Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 151

151. 44th. Stamp Collecting part.1 (5)

I proposed a second business plan to Bae Jaehoon, who had a satisfied expression.

“One more thing. We need to recruit researchers and engineers in the field of mine hazard prevention from the Coal Mine Rationalization Project Group on a large scale.”

“Those people?”

It might seem like a somewhat random suggestion, but there was a reason.

“Environmental issues will become a bigger topic than they are now, Vice Chairman. Environmental restoration will become as important as efficiently managing mines, so we need to have mine hazard prevention technology.”

The saying ‘The place where someone leaves is also beautiful’ applies to resource development as well. There was a sense of responsibility to clean up the land that would be polluted because of us, but…

‘All of that is done with money from resource development companies. The global mine hazard prevention project was worth $7.5 billion in the 2010s alone, wasn’t it?’

Overseas resource development companies pay contributions to restore the polluted environment around mines, oil fields, and gas fields when they operate them.

So.

If we have mine hazard prevention technology from now on, it will become another source of income. It also gives us an image of caring about environmental pollution, so the group can also see public relations benefits.”

Bae Jaehoon, who was listening to me, raised the corners of his mouth.

“That would be good. I was already thinking about how to recover the environmental restoration contributions, and that’s not a bad idea. We’ll get the image of caring about the environment, so we’ll kill two birds with one stone, haha.”

“This issue is also related to the heavy industry sector, including Haedong Cement, so it would be good to consult with Vice Chairman Lee Myungjin as well.”

After that, we talked non-stop about overseas resource development projects.

“Securing shares in the Sulawesi nickel mine in Indonesia, the Minas Gerais iron ore and niobium mine in Brazil, the lithium mine in southwestern Australia and Chile, and the platinum-palladium mine in South Africa… We won’t have to suck our thumbs because there’s no work, haha.”

Looking at Bae Jaehoon’s smiling face without a single wrinkle, I also responded with a smile.

“You don’t have to worry about money, Vice Chairman. The dividends I received from the company during the yen-carry trade are also growing, and the company trusts me and our group, so I will bring as much as possible.”

“It will cost a lot of money… Are you okay?”

Bae Jaehoon asked with a worried expression, but I also had a reason.

‘We have to secure them all within the next 6 years, Vice Chairman.’

Although you can guess without me telling you, China, whose economy will grow in earnest from 6 years later, will devour mines, oil fields, and gas fields on Earth indiscriminately. We need to take action before that.

I have all the methods to replenish funds in my head, so if the current plan is faithfully executed, we can plant the Haedong Group’s flag all over the world and make it my, our Hispania [historical region in the Iberian Peninsula, encompassing modern Spain and Portugal].

‘Just watch, Father-in-law. I’ll show you how I create the future of Shinseong Corporation that you envisioned but couldn’t see.’

I was curious what Jang Hogeon, who was shouting about overseas resource development as if spitting blood, would think when he saw Haedong Corporation 6 years later. By that time, he would be too busy struggling with the credit card crisis.

“I understand. It seems like we’ve talked enough about overseas projects…”

***

Bae Jaehoon, who paused for a moment, made an unexpected suggestion to me.

“What about Daehan Tungsten?”

“Daehan Tungsten?”

Daehan Tungsten was a company that operated the Sangdong Tungsten Mine, which had earned foreign currency for this country before industrialization, and had good financial resources, accounting for 25 percent of the funds for the establishment of the state-run Daehan Steel. After being taken over by the Keopyeong Group, they even built a cutting tool factory in Daegu…

Bae Jaehoon cleared his throat and said to me.

“The Keopyeong Group is on its last legs. We can eat that core business whole for 300 billion won, and we should plant our flag in that neighborhood this time. Shouldn’t we have connections to the opposition party guys?”

Through the mergers and acquisitions so far, our group has factories and offices all over the country except for the Daegu-Gyeongbuk area. If we acquire Daehan Tungsten, it would be like planting our flag all over the country except for Jeju Island.

“That’s also true, but even though China is exporting tungsten at a low price now, it will be too busy with domestic supply when its economy grows. The quality of Daehan Tungsten’s cutting tools is also recognized by Israel’s IMC [International Metalworking Companies]. It would be good to bring it in.”

‘I’m sorry to the old man who likes Cherry Coke, but I’ll have to take Daehan Tungsten.’

Originally, Daehan Tungsten would be acquired by IMC around next year, and then IMC would be acquired by Warren Buffett’s Berkshire Hathaway, and the sign would be changed to DaeguTec.

But.

The tungsten from Daehan Tungsten’s Sangdong Mine is a key strategic mineral for this country. Isn’t it a key raw material for ultra-precision cutting tools and anti-tank armor-piercing bullets?

Bae Jaehoon nodded and replied to me, who had decided to take Daehan Tungsten.

“Director Lee knows it well too. After the acquisition, it would be good to attach the Sangdong Mine to Haedong Corporation and the cutting tool factory to Haedong Heavy Industries.”

With that, we finished talking about the resource development project. Bae Jaehoon looked at his watch and let out a hearty laugh.

“It’s already almost 12 o’clock. Let’s talk about the pharmaceutical business on the way down. We’ll have lunch at the rest stop, is that okay?”

“Of course, Vice Chairman.”

Bae Jaehoon and I packed our bags with pleasant smiles.

***

We went down to the underground parking lot, got in the car, and were talking about the pharmaceutical business while driving down to Seosan.

“Biosimilar?”

I immediately opened my mouth at the word Bae Jaehoon uttered while looking at the documents I handed him.

“It’s also called a bio-copy drug, and it’s a business that makes drugs with similar efficacy to biologics whose patents have expired.”

“Hmm… a copy drug…”

Looking at Bae Jaehoon’s expression as he trailed off, it seemed like he thought it was no different from domestic pharmaceutical companies, but what can I do? I have to explain it step by step.

“Biosimilars are worlds apart from general medicine copy drugs in terms of technical difficulty, Vice Chairman. It will be a difficult path, but if we take the lead, we will be the first in the world.”

Bae Jaehoon exclaimed at the words “first in the world.”

“Oh… the first in the world…”

‘All the adults in our family seem like fighters.’

The biosimilar industry is a patience game that requires investing with the determination to lose money for more than 10 years. But he’s interested in being the first in the world… He’s a person who broke through the Arab ghatra [traditional headdress worn by men in the Arab world] market that Japan used to dominate in his younger days, so Bae Jaehoon also had a strong pioneering spirit.

“Yes. Unlike general medicines made by chemical synthesis, the degree of difficulty is high due to the polymer protein synthesis process. Therefore, even if you search all over the world, there are no biosimilar companies yet.”

Bae Jaehoon nodded at my answer, but he also looked sharply at the remaining documents.

“We now have the capacity to invest in the future, so there’s nothing we can’t do. We have to invest all the money we earn from the pharmaceutical business we absorbed when we acquired Hanko Group into that.”

I couldn’t help but smile when I heard Bae Jaehoon’s answer after putting down the documents.

‘We won’t make biological weapons, but if we keep going like this, Haedong Corporation will surpass Tricell, won’t it?’

Haedong Corporation deals with resource development and pharmaceutical business, textile materials and distribution within the company, and shipping and petrochemicals through wholly-owned subsidiaries. If we keep going like this, it seemed like we would surpass ‘Tricell’, which only existed in the game ‘Biohazard’ series that I often played to relieve stress.

However, we won’t become a black company like ‘Tricell’. We have to create a company that makes a lot of money and is enjoyable for its members so that the in-laws will be jealous and go crazy, right?

###

We drove on the road, parked the car in the rest stop parking lot, and went to the restaurant. We ate udon and kimbap that came out shortly after we ordered and checked the schedule.

“Should we stop by Dangjin before going to Seosan?”

Bae Jaehoon swallowed the udon noodles he was chewing in his mouth and said to my question after taking a sip of the soup.

“Isn’t it the place that will sell us the most if we develop iron ore and coal mines in the future, hehe.”

“That’s right, hehe.”

We both smiled at each other.

When the Haedong Steel steel mill being built in Dangjin starts operating, it will become the customer that will consume the most iron ore and coal produced by Haedong Corporation overseas. It was a matter of course to meet the ‘excellent customer’.

After a pleasant meal, we drove back on the highway. After driving for another hour, we arrived at the construction site of the Haedong Steel Dangjin Steel Mill.

“Welcome, Vice Chairman.”

“You’re working hard even at the end of the year, haha.”

Lee Myungjin, who was exchanging greetings with Bae Jaehoon in the reception room of the field office building, smiled awkwardly.

“How can I say it’s hard work? This place will be the future of our Haedong Steel, haha. Director Lee, you worked hard to come too.”

“No, Vice Chairman. The vice chairmen are also working hard to grow the group, so I, as a group strategy consultant, can’t just sit still.”

Lee Myungjin looked at me with a pleased expression.

“Our kids are also working hard because of Director Lee. Seongmoon and Seongwoo said that they will graduate with a bachelor’s degree and then get a master’s degree in graduate school and then join the company after completing their professional research personnel service, and Seongah said that if she enters the architecture department this time, she will also take civil engineering courses and get an architect and civil engineer license, haha.”

“Come to think of it, the vice chairman’s youngest must have taken the college entrance exam this time?”

Lee Myungjin smiled at Bae Jaehoon’s question, who intervened in the middle.

“Yes, Vice Chairman. I told the seniors on the faculty about our daughter’s grades, and they congratulated me, saying that she not only got the top score in the architecture department but also the top score in the engineering college, haha.”

Our uncle couldn’t hide that he was a father, and he started bragging about his children. Well, all three siblings are the top students in the engineering college at Seoul National University like him, so how proud would he be?

‘It’s very different from my past life.’

In my past life, when the family fortune had declined, they all went abroad and lived as executives of foreign conglomerates such as ThyssenKrupp, Siemens, and Bechtel, and didn’t even look at this country.

But.

I was curious what this life would be like. Aren’t the fourth generation of the Haedong Group, which will rise to become the best conglomerate in Korea, monsters that other second-generation conglomerate successors can’t even compare to? I felt like I had to work hard to earn money to grow the family and the group with my cousins.

The three of us sat down and drank the coffee that the employee brought.

“Is the steel mill construction going well?”

Lee Myungjin took a light breath at Bae Jaehoon’s question after taking the teacup from his mouth.

“Jang Hominnie did the civil engineering properly, so I’m relieved. The technicians are also absorbing people from Daehan Steel thanks to their layoffs. But… there’s something to discuss at the vice chairmen’s meeting.”

“What is it?”

“That’s… it’s a pretty big project, so it’s something that requires the consent of not only the vice chairman but also the other two. Let’s go to the table.”

Seeing Lee Myungjin hesitating so much, it seemed like it wasn’t a normal thing. Bae Jaehoon and I got up from the sofa with Lee Myungjin and went to the table.

“This can’t be…”

“…Uncle?”

Bae Jaehoon and I couldn’t close our mouths at the large and magnificent steel mill blueprint placed on the table.

***

“Heo, heh, hehe, hehehe…”

“Ahahaha…”

Lee Myungjin smiled bitterly as he looked at us, who were letting out hollow laughs.

“The efficiency and profit of the steel mill equipment improve from the 3rd blast furnace in an integrated steel mill. Therefore, we will build an integrated steel mill with 6 blast furnaces of 4 million tons or more by 2020. We are also purchasing surrounding land and plan to expand the blast furnaces in the future to increase them to 30 million tons.”

‘I can earn the money to build the steel mill and push it, but… if it’s built like this, it will be bigger than the Gwangyang Steel Mill, won’t it?’

Our uncle couldn’t hide that he was a man from the engineering college. He’s going to build the world’s largest integrated steel mill?

I couldn’t hide my surprise at the huge plan that would cost tens of trillions of won, and I looked at the blueprint, and my eyes stopped at the pier to unload the raw materials and the area to be in charge of storage.

‘Oh? Did Uncle do this?’

As in the case of the Taehyun Group acquiring Hanko Steel, the pier, unloading facilities, and storage warehouse were all treated as closed type. Curiosity was piqued, so I asked Lee Myungjin.

“Are you going to treat everything from unloading raw materials to storage as closed?”

“Gwangyang Steel Mill and Pohang Steel Mill both use open-air storage methods, so there are a lot of complaints about iron ore and coal dust, Director Lee. Even if making money is the top priority for a company, you can’t do business while being criticized, right?”

“That’s right, haha.”

I let out a low exclamation at Lee Myungjin’s answer, but I also smiled. Bae Jaehoon, who was watching us from the side, also laughed heartily.

“Hehe, Vice Chairman or Director Lee can’t hide that they are the chairman’s blood, can they?”

“What do you mean, Vice Chairman?”

Bae Jaehoon opened his mouth as he looked at Lee Myungjin, who was blinking his eyes.

“When I was talking to Director Lee about the resource development project this morning…”

When Bae Jaehoon told him about the establishment of hospitals in mining villages in developing countries and research on mine hazard prevention technology, Lee Myungjin also exclaimed and nodded.

“That’s a good idea, Vice Chairman. Haedong Cement also had a lot of concerns about mine hazards… I would like the heavy industry sector to participate as well, haha.”

“It’s fortunate that the vice chairman is taking the lead. We will work hard to set up the market overseas, so the heavy industry sector will take charge of all mine development construction and maintenance.”

Lee Myungjin’s eyes flashed fiercely at Bae Jaehoon’s suggestion. It seemed like our uncle couldn’t hide his grandfather’s blood as a businessman.

***

After that, Lee Myungjin brought up a story that would be tempting for the group.

“Did the creditors ask you to take over Sammin Special Steel?”

“Yes. They said that they would forgive 1 trillion won of the 2 trillion won in debt and transfer 100 percent of the shares for 200 billion won, so they asked us to take it over. We reviewed it internally, and it’s not a loss-making business.”

Sammin Special Steel, which was the largest and most burdensome item for sale in the Sammin Group, which went bankrupt last year.

Among the conglomerates that handle steel, Shinseong, Taehyun, GK, and Daehan Steel are all focused on restructuring, and the Daeju Group is focused on overseas projects, shouting ‘Global Management’ and ‘Tank Management’. In the current Republic of Korea, Haedong Group was the only place that could take over Sammin Special Steel.

‘It seems like the creditors are very urgent.’

The creditors seemed to have sought out Lee Myungjin with the calculation that they would secure a stable and excellent customer even if they suffered a temporary loss. Unlike other groups burdened with debt ratios of 300 or 400 percent, Haedong Group’s debt ratio was far below 50 percent, wasn’t it?

While I was intoxicated with the reward for working hard going back and forth to the United States for 5 years, Bae Jaehoon cleared his throat at Lee Myungjin’s earnest eyes, as if asking him to buy a good toy.

“Hmm… I have to go through the vice chairmen’s meeting, but I will approve it. If we acquire Daehan Tungsten, we have to hand over the cutting tool factory to Haedong Heavy Industries. But, what is the debt ratio of Haedong Steel?”

“It has been lowered to 30 percent while disposing of all the dollars we have accumulated so far, and we have accumulated about 700 billion won in cash. Even if we bring Sammin Special Steel and Haedong Special Steel under Haedong Motors and merge them, it will be suppressed to 60 percent.”

Bae Jaehoon smiled as he watched Lee Myungjin pat his chest with a confident expression.

“Don’t overdo it, Vice Chairman. Haedong Corporation can acquire it and attach it to Haedong Steel. Haedong Steel should focus on the steel mill construction, haha.”

“Thank you, Vice Chairman.”

Lee Myungjin bowed his head, and Bae Jaehoon turned his head to me as he watched the scene.

“Director Lee, what do you think? About acquiring Sammin Special Steel.”

“I agree too, Vice Chairman. It is important to build a blast furnace to produce high-quality steel, but having a special steel factory will also help produce parts, including automobile engines.”

Bae Jaehoon, who nodded as if it was natural after hearing my words that answered based on vertical integration, had an expression as if he had missed something.

“But, will Daehan Steel stay still? If we build a blast furnace and acquire a special steel factory, won’t they try to disrupt the material supply?”

“The president-elect is on our side, but the term is 5 years… After hearing what the vice chairman said, I feel uneasy.”

Lee Myungjin’s expression hardened at Bae Jaehoon’s concern. It’s my turn to step in this time.