"Mr. Do, why is Suseong building a fertilizer plant all by itself?"
"Ah... that's..."
"They're planning to design and construct separately in collaboration with a Japanese company. Unlike the factories at Mipo, which Daese Industries co-designed with Bechtel, Suseong's fertilizer plant is not compatible."
"Not compatible?"
"Yes. The plant cluster is a bit far away, and Mitsui and Bechtel have different voltage designs, so utilities have to be configured separately."
"When did they decide that..."
Chairman Do Byung-chul glared at my words.
It's too late now. Even though it's unfortunate, he'll have to build the plant while biting the bullet.
"Ah, Mitsui! That's good. Work hard."
The President didn't care whether it was Bechtel or Mitsui. What mattered was building one more plant, employing one more person, and producing one more product.
With corporate taxes solving political funding, there was no need to worry about other minor issues.
"By the way, didn't you also report that you were setting up a fertilizer plant?"
"Yes, Bitros originally wanted to build a 100,000-ton fertilizer plant, so Daese Chemical made some joint investments."
"What are you talking about? Why is Daese Chemical in the fertilizer business?"
Chairman Do Byung-chul retorted sharply.
"Originally, Bitros' fertilizer plant was included in the $300 million loan package. Since Suseong partnered with Japan, Daese Chemical separately invested $5 million."
"It's over-investment. Over-investment!"
Over-investment, my foot.
Breaking a loan agreement would harm national credibility. Securing shares cost $5 million.
"A loan is a national promise that must be kept. If Suseong had disclosed the partnership earlier, we wouldn't have negotiated with Bitros. And didn't you say you would export any surplus from Daehan Fertilizer? How is that over-investment?"
"Our production cost at Daehan Fertilizer is bound to be higher, isn't that redundant investment?"
"You're mistaken. Daese Chemical produces caprolactam, and the byproduct alone can produce 100,000 tons of Yuhan fertilizer. It's almost cost-free."
"Why are you raising your voices? It's all good. Suseong, in partnership with Seonjin, will handle exports, and Daese, with its cheaper material costs, will take care of domestic demand! This is mutual growth, mutual growth between companies!"
"You're absolutely right."
"This... this..."
The President waved his hand, bringing order.
Though I don't usually handle domestic markets, fertilizer is an exception.
I have no intention of making a profit. Fertilizer prices were controlled by the state during this era.
Chairman Do Byung-chul's face turned ashen as the situation turned strange.
With donated land, compensation for the land would be slow, and even if he managed to build the plant, he would have to build separate utility facilities, and all produced goods would have to be exported.
"... You two continue. I'll go inspect the construction site."
Chairman Do stared at me for a long time before finding an excuse to leave.
When did he start checking the site?
Well, he must be in a hurry to clean up this situation.
"Haha, even Chairman Do is checking the site. Ulsan's petrochemical complex is indeed a grand project."
The President patted Chairman Do on the shoulder, who then left, forcing a smile.
This naturally led to a one-on-one conversation with the President.
**
"You've done well, my friend. As a special advisor to the Promotion Committee, you must have heard a lot of things, but you endured well."
We climbed a hill overlooking the Taehwa River.
Seeing the neatly prepared factory site to the north seemed to improve his mood significantly.
"No, thank you for giving me the opportunity to contribute to the country."
"There aren't many people who would say that after donating two million pyeong of land. You spent a lot."
Honestly, the land cost wasn't much.
It didn't even amount to 1.5 billion won.
'Ridiculously cheap land.'
It would have cost less if we hadn't supported the residents' house prices and moving expenses, with pure land costs near tens of millions of won.
"We were fortunate to purchase the land cheaper than the originally planned industrial complex. The existing planned site's land prices had risen too much; it would take about 20 years before it's feasible to build a factory there."
"Tied up for 20 years?"
"Yes, it'll take that long for the land prices to be reasonable enough for factory profitability. And since it's all salt fields, the land will solidify over 20 years, reducing ground construction costs. It's a way to save taxpayers' money."
"20 years later... Alright. Let's do well then."
"Ah... Yes."
Is he implying he'll still be President in 20 years?
This is practically saying he'll hold power until he dies.
His desire for power is immense.
"And you know, we got a complaint call from America. Are you aware?"
"A complaint call?"
"Someone from the Defense Department was asking why we didn't carry all the military supplies to Kuyan. He introduced himself as someone who helped you join the shipping alliance."
"... Why did Nancy contact the Blue House instead of sending me a telex?"
What? Why did Nancy skip contacting me and go straight to the government?
"Ah, yes. Now that you mention it, it was Nancy Silverstein."
"Sorry about that. I'll make sure it doesn't happen again."
"No, no. It seemed like she was trying to build rapport with our government using you as an excuse. What kind of deal did you make for a Defense Department official to approach us like this?"
Is Nancy starting to take an interest in Korea?
She used to only care about China.
"I agreed to freeze shipping rates for 10 years. With recent shipping rates skyrocketing, she probably wanted to load more goods on my ship."
"Freezing rates for 10 years? That's not like you, making such a loss-making deal."
"In the business world, the last one standing wins, doesn't it? The shipping industry is highly volatile, so stable long-term rates are more beneficial."
"Indeed, considering you're looking 20 years ahead with this factory site. Alright, keep it up."
The President spoke as if he could see 20 years into the future.
Isn't he the one who doesn't know what will happen in '79?
"I have one request related to that."
"A request? About making money?"
A typical response from the President of Korea, Inc.
"Yes, in the long run, it's about making money. I want to build a private port in Ulsan."
"A private port?"
"A port operated for special purposes by Daese Industries' investment."
In the 21st century, it's not a foreign concept, but in the 60s, a private company running a port was a strange idea.
"What do you mean? You're planning to make a fishing port for exporting whale products? There's Busan Port nearby. You can use that."
"General products can go through Busan Port, but Ulsan's petrochemical products are mostly liquid. They need to go directly to storage tanks via pipelines. Moreover, if we have a dedicated container facility, it will be a highly competitive port."
"A private port specialized in oil and containers..."
"If I use the new method I employed in Kuyan, I can build the port at a lower cost. Please grant the permission."
Why should I build a container facility at Busan Port? If I invest there, they'll most likely ask for donations.
I'd rather have a smaller but wholly owned port.
Building an export port would mean the state will also dispatch dedicated customs officials.
"You've already bought the land, I see."
"Yes, we've prepared it near Mipo Bay."
"How much will the construction cost?"
"If we make a three-berth port that can dock 80,000-ton tankers, the construction cost will be around 40 billion won. That's about 15 million dollars."
Building a 200,000-ton supertanker port is currently out of the question.
Investing here will reduce my dollar reserves to 20 million dollars.
Originally, it should be around 30 million dollars, but I've already invested 5 million dollars each in the fertilizer and methanol plants.
The money was raised by selling off collected lumber and Seongsu-dong stocks, so it'll take time to replenish it.
"Alright, that should create many jobs. I'll contact the secretariat for the permit."
"Thank you."
"Make sure to earn a lot of money."
"Yes, Mr. President. Thank you for the permission."
The President waved his hand as if our conversation was over, telling me to go.
He remembers the last time I defied him.
I turned around and descended the hill...
"Where are you going, my friend?"
"Didn't you tell me to go work?"
"I never said that. By the way, I heard you swapped the Incheon power plant project with Hyeonsan Construction."
It was a signal to change the subject, not a dismissal.
"Yes, Hyeonsan Construction is collaborating well with Bechtel. They are also building Union Oil's refining facility, comparable to the Ulsan petrochemical complex."
"So, you think they are capable?"
"In my opinion, yes. Despite the massive loss on the Thai highway project, unlike other companies, they didn't seek government help. That alone should justify keeping them close, don't you think?"
Please, keep them close.
Delegate work to that man instead of me.
I can grow sufficiently well on my own.
"I see. You believe they're competent."
"Daese and Hyeonsan
Construction are the only construction companies that received heavy equipment from the U.S. 8th Army. You can trust them."
"Hmm, with experience in Thailand, they'll build highways well here too. Should I let them try building the Gyeongin Expressway? It's conveniently located in Incheon."
"That sounds good."
I wondered when he'd bring up the highway topic.
"Don't you have other plans? Like shipyards or steel mills. Actually, both would be good. Make steel plates and then build big ships."
What is he talking about?
I haven't even finished the petrochemical complex yet.
Shipyards and steel mills are enormous projects.
Especially steel mills, they aren't simple to construct.
You need to burn money like firewood and employ thousands of laborers to finally get molten iron.
"I'll consider it carefully."
I need to buy time by pretending to consider it.
I need to make a lot of money for 2-3 years before starting.
Honestly, I also regret not being able to start immediately.
If the Suez Canal gets blocked next year, the demand for 200,000-ton supertankers will skyrocket. Building a shipyard before that would be immensely profitable.
But you can't rush these things. Focus on running the factory first.
"Alright. Think it over and come to the Blue House next week."
"... Next week?"
"Of course, you can't just focus on petrochemicals forever. Can't you do more?"
I appreciate the recognition of my capabilities, but isn't this too much?
I need to run the factory to recover my investment.
If I keep getting pushed without any money, what can I do?
"Yes, I'll visit next week."
Better bow my head than resist and risk trouble.
I must bring Chairman Wang next time.
If he's involved, the focus on me will decrease.
It'll be beneficial for him too.
With a lack of operating funds, getting government contracts will help.
He's the right age, knows how to conduct himself, and drinks well.
I should focus on growing my business by staying half a step ahead of history.
"Alright, go work now."
"Yes, Mr. President."
Finally, I was released from the private audience.
***
Three days later,
"Daese Shipping, hooray!"
"Hooray for Daese Shipping!"
"Dad is coming back!!!"
There was a commotion in Busan.
It was the day my ships were entering Busan Port.
As the eldest, Daese No. 1 arrived first.
It even had a fresh coat of paint.
"Having retired from the Marine Academy, as captain of Daese No. 1, I formally greet you, Mr. President. I report that we have completed the formation of the Daese Shipping fleet and crossed the Pacific as a member of the Pacific Freight Conference."
"Good job, Captain Yoon Sang-soo!"
When the neatly uniformed men saluted me, my chest swelled with pride.
On the dock, employees' families were waving flags that read "Hooray for Daese Shipping."
In this era, even employees' families had a unique sense of belonging. I'll make sure you all live well.
"Mr. Woo, accept my greetings too. Frederick Smith, joining Daese Shipping."
"It's reassuring to have you join us. Let's work together for a long time."
"Indeed. The passion of young Koreans has made me feel 10 years younger."
With his neatly trimmed hair and beard, he indeed looked younger.
The drunkard image was nowhere to be seen.
Perhaps the huge amount of money and the task at hand brought life back to him.
"We'll have a welcome party later. But first, Captain Yoon. I heard the American shipping company complained about not carrying enough goods to Kuyan. What happened?"
"Your orders took precedence over theirs. You told the engineers to bring all the documents and the mechanics to bring tools and parts, didn't you?"
Captain Yoon's words left me puzzled.
How many parts did they bring to the point they couldn't carry more cargo?
"Hahaha, the young people were so diligent that I lent them two million dollars."
"What?"
Two million dollars was a substantial amount of money in this era.
Did he lend out all the money I gave him?
This old man is romantic. Truly a romantic era.
"The ship repair costs, fuel, and insurance totaled over ten million dollars. Was that not enough?"
I gave them enough to spare,
How much did they spend on books and parts?
"Look over there. The ship is coming in."
Captain Smith pointed to the outer harbor.
I couldn't close my gaping mouth.
"Hooray!"
"Daese Shipping, hooray!"
"Loyalty!"
It was astonishing.
First, the sheer amount of books spilling out of the containers, and second, the deck filled with all kinds of machining equipment and parts.
The engineers and mechanics proudly saluted the citizens.
'The silhouette... why...'
But what stunned me the most was the huge steel structure standing on the deck like a giant spire.
It looked remarkably similar to the one I spent my youth with.
Could it be...?
"Damn, how did you get this..."
As I approached, my suspicion was confirmed.
I couldn't help but curse.
"Welcome, friend!!!"
How they got it didn't matter.
I couldn't help but scream.
Lifting my arms in elation, the bottled-up feelings from Ulsan dissipated, and adrenaline surged through my body.
I'm going to be incredibly rich.
"See, I told you the boss would like it! Haha."
Captain Smith, watching me scream, patted the sturdy ship.