Park Tae-joon
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Park Tae-joon (; October 24, 1927 – December 13, 2011) was a South Korean business tycoon and politician who briefly served as the
prime minister of South Korea The prime minister of the Republic of Korea () is the deputy head of government and the second highest political office of South Korea. The prime minister is appointed by the president of the Republic of Korea, with the National Assembly's appro ...
in 2000. His most renowned accomplishment includes founding of
POSCO POSCO (formerly Pohang Iron and Steel Company) is a South Korean steel manufacturer headquartered in Pohang, South Korea. It had an output of of crude steel in 2015, making it the List of steel producers, world's sixth-largest steelmaker by thi ...
and growing it into one of the world's largest and most successful steel companies during his multi-decade tenure as chairman and CEO. For this, he was often called the "Korean
Andrew Carnegie Andrew Carnegie ( , ; November 25, 1835August 11, 1919) was a Scottish-American industrialist and philanthropist. Carnegie led the expansion of the History of the iron and steel industry in the United States, American steel industry in the late ...
". Earlier in his life, he served in the South Korean Army and led several platoons during the Korean War and eventually reaching the rank of Major General. He also founded POSTECH (leading research university in Korea), the
Pohang Steelers The Pohang Steelers (Hangul: 포항 스틸러스) are a South Korean professional Association football, football club based in Pohang, North Gyeongsang Province that compete in the K League 1, the top flight of Football in South Korea, South Ko ...
soccer team, and the POSCO TJ Park Foundation which was preceded by the Steel Scholarship Foundation. His pen name was Chungam.


Early years

He was born on October 24, 1927, in
Busan Busan (), officially Busan Metropolitan City, is South Korea's second list of cities in South Korea by population, most populous city after Seoul, with a population of over 3.3 million as of 2024. Formerly romanized as Pusan, it is the economi ...
. When he was six years old, he moved to Japan where his father was working, but returned to his homeland following Korea's independence.


Education

Whilst in Japan he entered the
Waseda University Waseda University (Japanese: ), abbreviated as or , is a private university, private research university in Shinjuku, Tokyo. Founded in 1882 as the Tōkyō Professional School by Ōkuma Shigenobu, the fifth Prime Minister of Japan, prime ministe ...
, but returned to Korea without graduating. Following his return he studied at the
Korea Military Academy Korea Military Academy (KMA) is the leading South Korean institution for the education and training of officer cadets for the Republic of Korea Army. Along with the Korea Army Academy (Yeongcheon), it produces the largest number of senior offi ...
and became a 6th Graduate, followed by a time of study at National Defense University Graduate School. In 1945, Park Tae-joon, who was studying mechanical engineering at Waseda University in Japan, returned to Korea after the liberation and immediately enrolled in the 6th class of the South Korean Military Academy (Korean Military Academy). During his cadet years, he formed a teacher-student relationship with Captain Park Chung Hee, who was then the commander of the 1st company and an instructor in ballistics. After being commissioned as a lieutenant, he experienced the Korean War firsthand, dedicating his youth to defending the country with his exceptional leadership skills. Following the military coup on May 16, 1961, Park Tae-joon was selected by Park Chung Hee, the chairman of the Supreme Council for National Reconstruction, to serve as his chief secretary and later began working as the highest-ranking official in charge of industry and commerce. He and other Korean military officers completed a bachelor's degree in a four-year standard university as required by the government. They had served in the army without completing a standard degree course after the liberation and it was the government's measure to build the Korea Military Academy (then called the South Korea Guard Academy) for officers to have a standard degree course (after 11th graduation). The government had noticed that they needed a commissioned education for officers to have bachelor's degree course in government level. The degree awarded from
Dankook University Dankook University (commonly referred to as Dankook), abbreviated as DKU, is a private research university in Yongin and Cheonan, South Korea. The university was established in 1947. It was the first university established after the National Lib ...
is the only one which is acknowledged by Korea.


Military service

In 1948, Park graduated from the
Korea Military Academy Korea Military Academy (KMA) is the leading South Korean institution for the education and training of officer cadets for the Republic of Korea Army. Along with the Korea Army Academy (Yeongcheon), it produces the largest number of senior offi ...
and was then commissioned as shavetail. He was awarded the Chungmu Order of Military Merit and the Hwarang order of military merit after participating in the
Korean War The Korean War (25 June 1950 – 27 July 1953) was an armed conflict on the Korean Peninsula fought between North Korea (Democratic People's Republic of Korea; DPRK) and South Korea (Republic of Korea; ROK) and their allies. North Korea was s ...
. He did not take part in
May 16 coup The May 16 military coup d'état () was a military coup d'état in South Korea in 1961, organized and carried out by Park Chung Hee and his allies who formed the Military Revolutionary Committee, nominally led by Army Chief of Staff Chang Do ...
, but entrusted his family in case of failing
Park Chung Hee Park Chung Hee (; ; November14, 1917October26, 1979) was a South Korean politician and army officer who served as the third president of South Korea from 1962 after he seized power in the May 16 coup of 1961 until Assassination of Park Chung ...
. After the coup, he became a member of commerce radeand industry in Nation re-building supreme council and had a part in the first five-year Korea economic development plan. In 1963, Park was discharged as a Major General. He was awarded the Chungmu Order of Military Merit (1950, 1952), the Hwarang order of military merit (1951, 1953, 1954), the Order of Civil Merit, the Rose of Sharon Medal (1974), the National Order of
Legion of Honor The National Order of the Legion of Honour ( ), formerly the Imperial Order of the Legion of Honour (), is the highest and most prestigious French national order of merit, both military and civil. Currently consisting of five classes, it was ...
(Légion d'honneur) (1990), the Norway order of military merit (1991). After his death, he was conferred posthumous honors of the Ching anchudynasty presented merit. He was granted an honorary engineering doctorate degree from
Carnegie Mellon University Carnegie Mellon University (CMU) is a private research university in Pittsburgh, Pennsylvania, United States. The institution was established in 1900 by Andrew Carnegie as the Carnegie Technical Schools. In 1912, it became the Carnegie Institu ...
, The University of Sheffield,
Birmingham University The University of Birmingham (informally Birmingham University) is a Public university, public research university in Birmingham, England. It received its royal charter in 1900 as a successor to Queen's College, Birmingham (founded in 1825 as ...
, and The University of Waterloo. He was also granted an honorary doctorate in economics from M.V. in Russia.


Commercial life

After he transferred to the first reserve, he became the president of
TaeguTec TaeguTec Ltd. (), formerly known as Korea Tungsten Company, is a multi-national corporation, multinational corporation headquartered in Daegu, Korea. TaeguTec group has 26 overseas subsidiaries, over 130 distributors and 30 agents in 50 countri ...
in 1964. One year later, the company turned around from deficit. To this day, TaeguTec is one of the only Korean companies that Warren Buffett has invested in. He became the president of
Posco POSCO (formerly Pohang Iron and Steel Company) is a South Korean steel manufacturer headquartered in Pohang, South Korea. It had an output of of crude steel in 2015, making it the List of steel producers, world's sixth-largest steelmaker by thi ...
in April 1968. 10 years later, POSCO was a global company, and by 2010 was the world's third largest steelmaker.


Political activities

In 1980, Park entered the political world because of the possibility of being appointed as the first member of the Nation Preservation Legislation Council. He was elected to be the 11th member of the National Assembly under the
Democratic Justice Party The Democratic Justice Party (DJP; ) was the ruling party of South Korea from 1981 to 1990. History Chun Doo-hwan had become the country's de facto leader after leading a military coup in December 1979, and was elected president in his own r ...
and he served as a director of the finance committee in the National Assembly. After three similar parties were merged, he became chairman of the Democratic Liberal Party. Park resigned as president of POSCO in October 1992. In the beginning of POSCO's establishment, Park used it to protect himself from political draft. He laid down the president position right after the establishment of a new government of discord with
Kim Young-Sam Kim Young-sam (, ; 20 December 1927 – 22 November 2015), often referred to by his initials YS, was a South Korean politician and activist who served as the seventh president of South Korea from 1993 to 1998. From 1961, Kim spent almost 30 ye ...
and his government. He submitted a letter of resignation in October of 5th, 1992. Park's honorary president rejected the position of election task force from Kim Young-Sam's Democratic Liberal Party. On the same day, POSCO had an emergency board meeting to reverse his decision of resignation from POSCO. Discord with Kim Young-Sam caused Park to resign from his position in the National Assembly. Park wandered from place to place abroad because he was suspected of taking about 3.9 billion from POSCO sub-venders. There was a widespread doubt that there was to be any targeted investigation of him. In 1997, he successfully came back and was elected as a member of the National Assembly in Buk-gu Pohang by blaming President Kim for the economic failure. He became the chairman of the Liberal Democratic Party, then supported Kim Dae Joong for the 15th presidency with Kim Jong Pil. He took office as the chairman in the government of Kim Dae Joong in 2000, but he resigned his spot because the government wrongfully accused him of property fraud.경제부총리, 당연직 총리대행(?) - 동아일보
/ref> The accusations were later found to be false by a Korean court. In his later years he participated in awarding the Chungam prize every year.


Awards and achievements


Awards

According to authorities of POSCO, "The National Commission give an award to Park Tae-joon for contributing to national development." The National commission also remade 6 out of his 7 medals (2 Chungmugong medals, 3 Hwarangmugong medals, Mugunghwa medal, Gumtap-industry medal) as a memorial to him. The National Commission placed 6 remade medals except for Gumtap-industry medal at the mortuary during his funeral.박태준 포스코 명예회장 별세(3보)
/ref> He was awarded the
Bessemer Gold Medal The Bessemer Gold Medal is awarded annually by the Institute of Materials, Minerals and Mining (IOM3) "for outstanding services to the steel industry, to the inventor or designer of any significant innovation in the process employed in the manufact ...
by the Institute of Metals in 1987. He was awarded the National Order of
Legion of Honor The National Order of the Legion of Honour ( ), formerly the Imperial Order of the Legion of Honour (), is the highest and most prestigious French national order of merit, both military and civil. Currently consisting of five classes, it was ...
(Légion d'honneur) in 1990.


Achievements


Management of POSCO

According to Japan's Mitsubishi Research Institute, POSCO was able to succeed as a leader in promoting venture leadership and insight. Chairman Park Taejoon has demonstrated sufficient commitment to the creation of
Harvard Business School Harvard Business School (HBS) is the graduate school, graduate business school of Harvard University, a Private university, private Ivy League research university. Located in Allston, Massachusetts, HBS owns Harvard Business Publishing, which p ...
and
Seoul National University Seoul National University (SNU; ) is a public university, public research university in Seoul, South Korea. It is one of the SKY (universities), SKY universities and a part of the Flagship Korean National Universities. The university's main c ...
. The major factor in the success of POSCO is "outstanding leadership of President Park Taejoon". In addition, in a Stanford Business School study released a report that called the "outstanding leadership of President TJ Park" critical to the development of South Korea. He created apartment complexes for the employees of POSCO, while paying more attention to the composition of the highest level of housing complexes, including preschool for children was established.


Contributions to education and science

He established Pohang University of Science and Technology in 1986. In 1971, he established the Steel Scholarship Foundation with a fund of 60 million KRW. In 1996, the name changed to Pohang Iron & Steel Scholarship Foundation, then POSCO Scholarship Foundation in 2002, and finally POSCO TJ Park Foundation in 2005. The project helped support education expenses of POSCO employees, helped students get doctoral degrees overseas, fund schools ranging from elementary to high schools, and then established the POSCO TJ Park Prize in 2007.


American Metal Market Steel Hall of Fame

In 2011, Park was inducted into the inaugural class of the American Metal Market Steel Hall of Fame for his role in turning South Korea into an industrialized nation.


Personal life


The tie with steel

Park went to Lyamabuk Middle School. He was mobilized into steel manufacture service during the second world war. It was his first encounter with steel. At that time, the director of the workplace noticed that he had a talent for the sintering process.


Relationship with Park Chung Hee

The relationship with
Park Chung Hee Park Chung Hee (; ; November14, 1917October26, 1979) was a South Korean politician and army officer who served as the third president of South Korea from 1962 after he seized power in the May 16 coup of 1961 until Assassination of Park Chung ...
(3rd President of South Korea) started from 1947 when they were in the military. Park Chung Hee, who was a company commander and also an instructor of ballistics, carefully observed Park Taejoon's behavior because he was good at mathematics and followed his own strict rules. He had become distant from Park Chung Hee since his graduation. Their relationship started again 10 years later when he had worked in the Headquarters of the Army as a colonel. At the same time, Junghui Park had been assigned as a commander of logistics support base asked Park Taejoon to assist him as the chief of staff. In spring of 1961, Park Chung Hee had prepared a military coup, which is well known as the 5.16 military coup, with some officers. Many commanders, including Jongpil Kim participated in the 5.16 military coup. Two months after the success of 5.16 military coup, Park Chung Hee assigned Park Taejoon as a chief secretary of chairman on nation reconstruction council. In September, Park Chung Hee assigned him as a chief member of commerce and industry division on nation reconstruction council. Park Taejoon had always accompanied Park Chung Hee on every business trip. In 1963, Park Taejoon and Park Junghui became civilians. Since Junghui Park had taken part in politics, many commanders who had followed him had also taken part in politics, except Park Taejoon, who turned to be a businessman. At the end of this year, Park Taejoon was assigned CEO of the Korean Tungsten. He had changed the company from deficit to surplus. In 1967, Park Taejoon got special command to establish Pohang Iron & Steel Co. from president Park Junghui and was assigned as CEO of Pohang Iron & Steel Co. in 1978. After the death of president Park Chung Hee, Park Taejoon volunteered to be the guardian of the son of president Park, Park Jiman. Park Taejoon supported him when he tried to take over Samyang Industries.


Relationship with Seung-duk Koh

In 1984, married , who is a second daughter of Park Tae-joon, chairman of the once ruling
United Liberal Democrats The United Liberal Democrats (ULD; ) was a right-wing politics, right-wing conservatism, conservative political party in South Korea, whose support mostly came from the North Chungcheong Province and South Chungcheong Province regions. The short ...
, and previous CEO of POSCO. Park Yu-a majored in Fine Art at
Ewha Womans University Ewha Womans University () is a private women's research university in Seoul, South Korea. It was originally founded as Ewha Haktang on May 31, 1886, by missionary Mary F. Scranton. Currently, Ewha Womans University is one of the world's largest f ...
. After graduation, she studied art history and drawing in the United States with Koh Seung-duk (). They had their first child, Candy Koh, in 1987. When Tae-jun Part died in 2011, Go Seung-deok visited the Yonsei University Severance Hospital to condole the late Park Tae-joon. At that time, he said about the deceased, "He really was a great person, concerned about only big things of the nation" and he also said "Seriously, he is a tycoon of the times in Korea"


Friendship and camaraderie

Park Taejoon liked people and usually got along with ex-president Chun Doohwan, ex-president
Roh Moo-hyun Roh Moo-hyun (, ; 1 September 1946 – 23 May 2009) was a South Korean politician and lawyer who served as the ninth president of South Korea from 2003 to 2008. Roh's pre-presidential political career was focused on human rights advocacy for ...
, and prime minister
Kim Jong-pil Kim Jong-pil (; January 7, 1926 – June 23, 2018), also known colloquially as JP, was a South Korean politician and the founder/first director of the Korean Central Intelligence Agency (KCIA, now the National Intelligence Service (South Kor ...
. In finance, he was close with
Samsung Samsung Group (; stylised as SΛMSUNG) is a South Korean Multinational corporation, multinational manufacturing Conglomerate (company), conglomerate headquartered in the Samsung Town office complex in Seoul. The group consists of numerous a ...
's Lee Byungchul, Hyundai's
Chung Ju-yung Chung Ju-yung or Jung Joo-young (; 25 November 1915 – 21 March 2001) was a South Korean entrepreneur and the founder of Hyundai Group, Hyundai Group, one of the largest chaebols in South Korea. Raised as the eldest son of a poor Korean farme ...
, Samsung Electronics Chairman Lee Kun Hee, the honorary chairman of
SK Telecom SK Telecom Co., Ltd., abbreviated as SKT ( or ) is a South Korean wireless telecommunications operator and former film distributor and is part of the SK Group, one of the country's largest chaebols. It leads the local market with 50.5 perce ...
Son Gil-seung, former Daewoo Group Chairman Kim Woojung, and also writer Jo Jung-rae. In 2011, he was treated for breathing difficulties, and hospitalized on December 13, 2011, in Yonsei Hospital. He died at the age of 84 after taking a serious turn.경제부총리, 당연직 총리대행(?) - 동아일보
2007년 3월 7일자

/ref> Although he got lung treatment at Cornell Hospital in 2001, he continued to suffer from after effects. Also, he left a will, in which he stated his hope for POSCO to grow as a power of national industry. He was buried in
Seoul National Cemetery Seoul National Cemetery () is a cemetery in Dongjak-dong, Dongjak District, Seoul, South Korea. It is reserved for Korean veterans, including those who died in the Korean independence movement, Korean War, and Vietnam War. Four South Korean pr ...
. He outlived his parents Park Bong-gwan and Kim So-sun, and was survived by his spouse Jang Ok-ja, their children, and grandchildren.


In popular culture

* Portrayed by Choi Soo-jong and
Kim Kwon Kim Kwon (born Kim Keon-woo on May 16, 1989) is a South Korean actor. He played minor roles in television dramas such as '' Secret Love Affair'' (2014), ''Heard It Through the Grapevine'' (2015), and '' Marry Me Now'' (2018). He rose to promi ...
in the 2014
TV Chosun TV Chosun (; stylized in all caps) is a South Korean pay television network and broadcasting company owned by the '' Chosun Ilbo''-led consortium. The headquarters is located in 40 Sejong-daero 21-gil, Jung-gu, Seoul. It began broadcasting on ...
's television series '' Into the Flames''.


References

{{DEFAULTSORT:Park, Tae Joon 1927 births 2011 deaths South Korean military personnel of the Korean War Prime ministers of South Korea South Korean chairpersons of corporations South Korean company founders Honorary companions of the Order of Australia Korea Military Academy alumni Waseda University alumni POSCO Group people 20th-century South Korean businesspeople 21st-century South Korean businesspeople Members of the National Assembly (South Korea) Bessemer Gold Medal Converts to Protestantism from Buddhism Burials at Seoul National Cemetery