As part of the privatization process, new Chairman Lee Ku-Taek began efforts to introduce a professional management and governance system of global standards for POSCO. Under the new governance system, management made accountability to shareholders a priority. POSCO also introduced a new performance-based evaluation and compensation system. Throughout most of its privatization drive, POSCO increased its revenue and business profit. Thanks to robust demand at home and in China, POSCO recorded the largest profits in the global steel industry in 2004. Net earnings from POSCO's array of steel products – used in everything from screws to skyscrapers – shot up 80% to $1.66 billion in 2004 from the previous year.