reduced by 10% in the second year, 25% in the third, 45% in the fourth and 70% in  the fifth, and the duties being abolished altogether at the end of the transitional period.

2. The prices charged by undertakings for sales of steel on the Italian market, when  reduced to their equivalents at the point chosen for their price lists, may not be  lower than the prices shown in the lists in question for comparable transactions,  save where authorized by the Commission in agreement with the Italian  Government, without prejudice to the last subparagraph of Article 60( 2 )( b ).

Luxembourg

Article 31

In the operation of the safeguards provided for in Article 29 of this Convention, the  Commission shall take account of the exceptional importance of the steel industry to  the general economy of Luxembourg and the need to avoid serious disturbances in the  marketing of Luxembourg steel, given the special conditions under which this is  effected by reason of the Belgo Luxembourg Economic Union.

Failing other action, the Commission may if necessary draw on the funds at its  disposal under Article 49 of the Treaty up to the amount needed to deal with any  repercussions on the Luxembourg steel industry of the arrangements provided for in  Article 26 6f this Convention.

Done at Paris this eighteenth day of April in the year one thousand nine hundred and  fifty one.

ADENAUERPau1 VAN ZEELAND
J. MEURICESCHUMANSFORZAJos BECHSTIKKER
VAN DEN BRINK

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