Thursday, July 21, 2005

It's very hard to be pro-EU sometimes...

There's been a lot of fuss about the European steel industry in recent months, with various spats with the US over tarrifs and production and the like. All fair enough - important industry and what have you.

But when you randomly read that a company which posted profits of about £287 million (zt1.7 billion) last year, and has been accused of dodgy transactions with those profits, is owned by a multibillionaire suspected of not being averse to trying to use his cash to influence elected officials (including Tony Blair)...

When you read that this company is currently getting subsidies to the tune of €750 million (c. £524 million), thanks to a special EU-authorised exemption, in exchange for doing, erm... not a lot really, you really have to start wondering what the pissing hell they're thinking.

Come on - someone who knows more about business than me - can you explain why a profitmaking company in a profitable industry owned by a multibillionaire whose personal fortune has risen so much he has jumped 59 places up the Forbes global rich list in the last year (to be named 3rd richest man in the world) should receive handouts?

2 Comments:

Blogger john b said...

Polish government subsidies permitted by the EU, not EU subsidies.

7/21/2005 12:54:00 pm  
Blogger Nosemonkey said...

So they are. Pissing hell - amateur. Edited.

I think I need a holiday... (24 days and counting...)

Still, what's the logic in subsidising such a well-off company? Not EU subsidies, but still a special opt-out, largely to the benefit of a profitable organisation owned by the third richest man in the world. Can't work it out.

7/21/2005 01:09:00 pm  

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