Ssangyong strike serve as a cautionary tale for BAIC, Geely

Published: 05 Aug 2009 19:17:46 PST

Though it is not the biggest story that comes out of the Korean Peninsula today (the biggest is that Bill Clinton has secured the release of two American journalists sentenced to 12 years of hard labor in North Korea), it's absolutely an eye-catching piece that South Korean police commandos mounted a dramatic helicopter-borne raid on Wednesday to end a sit-in by strikers at a troubled auto plant, braving a hail of missiles and firebombs.

A quick glimpse of the mess: Workers fired nuts and bolts from slingshots, launched fire bombs, and have now barricaded themselves in a fireproof warehouse where they are willing to "die together."

Ssangyong in February won court protection from creditors as SAIC gave up management control. Court-appointed managers have since tried to turn it around through job cuts and cost savings.

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