State aid for the restructuring of the Spanish steel industry from a European perspective (1975–1988)

Abstract

Given the serious crisis of the European steel industry between 1974 and 1986, the Member States of the European Economic Community allocated a large amount of public resources to avoid the bankruptcy of major steel undertakings and to facilitate restructuring of the sector. In this regard, what the Spanish government did in relation to the steel aids was no exception. The main difference between the Spanish and European Community steel policies was not so much on the amount of the public resources but rather on the use of them in the restructuring process, especially since the 1980s. So while in the EEC steel aids were granted only in exchange for the elimination of surplus capacity, in Spain not adjustment was made until its accession to the European Communities on 1 January 1986.