BRUSSELS – The European Union's top court has ordered Italy to comply with a directive by the bloc's executive arm to fully reclaim 295 million euros ($400 million) of state aid payments that were made to U.S. aluminum giant Alcoa.
The Court of Justice ruled Thursday that Italy must "take all measures necessary" to recover the sum owed "without delay." It said Rome has failed to fully comply with a European Commission decision to reclaim the money.
Italy granted Alcoa Inc.'s local affiliate Alcoa Trasformazioni preferential electricity prices for two production sites over several years, but the commission in 2009 ruled they were market-distorting state aid.
Italy has said the subsidy amounted to 257 million euros plus 38 million in interest. It wasn't immediately clear how much of the sum is outstanding.