Steel dispute resolved

THE PROBLEM of overproduction of steel in the eastern Slovak steelmaker U.S. Steel Košice has finally been resolved.

The Slovak cabinet, US Steel, and the European Commission have agreed that as a compensation for the overproduction of steel in US Steel, the company's tax breaks promised by the Slovak cabinet will be cut by $70 million from the originally planned $500 million by 2009.

The company also agreed to pay $16 million as an additional tax to the Slovak cabinet in 2005, the Slovak daily Hospodárske noviny wrote.

Compiled by Martina Pisárová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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