China Steel Turns Up The Heat

Until a few months ago, C.Y. Wang was a prisoner of politics. As chairman of state-owned China Steel Corp., he needed approval from Taiwan's legislature on everything from employee salary increases to capital-spending plans. Most of those onerous reporting requirements ended in April, when the government sold off 20% of its holdings in Taiwan's largest steelmaker, reducing its stake to 48%. "They don't bother our daily operations anymore," says the 50-year-old Wang.

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