After a riot in May last year, which saw work grind to a halt at the construction site of Formosa Plastics Group’s huge new steel mill in Vietnam, the company knew that it needed more than just strong finances and good engineers to bring the project into operation.
It needed someone well-connected in the industry to provide leadership and to ensure that the launch of its $10.5 billion steel investment project stayed on track.
So on August 1 last year, the Taiwanese industrial conglomerate announced Chen Yuan-Cheng as its choice to serve as vice-chairman and ceo of Formosa Ha Tinh Steel (FHTS)
after the resignation of former chairman Lin Hsin-Yi.
Five months later, on January 1 this year, Chen– a former president of Taiwan’s biggest steelmaker, China Steel Corp (CSC), and with over 40 years of experience in the industry – was named chairman of FPG’s steelmaking unit...