IN SHORT BUSINESS

Steel compromise in sight

THE EUROPEAN Commission will accept the overproduction of steel in Slovakia for this year, provided that the Slovak cabinet and U.S. Steel Košice agree to cut the cabinet's incentives for the steel giant.

Following a visit to Brussels, Deputy PM for EU Integration Pál Csáky said that the firm was inclined to accept such a solution. The position of U.S. Steel was not available.

As part of its negotiations with the EU, Slovakia agreed last year to limit the production of steel by U.S. Steel Košice to three percent more than its 2001 production level, at which the firm produced just over four million tonnes of raw steel.

Last year, however, output went up by 8 percent to 4.4 million tonnes, and this year it is expected to reach five million tonnes, reported the Slovak daily Hospodárske noviny.

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