27. 10. 95 Official Journal of the European Communities No L 257/45 COMMISSION DECISION of 14 March 1995 concerning investment aid granted by Spain to the company Piezas y Rodajes SA, a steel foundry located in Teruel province (Aragon), Spain (Only the Spanish text is authentic) (Text with EEA relevance) (95/438/EC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, and in particular the first subparagraph of Article 93 (2) thereof, Having, in accordance with Article 93, given notice to interested parties to submit their comments, and having regard to those comments, Whereas : On 24 April 1991, the Commission adopted Decision NN 12/91 not to raise any objections to the aid for investment in a new firm granted to the Spanish company Piezas y Rodajes SA (Pyrsa) by certain Spanish public authorities at regional and local level. Pyrsa was established in September 1988 and operates in the steel foundry sector, producing sprockets and GET parts. On 30 July 1991, the British company Cook, which operates in the same sector as Pyrsa, brought an action to annul the above Commission Decision before the Court of Justice of the European Communities. In its Judgment () of 19 May 1993, the Court of Justice annulled Commission decision NN 12/91 ‘to raise no objections’ to several State aids granted to Pyrsa in so far as it related to aids other than the subsidy of Pta 975905 000 granted by the Spanish Government under a regional aid scheme approved by the Commission. The main reason for the Court’s annulment of Decision NN 12/91 was that, since the Commission had sought to rely on the absence of overcapacity in the sprockets and GET parts sub-sector but was not able to demonstrate that such was the case, it should have initiated the procedure under Article 93 (2) of the Treaty in order to ascertain, (") Case C-198/91, William Cook plc v. Commission, [1993] ECR 1-2487. after obtaining all the requisite opinions, whether its assessment was correct. 11 In accordance with the Court’s judgment, on 28 July 1993 the Commission decided to initiate the procedure laid down in Article 93 (2) of the Treaty in respect of the following aid granted to Pyrsa: 1. a non-refundable grant of Pta 182 million, 2. a guarantee to cover a loan of Pta 490 million for 11 years (both granted by the Autonomous Community of Aragon), 3. an interest subsidy of seven percentage points for five years on the above loan (granted by the Provincial Government of Teruel), 4. a donation of land worth Pta 2,3 million (granted by the municipality of Monreal del Campo). The decision to initiate the procedure was notified to the Spanish authorities by letter dated 6 August 1993. The letter was published in the Official Journal of the Euro- pean Communities(*) in order to inform the other Member States and interested parties. In the letter the Commission stresses that, in the absence of detailed veri- fication of the sectoral impact, the aid in question could not be eligible for any of the exemptions provided for in Article 92 (3) and, in such circumstances, would not be compatible with the common market. Accordingly, the Commission gave the Spanish Government notice to submit its comments and, more particularly, to provide all the information necessary for the sectoral analysis in question. The time taken for this final Decision on the aid in ques- tion is the result of the complexity of the case and of the considerable volume of information that had to be processed. After analysing all the relevant information () OJ No C 281, 19. 10. 1993, p. 8.