries

iron

and

ore

for

The information submitted by Austria in its ninth report confirm the information given
by Voest Alpine Rohstoffbeschaffungs GmbH, a subsidiary of Voest-Alpine Stahl AG
responsible for the purchase of raw material, that the above price per tonne Fe for iron
ore is higher than the comparable price payable for imported iron ore.

It may therefore be concluded that the prices charged in 1998 were not lower than
required under Article 2 of the Commission’s Decision of 29 November 1995.

17

(d) Operating aid

The total losses incurred by VAEG in the first half of 1999 were ATS -52.158 million.

Of the total losses sustained in this period, ATS 23.233 million related to closure
operations. Further details on losses are given in the Annex.

The company requested ATS 51 million in operating and closure aid for 1999. Only
47,8 million ATS had to be disbursed. This amount is ATS 9,2 million less than the
maximum amount of ATS 57 million authorised for 1999 by the Commission (ATS 34
million operating aid and ATS 23 closure aid). The need for less aid is due to the fact
that VAEG was able to achieve higher cost savings than anticipated in the original plan
and achieved a better operating result due to a higher production than planned and
provided in the Decision.

3.

Closure aid

The authorised maximum amount of closure aid for 1999 is ATS 23 million. In 1999
ATS 17.8 million was paid, whereas the closure costs were ATS 23.233 million.

4.

Aid payments in relation to aid authorised

Total aid

Operating aid

Closure aid

(ATS million) Authorised

Paid

Authorised

Paid

Authorised

Paid

47

48

48

49

47.8

1995

1996

1997

1998

1999

2000

2001

2002

50

50

50

47

57

52

52

50

45

42

39

36

34

30

26

20

42

40

39

36

30

5

8

9

13

17.8

5

8

11

11

23

22

26

30

Total

408

239.8

272

187

136

52.8

18

5.

Evolution of workforce

The plan for reducing the workforce is as follows:

Workforce

1995

1996

1997

1998

1999

2000

2001

2002

Production

280

Closure operations

6

Total

286

276

10

286

273

13

286

230

13

243

219

20

239

242

20

262

210

31

241

181

34

215

Departing from the above plan, the workforce in production was reduced to 230 in
1998 as explained in the Eleventh Monitoring Report.
In 1999, workforce in
production was reduced to 219. Reduction of workforce is therefore ahead of plan.

19

Annex

Comparison of production costs and revenues in 1999

Iron ore

Low-grade product

Closure and
securing

Total

Production
(tonnes)

1 149 309.00 t

589 662.00 t

Costs

(ATS million)

(ATS/tonne)

(ATS million)

(ATS/tonne)

(ATS million) (ATS million)

(ATS/tonne)

Production

27,486

Extraction

43,371

Processing

48,476

Quality control

9,383

Transport

11,077

23.92

37.74

42.18

8.16

9.94

10,991

13,002

8,627

0,672

0,289

18.64

22.05

14.63

1.14

0.49

36,479

12.824

56,373

57,103

10,055

11,386

22.13

32.41

32.84

5.78

6.54

Overheads

29,400

25.58

29,400

16.91

Total cost of
sales

169,195

147.22

33,581

56.95

12,824

215,600

123.98

Revenues:

Iron ore

Low grade product

Sales (tonnes)

1 149 309.4 t

596 562.8 t*

Selling price

160,329

139.50/t

45,339

76.00/t

Deduction for
difference
in
quality

- 31,787

Total

1 745
872.2 t

205,666

- 31.787

Total

128,542

45,339

173,881

99.60/t

Difference

Operating
result

Aid

-40,653

11,758

-23,233

-52,128

30,000

17,800

47,800

*

The difference of 6.900 tonnes was sold out of stock.

20