No L 121/16 Official Journal of the European Communities 21. 5. 96 (Acts whose publication is not obligatory) COMMISSION COMMISSION DECISION of 7 February 1996 concerning aid to be granted by Ireland to the steel company Irish Steel (Only the English text is authentic) (Text with EEA relevance) (96/315/ECSC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Coal and Steel Community, and in particular the first and second paragraphs of Article 95 thereof, After consulting the Consultative Committee and with the unanimous assent of the Council, Whereas: I Over the last two to three years the Community steel industry has gone through its most difficult period since the beginning of the 80s. This was due to the general slowdown in the economy, with a slow but constant decrease in demand for steel and increasing over-supply, accompanied by a collapse in prices. In additon the inter- national market and the exchange rate of the dollar remained unsatisfactory, which together with pressure from imports, in particular from Eastern Europe, and a trade dispute with the USA affecting substantial Commu- nity exports to that market, combined to aggravate the financial situation of almost all steel companies in the Community. Overall there has been a slight recovery of demand and increased prices but prices are still below 1989/90 levels. The strength and duration of the cyclical upturn are uncertain. Moreover, the picture as between product sectors remains somewhat mixed. Demand for structural steel for the contruction industry remains weak, with high stock levels and downward pressure on prices underlining the continuing structural imbalance between supply and demand. I On 1 March 1995 the Irish Government notified the Commission of a restructuring plan for Irish Steel and the associated public financial assistance with which it intended to support it. The assistance comprised a total of £ Irl 50 million, made up of £ Irl 40 million in equity and £ Irl 10 million in guaranteed loans (£ Irl 2 million of which had already been drawn down). At the same time the Irish Government announced that negotiations could be opened for the possible sale of shares in and control of the company. On 4 April 1995 (') the Commission decided to initiate the procedure provided for in Article 6 (4) of Commission Decision No 3855/91/ECSC () (hereinafter referred to as ‘the Steel Aids Code’) to investigate whether the measures notified, together with a non-notified £ Irl 10 million loan guarantee granted by the Irish Government in 1993, were compatible with the common market. In the meantime the Irish Government continued with its efforts to find an industrial partner. On 7 September 1995, the Irish authorities effectively withdrew their earlier notification and submitted a revised notification to the Commission relating to the public financial assistance measures linked to the restructuring of the company within the framework of its sale to the privately-owned company Ispat International following an open bid procedure. () OJ No C 284, 28. 10. 1995, p. 5. @) OJ No L 362, 31. 12. 1991, p. 57.