’Steel King’ Park Tae-joon dies

By Kang Seung-woo

Park Tae-joon, founder and honorary chairman of steel making giant, POSCO, died of lung disease, Tuesday. He was 84 years old.

Park, nicknamed “Steel king,” was one of Korea’s first-generation leaders in its industrialization that started from the ashes of the 1950-1953 Korean War and led it to become one of the world’s leading industrial powers.

According to officials at POSCO and doctors at the Shinchon Severance Hospital in Seoul, Park was treated last month after experiencing difficulty in breathing and was recuperating after an operation.

The Seoul-based hospital said that surgery was performed due to side effects from an operation to remove a tumor from his pleura in the United States 10 years ago.

However, Park was hospitalized last week after his lung condition deteriorated again.

He is survived by a wife, one son and four daughters.

“It is heartbreaking that such a great leader who greatly contributed to Korea’s industrialization,” President Lee Myung-bak said in a statement.

The Federation of Korean Industries (FKI) also offered its condolences on Park’s death, saying “The trailblazer of the Korean steel industry has passed away.”

“The steel sector has played a key role in Korea’s trade volume reaching $1 trillion and we cannot over-praise his achievements.”

The native of South Gyeongsang Province established Pohang Iron and Steel, a precursor to POSCO, with 34 employees in April 1968 after a four-year spell at Korea Tungsten, later renamed TaeguTec.

In the first 10 years of his reign, the Pohang-based firm evolved into a competitive player that produced 5.5 million tons of steel per year, and before stepping down in October 1992 Park paved the way for POSCO to become the global steel industry’s third-largest manufacturer. Currently, POSCO has an annual production capability of 37 million tons of steel.

Park is often seen as the undisputed godfather of the Korean steel industry and a great innovator.

He also has a storied career in politics.

Park, seen as an icon for the country’s economic growth drives and industrialization, entered the political arena by winning a parliamentary seat in 1981. Since then, he served as a four-term lawmaker.

He also headed the ruling Democratic Justice Party in 1988 and became a member of the Supreme Council for the Democratic Liberal Party in 1990, both of which were predecessors to the current Grand National Party.

He led the now-defunct United Liberal Democrats in 1997 and helped late President Kim Dae-jung win the presidential election the same year. In 2000, Park served as prime minister.

In honor of his accomplishments, POSCO founded the TJ Park Foundation in 2005 and it has annually awarded TJ Park prizes in the categories of science, education and community development, and philanthropy.

Park established Pohang University of Science and Technology (POSTECH) in 1986.