Steel executive killing ends privatization plans

The killing of an executive by angry workers has ended plans to privatize a state-owned steel group in northeast China, the Financial Times reported, citing reports by the Hong Kong Information Centre for Human Rights and Democracy. Workers at Tonghua Iron & Steel, in Tonghua, Jilin province, reportedly beat unconscious interim general manager Chen Guojun late last week. Outside the factory a mob estimated to be as big as 30,000 prevented an ambulance and police from rescuing Chen. Riot police were deployed to bring the situation under control. Chen was an employee of Jianlong Group, a privately held steel company that was in the process of acquiring Tonghua. Jianlong had recently revived takeover plans for Tonghua after a rebound in the economy and steel prices. Tonghua on Friday issued a notice on local television saying the provincial government would ask Jianlong to scrap takeover plans.