For a member of a start-up joint venture, STELLA staff conducted environmental audits of three units producing graphite electrodes for steel plants in France and Italy. The audits were to verify compliance with existing and anticipated French and Italian environmental laws and regulations, as well as EU directives. STELLA staff evaluated the risks from discharges, emissions, and wastes from these units. STELLA staff then estimated the costs of bringing these units into compliance with current and future standards. The client used these cost estimates to revise its financial contribution to the joint venture.