The Spanish cabinet agreed a 223.33 billion peseta aid package for the steel industry to restore the sector to profitability by 1989 Industry Minister Luis Carlos Croissier said. He told reporters at a news conference the money would be shared among four state and privately-owned mills which now operate at a loss. The funds will be used to help modernise the industry increase productivity and cut production to 17.5 mln tonnes a year from a current capacity of 18.2 mln tonnes.
SPAIN APPROVES AID FUNDS FOR STEEL INDUSTRY