Mining And Construction Tycoon [EN]: Chapter 12

Mining Tycoon and Construction Conglomerate – Episode 12

12. Pohang Steel, Park Tae-jong (1)

July 27, 1972. Nam-gu, Pohang City, Gyeongsangbuk-do.

Hol쭉이 [pronounced “Holjjugi,” likely a nickname] was in awe in front of Pohang Steel.

“Wow, this is incredible! What kind of construction site is this big? Are they building an entire village?”

“Yeah, you’re right, they are building a whole village.”

“Cough… Really?”

“Of course. It’s a large-scale construction that will take years to complete. Naturally, a village is needed for the employees and their families to live in.”

From the integrated steel mill to the nearby village.

It was being built over several years.

The workers were swarming around, moving busily without a moment to spare.

“This is no joke! They’re even building a harbor!”

“Of course, ships need to come and go. A large amount of cooling water is also needed for the cold-rolling mill.”

“Tae-soo, what kind of factory is this?”

“An integrated steel mill. It will become the leader of Korea’s steel industry.”

What kind of place was Pohang Steel?

It was one of the heavy and chemical industry promotion projects ambitiously prepared by President Park Chung-hee [the then-president of South Korea] to lead the country’s steel industry in the future.

Why else would he have sent Park Tae-jong, his closest aide and confidant, down to Pohang?

This place will undoubtedly become the best integrated steel mill in Korea.

“How much would it cost to build something like this?”

“It would cost at least $100 million, wouldn’t it?”

“Gasp! That much?”

Pohang Steel cost 120.5 billion won just to complete the first blast furnace.

The exchange rate in the 70s was about 330 won per dollar.

I heard that Park Tae-jong had a lot of trouble raising the remaining funds.

“Amazing. Where did that $100 million come from?”

“From the Claims Fund against Japan.”

The construction of Pohang Steel had many issues from the start.

This was because foreign institutions refused to lend money, so they couldn’t bring in foreign loans.

The reason was that Korea, as a developing country, had no reason to build an integrated steel mill.

In the end, Park Tae-jong and President Park Chung-hee decided to divert the Claims Fund against Japan [compensation received for the period of Japanese colonial rule].

Out of the total fund of $500 million, $100 million, which was reserved for agricultural and fisheries support, was poured into Pohang to build the integrated steel mill.

“Ah, now that you mention it, I heard about Pohang Steel on the radio. They said the blast furnace hasn’t been fully built yet, right?”

“But the heavy plate factory has been completed.”

“Heavy plate factory?”

“Heavy plate. Thick and wide steel plates mainly used for shipbuilding. The first sale will probably take place in a few days, right?”

Probably the first customer is Geumsan Shipyard.

This was also a shipyard that President Park Chung-hee was newly building as part of the heavy and chemical industry promotion project.

“Tae-soo, you know everything. How do you know all that?”

“I told Han-soo to find out in advance.”

“…”

“This much preparation is basic for coming all the way to Pohang.”

Tae-soo took out a bundle of paper from his pocket and handed it to Hol쭉이.

Hol쭉이 received the bundle of paper and read it quickly.

“No? There’s nothing about that here?”

Hol쭉이 quickly flipped through the bundle of paper.

“It’s all background checks on people. What is this? Why did you dig so deep into this Japanese guy?”

“He’s an important figure. You should take a good look at him too.”

Hol쭉이 was puzzled.

‘Why a Japanese guy at Pohang Steel?’

“You know I’m bad at memorizing.”

“Then think of it as the personal information of a drinking buddy you’ll meet later.”

“…Suddenly I can memorize it easily. He sounds like a fun friend.”

“You probably won’t have a chance to drink with him.”

“I’ve suddenly lost interest. Take this back.”

“…”

Tae-soo quietly looked around the construction site.

‘In another year, a huge blast furnace will be completed.’

On June 9, 1973, Pohang Steel will extract molten iron from its blast furnace for the first time.

The world had unanimously dismissed it, saying, ‘What integrated steel mill in a backward country like Korea?’

That’s why they refused to support the construction of the steel mill with loans, and no one expected it.

However, Pohang Steel is recorded as the only company in the history of the world’s steel industry to make a profit from the first year of operating the steel mill.

In 1973, the first year, it achieved sales of $100 million and a net profit of $12 million (approximately 4.6 billion won)!

This was an achievement made in just half a year of factory operation.

It was possible because Pohang Steel had a remarkable figure named Park Tae-jong.

Tae-soo asked a passing worker.

“Excuse me. Do you know where President Park Tae-jong is right now?”

“Where are you from?”

The steel mill is a national key facility that can produce war materials and belongs to a national security facility.

As such, security is strict and access is strictly controlled.

Tae-soo and Hol쭉이 were obviously not affiliated with the state, nor did they have an access pass equivalent to it.

“It seems that civilians have entered recklessly because there are many workers coming and going, but this is a place where big trouble can happen. Get out before you get caught.”

“Tae-soo, are we screwed?”

Hol쭉이 whispered to Tae-soo in a small voice, looking uneasy.

“I came to deliver something to President Park Tae-jong.”

Tae-soo confidently put his hand in his pocket.

A bundle of paper slightly came out from the inside.

It was then.

“Oh? Oh no? The, the brakes! It’s dangerous! Get out of the way!”

Vroom!

A truck is rushing towards this way at a tremendous speed.

With a lot of long steel pipes loaded on the back.

Clatter.

Perhaps it was because the worker had tied the bundle of pipes carelessly today.

The pipes begin to heave wildly, taking advantage of the loosened gap.

Crash! Bang!

The steel pipes that bounced off the truck rolled away with a loud noise.

Also, along the slope of the hill.

“Get out of the way!”

“Be careful!”

“It’s dangerous!”

The workers screamed and quickly jumped away.

Tae-soo and Hol쭉이 also jumped to one side to avoid it.

Rumble- Crash-

The steel pipe rolled over and covered the pile of materials stacked in the corner.

“No!”

The truck driver barely rolled out as if he was bouncing.

Bang!

The truck without a driver crashed straight into the factory pillar.

The factory pillar bends, and part of the factory wall leans to one side.

“Everyone get out!”

“Hurry!”

The workers who were concentrating on their work inside the factory were startled and ran out.

“Tae-soo!”

Hol쭉이 shouted in surprise as he saw Tae-soo running towards the driver.

The driver was half buried in the sand pile.

Tae-soo frantically dug out the sand and pulled out the driver.

“Oh no, he’s not breathing.”

Tae-soo hurriedly started CPR.

After a while, the driver finally took a breath.

Tae-soo wiped away the cold sweat.

“Hol쭉이, call an ambulance!”

“Chief Kim!”

At that time, a man in his late 40s ran out.

It was Park Tae-jong, the president of Pohang Steel.

Park Tae-jong grasped the situation at a glance.

“Take Chief Kim to the hospital! Prepare the car!”

“President, I’ll go.”

“I’ll go with you.”

“President, please take charge of the aftermath here. The workers are very agitated.”

Mumbling.

The workers who witnessed the accident were greatly agitated.

Everyone was half out of their minds.

“It was an incident that could have led to a major accident.”

“If we leave it like this, morale will drop significantly, President.”

Park Tae-jong nodded at the concerns of his subordinates.

“Okay. I’m counting on you to take care of Chief Kim.”

“I’ll be back.”

One person carried the truck driver on his back, and another person brought the car.

Park Tae-jong checked that they were leaving.

He looked around and shouted loudly.

“Is there anyone else who is hurt!”

Everyone is just whispering, but there is no mention of anyone being hurt.

“Each work group, check the senior and junior members! Are all the members safe!”

“I, I think they’re safe!”

“They’re safe!”

“Everyone is fine!”

Park Tae-jong stroked his chest.

But the workers couldn’t let go of their hardened expressions.

“President, one axis of the factory that we had built has collapsed, and the pile of materials has been completely destroyed…”

“That’s enough. It’s okay as long as no one is hurt. We can just rebuild the factory, and we can just buy the materials again.”

But the commotion doesn’t stop.

“Steel and construction are dangerous jobs where accidents happen the most! Keep your wits about you! Accidents happen in an instant!”

The workers raise their heads one by one and look at Park Tae-jong.

There was fear in their eyes.

“A big accident will happen if you take your eyes off it. First is safety, second is solidity, and third is certainty. Focus! Got it!”

There is no answer.

It’s definitely different from usual.

“Why isn’t there an answer! Got it!”

A mosquito-like answer is heard here and there with a time difference.

The atmosphere does not return easily.

‘This won’t do.’

Park Tae-jong closed his eyes for a moment and then looked back at the workers with intense eyes.

Park Tae-jong made eye contact with each person.

“Straighten your chest! Straighten your shoulders! And pick up your tools again! We must complete this task!”

Park Tae-jong slammed the shovel he was holding.

“You know better than anyone what money is being used to build this steel mill! It’s the compensation we received from the Japanese! It’s money that should go back to the people!”

Bang!

“If we don’t pay off the debt as soon as possible, how can we be called human beings! How can we face our ancestors who were violated by the Japanese and died!”

Park Tae-jong pointed to the accident site.

“If one day of construction is delayed, we will not be able to pay off one month of debt, and if one month of construction is delayed, one year of harvest will be delayed!”

The workers clenched their fists tightly.

“Think of the country, the nation, and our descendants!”

Park Tae-jong raised his shovel towards the sea.

“If we fail, we will commit an unforgivable sin against history and the people! At that time, we must all throw ourselves into the Yeongil Bay [a bay near Pohang] all at once! Have you all forgotten the promise we made when we took the first shovel!”

“We have not forgotten!”

The light begins to return to the workers’ eyes.

Some of them answered loudly with great spirit as usual.

Like soldiers.

“We have been given the enormous task of taking responsibility for and leading the country’s steel industry! We must complete this!”

“Yes, I understand!”

The workers’ eyes were different from before.

Most of them were soldiers who had shared life and death with Park Tae-jong.

They even took off their military uniforms to build an integrated steel mill.

They were true patriots who picked up shovels and ran for the country and the nation with patriotism alone.

“Everyone, focus and get back to work! Start!”

“Start!”

The workers participate in the work in an orderly manner.

Energetically aligned like well-trained soldiers.

As if the accident from earlier had not happened.

“Tae-soo. Is this a military unit or a construction site?”

“Well, I’m confused too.”

“This is the first time I’ve seen a construction site like a military unit.”

“Park Tae-jong is a military officer. That’s why he controls his subordinates like a military unit.”

“He lives with a lot of spirit. I should never get a job here.”

Hol쭉이 shuddered alone.

“Wait! You there!”

At that time, Park Tae-jong discovered Tae-soo and walked towards this way.

Even the way he walks is like a well-trained soldier.

“Are you the one who gave first aid to Chief Kim earlier?”

“Are you talking about the truck driver?”

Park Tae-jong threw the shovel far away and bowed his head.

“I’m late to greet you. I deeply appreciate your quick action.”

It was a precise movement.

After bowing politely, Park Tae-jong raised his head.

And he glared at Tae-soo and Hol쭉이 with eyes as sharp as a well-honed blade.

“But who are you? Why are you snooping around here? This place is equivalent to a military secret area.”

Tae-soo smiled.

“I’m Kang Tae-soo. I came here with a good business proposal.”