The privatisation of a state steel company in China has been scrapped after an executive was beaten to death by workers angry at the threat to their jobs from a takeover of the business, according to a Hong Kong rights group.
The riot in north-east China late last week involved up to 30,000 workers, a reminder of the sensitivity about lay-offs from state companies in industries targeted for consolidation. The government laid off about 50m workers in state enterprises in the 1990s, but many companies retain bloated staffing rosters.
Tonghua Iron & Steel, a traditional state enterprise, has about 50,000 workers and has struggled to make consistent profits in recent years, making it a prime target for restructuring by its owner, Jilin province.
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