Seoul: So Long, Corporate Reform

Ssangyong's bailout shows how the government has lost its nerve

If any corporate dinosaur is ready for burial in the graveyard of old Korea Inc., it would seem to be Ssangyong Cement Industrial Co. Not only is Ssangyong losing money making a commodity that is in huge oversupply, but as flagship of one of South Korea's worst-managed chaebol, or conglomerate, the company has squandered billions on ill-advised forays into automobiles, ski resorts, and other sectors unrelated to its core business.

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