Dinosaur Rescue In China

A state steelmaker's painful makeover

It's a company struggling to compete in an industry plagued by global overcapacity. The workforce probably has 70,000 people too many. Scandals have swept away its top executives, and now, environmentalists want to shut its main factory down. Those are just a few of the issues facing China's Shougang Corp., a steelmaker with $2.7 billion in revenues that is one of the country's biggest and oldest state-owned companies.

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