Another Surprise Shocks the Nation [30-12-2011]
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The death of the late founder and honorary chairman of global steel company POSCO brought grief and sadness to countless corporate leaders and workers in the nation’s various industries. The recent announcement that the steel giant left no personal assets before his passing surprised many individuals. Park Tae-joon was a corporate giant who was recognized as a prominent national figure behind the success of POSCO and the rise of the nation’s industrial age. He also left a household name through his political stints during Kim Dae-jung’s presidency.

What is surprising is that despite the public perception that the main man of POSCO would have accumulated a considerable amount of personal wealth, his surviving family has announced that Park didn’t leave any property under their name. The company’s growth boasted and experienced a cumulative production amounting to 4.5 percent of the total world volume of crude steel. POSCO reached 50.2 trillion won in sales and 4.4 trillion won in operating profits just last year. Despite the company’s drastic growth as a global steel producer, Park had never raked in any personal profits.

Although Park often dabbled in the political arena and was known as a modest person, the truth of his wealth was a huge surprise. Park’s family spokesman and his company’s financial advisory firm have confirmed that Park owned neither a house under his name nor stocks. Furthermore it has been discovered that even during the early days of his company, he never enjoyed an affluent life.
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