POSCO : Last words entreated, ``Become the world`s strongest POSCO``

- Laid the foundation for heavy industries, building the first steelworks on a land that knew no steel

- Devoting his entire life to the country-an officer during the Korean War and a CEO during the economic rehabilitation period

- The life of the `steel legend,` Tae-joon Park

`Steel king and Honorary Chairman, Tae-Joon Park, who built the first steelworks in Korea and laid the foundation for heavy chemical industries, passed away at the age of 84.

On December 13th at the Shinchon Severance Hospital, Honorary Chairman Tae-joon Park could not get up. He had difficulty breathing due to acute lung injury after lung surgery which was intended to treat side effects related to a fibrous tumor surgery that he had 10 years ago.

Honorary Chairman Park is a great figure in the history of steel, successfully building the first integrated steelworks with a firm will under the phrase `make steel, serve the country,` and developing the world-class steel company.

While America`s Andrew Carnegie achieved annual steel production capacity of 10 million tons within 35 years, Honorary Chairman Park achieved 21 million tons annually in his 25 years (1968~1992). With no technology or capital, he achieved more than twice the scale in less time.
POSCO currently has an annual steel production capacity of 37 million tons, the fourth amongst steel companies worldwide, and despite a deteriorating steel economy, is leading in market value and credit rating.
POSCO`s current competitiveness all was made possible by Honorary Chairman Park`s devotion and strong leadership based on the support of President Chung-hee Park and the people in the 1960s an 1970s.

In 1978, China`s Deng Xiaoping during his visit to Nippon Steel Kimitsu Works asked Yoshihiro Inayama, then chairman of Nippon Steel Corporation, to build a steelworks like Pohang Steelworks in China but received the response that, ``China doesn`t have Tae-joon Park.`` This was a famous instance noting Honorary Chairman Park`s leadership.

Born in 1927 in Jangan-myeon, Dongrae-gun, Gyeongnam (current Jangan-eup, Gijang-gun, Busan), Honorary Chairman Tae-Joon Park grew up in Japan and entered Waseda University to study mechanical engineering in 1945. However, as Korea became independent, he gave up his study and came back to Korea. He graduated from the 6th class of the Korea Military Academy in 1948.

He encountered President Chung-hee Park who was a professor at that time and conceived the great dream of building this land`s first integrated steelworks later on.

Going into reserve from his position as army major general in 1963, he became a businessman being appointed CEO of Korea Tungsten Company (KTC) in 1964 and accomplished a turnaround to profitability within a year. President Park who highly noted Honorary Chairman Park`s management capabilities gave him a special mission to build an integrated steelworks.

Since then, Honorary Chairman Park created a steel legend, overcoming many hurdles in building the steelworks with his unique strong determination and passion.

There are many episodes occurred during the construction process, which clearly show Honorary Chairman Park`s true character. For example, in 1967, as the international consortium created to support the integrated steelworks construction was broken up due to negative outlooks of the International Bank for Reconstruction and Development (IBRD), Honorary Chairman Park convinced each and every influential figure in Japan to support transferring the funds claimed from Japan, fully blooming the dream of the impossible integrated steelworks construction.
Additionally, the `make steel, serve the country` motto and `turn right` spirit, mental foundations of POSCO, were a common motto that brought everyone together when Honorary Chairman Park first started the construction. The motto of `make steel, serve the country,` which strives to build an integrated steelworks to stably provide the `rice of industries` and return the favor to the country, became the foundation base for POSCO. The `turn right` spirit also expressed his firm will to successfully build the steelworks which was based on the sacrifice of our ancestors, willing to throw themselves into the Yeongil Bay by turning right from the steelworks construction site if they could not succeed.

Honorary Chairman Park focused on building a corporate culture of freedom and responsibility to prevent the inefficiency and unreliability found in state-owned companies, and thus POSCO, which is the state-owned company, could grow into a world-class company.

Like the words of former President of France, Francois Mitterrand, when the country needed an army, he devoted himself as a commissioned officer, when the country needed a businessman for modern economy, he became one, and when the country needed a future vision, he became a politician and served. Believing this to be his supreme order, Honorary Chairman Park constantly devoted himself to the country`s development and also served as the 32nd Prime Minister.

In addition, he recognized the importance of R&D from early on and established Pohang University of Science and Technology (POSTECH) in 1986 and Research Institute of Industrial Science & Technology (RIST) in 1987, establishing the three-axis system of industry-academia-research through POSCO-POSTECH-RIST.

Honorary Chairman Tae-joon Park, who always followed the motto of `short life forever for the country,` never held a share of the company from the start of steelworks construction in the 1960s to when he was given the position of honorary chairman, living a life of purity.

In the year 2000 when he resigned from his position of Prime Minister, he sold his house in Ahyeon-dong, Seoul and gave it back to society. This house was purchased with the `special grant` presented to him by Chung-hee Park in 1961 who then served as the chairperson of the Supreme Council for National Reconstruction.

In his will, Honorary Chairman Tae-joon Park said, ``I am very satisfied that POSCO has grown to become a driver in Korea`s economy. I hope POSCO becomes the world best in the future through continued growth,`` showing undying love for POSCO which he devoted his life to. In addition, he asked POSCO employees to work with patriotism. He is survived by his wife, one son and four daughters.

``Why did we make this company? How have we developed this company? For our country to overcome poverty, we needed to build an integrated steelworks which is a key industry of the country. And amidst the crisis due to the betrayal of the international consortium, we transferred part of the funds claimed from Japan for revival. If our company struggles because of the conflict between the labor union and management, this is against our duties to the people and ancestors.

Our labor union and management must set an example, discussing with each other to improve what is lacking. We cannot be content in being a company that stably supplies the rice of industries to Korea, or earning dollars through exports. Pohang Steelworks in the centuries to come must always be the best and most dignified compared to any steel company in the world. Our company has this goal but it cannot be achieved without the proactive cooperation and participation of our employees.``
-From a speech to employees in 1990