All the arguments of Alcoa, Portovesme and Euralluminia rejected by the EU court. The appeals contesting the Commission's decision to consider the 2004 refunds by the Equalization Fund corresponding to the difference between the amount of the Enel tariff and that of the tariff established by a decree were also rejected as incompatible state aid under EU rules of 1995.
The Commission had stipulated that the aid in question should be recovered from the beneficiaries. As far as Portovesme is concerned, it is 12,845 million euros, while for Euralluminia the figure is much more significant, 5,208 billion euros. Alcoa Trasformazioni is the owner of two plants, one in Portovesme in Sardinia and the other in Fusina in Veneto, while Euralluminia resides in Portoscuso in Sardinia.
Alcoa is reviewing the court's decision but said the decision has no further effect on the company's capital. The group has also already repaid 250 million which the European Commission considered "state aid".
