Chapter 43

[043] From warming up to 2.

"Study on the Competitiveness and Mid / Long-term Management Forecast of HanDo Steel" 1. Financial structure extremely vulnerable.

2. Excessive financing costs due to excessive borrowing.

3. Large-scale deficit sure.

4. Reckless investment that can have a serious impact on the national economy. 5. POSCO's cooperation is inevitable for the survival and development of the steel industry.

6. Conclusion.

Hando Iron and Steel Group, as well as its weak financial structure as a whole, and the Group's total sales of KRW1.3 trillion (KRW59 billion excluding internal transactions), amounting to KRW4.3 trillion, Considering the size of the real estate market and the current market situation, it seems that the self-financing of the sale is not realistic, and borrowing from the financial institution will be difficult without policy consideration.

This was the result of summarizing the thick report.

As of 1995, 13 affiliates and 18 affiliates have actual sales of only W400bn.

The Limo Group, especially Hando Steel, was a sandstorm built up with debt. It was only a month or so that this sand castle collapsed.

The report of the Sunyang Group suggests that the bankruptcy of the steel mill is already foreseen in the business world.

But nobody knows the limit is just the beginning.

Why did President Chin throw this report on me?

Do you think after the end of the season's bankruptcy? Or are you trying to take over the burglar limit?

The latter possibility is obvious. If you think of Sunyang Heavy Industries, Sunyang Machinery and Sunyang Motor, it is enough to be greedy. However, if you buy at a low price.

If you think about the in-house reserves of Sunyang Group, it is not difficult to take over a stolen company.

Moreover, it is not a big deal to put the debt relief of the water tank in the acceptance condition if it is the lobby ability of Sunyang. Ten key people, each of them billions. If it is 10 billion, is it tinkering the loss of the water tank with the blood of the people, once or twice?

It is the US side of the bill that accounts for more than $ 1 billion in borrowings from the limit. There are 800 reasons for the exchange rate, and there is no big deal in payment or principal repayment, but it is not payable after one year.

Hando Iron is a poisonous frog.

At the moment of swallowing, the poison will slowly spread, and if you can not find the antidote, you can reach death. The antidote is a dollar, a large dollar.

The antidote is in my hand so I can save who swallows it. The only question to decide is who will swallow it and how much it will cost.

It's an easy decision. I want to charge some of the affiliates of the Sunyang Group for medical treatment. If my grandfather wants to swallow a poisonous frog, I do not want to drink it.

* * * "The production scale is 800,000M / T per year, the chairman and its clan have 34.65% shareholding and take control of the management. Since 1989, the construction sector has suffered losses of more than 300% and debt relief by more than 50%. Creditors were judged to be irreparable. "

"You started collecting bonds?"

"Yeah. Actually, it should have started a year ago … The creditors did not move as long as they had bribed them. "

The theme of the meeting, which started on Friday at 7:00 AM, was Limit Iron.

"How much is the total debt?"

"It is 3,687 billion. Except for the US $ 1 billion. "

President Chin said, looking at the material.

"This implementation. No matter how I think about it, this does not make sense. What can you spend so much money on raising a steel mill? "

"If you look at the American New York, you write about 1.6 trillion yen. Of course, if the environment is different from ours due to cheap land, low equipment introduction using the recession of steel industry, low price purchase of proper equipment by non-turnkey base engineering, etc., at least 1 trillion won is leaking somewhere.

It is inflated in cost, and the money is skipped by insider trading.

More than half of the group's sales are internal transactions!

This is not a shortcut, but an ignorant robbery.

Soon afterward, President Chin continued to ask questions.

"How much debt cancellation is possible?"

"We can make sure that once the debt of the financial institution is bought by the Korea Asset Management Corporation, it can be canceled by about two trillion won. We buy bonds at the Asset Management Corporation at half the price. It will be 800 billion. "

"Will not the dollar?"

"Yeah. Repayment can be extended instead. The government will give you a guarantee of payment. "

"YS … Can you do it? "

"Hando Steel is a leading company of Hangando Group. Anyway, the limit group will be airborne, and the wavelength should be minimized. I will approve. "

Jin's head started counting.

$ 1 billion is 800 billion, and the total amount is 1.6 trillion. I did not think I was going to take over the $ 1.6 trillion of money like blood.

You can temporarily spend your money on the acquisition, but you have to recover it immediately.

"What do we have to take care of when the limit is torn? It's worth the money. "

"It is 80,000 pyeong except for the logistics base of 100,000 pyeong of the Busan rebar factory site of Hando Steel. The creditors can not get their hands on them, and if they sell their apartments by putting them on the site, we can secure them. "

or

"Chang Ji-dong land is 40,000 pyeong, and Gaepo-dong land is 10,000 pyeong. But this land is not owned by the limit, but the limit is construction ownership. "

The head of the group key people who attended the study meeting was diligent.

This is because I have read all the intention of the president to eat the limitless season.

"President."

The Grand Daejo of the Sunyang Motor, which had never said a word before, opened its mouth for the first time.

"It is the information that the Dae Hyun group is also targeting."

The den was caught in the darkness so that even the sound of the chairman's breath could be heard.

President Chin, who had been blushing, complained about this.

"When did you know?"

"I got a call in the morning. The vendor of Daehyun Motor pinched it. It's a giggle for entertaining in a room. "

"Holy, six-hour … … "

Dae Hyun is not a competitor. It is only a matter of nonsense for President Chen, who thinks that Hando Iron and Steel is his own, to rob his company.

"Diane guys know what to do. The acquisition strategy is then rewritten. "

The meeting is over. I had to stop all of my energy from my enemies. When everyone got up and grabbed the papers from Jusum, the vice chairman opened his mouth with a smile.

"Do you see the interview with Do Jun?"

At the end of the vice chairman, the heads of affiliated companies did not miss the greeting that they forgot.

Congratulations! President. It's amazing. "

"I did not know that Dojun was a national area. Congratulations

President Chin nodded and his face was firm.

Yeah, right. I did not know he was going to do that much. "Isn't that something?"

"But father. Do you really support the law school of Seoul National University? "

What? Will it fall? "

"Could it be that sexual? I thought that my father would do my major in business administration or economics. "

"It is the person who inherited the shiny blood. How can I stop doing what I want to do? "

"I'm glittering and I'll try to persuade you?"

"Leave it. It is not too bad to come out with one prosecutor in the house. "

Jin, who keeps wandering around, keeps his hand as if it were nothing to be desired.

As a result, the alertness of Lee will be thinner.

"Yes, where is Yeongjun now?"

"I have been working in London since last year. I'm learning finance. "

"Tell him to come in."

"Do you organize London?"

The vice chairman, Jin – Ki, was thrilled that his son 's exile ended.

Really? Participate in the takeover of this limit iron. And we should get married. Let's eat it next spring. "

"Yeah. I will thoroughly prepare. "

Lee will be vigilant now.

*** "Was the homework too difficult?"

“……Yeah.

My grandfather showed more curiosity as he answered.

"Do you know what homework is?"

"If the limit is broken, the Sunyang Group will take over, is not it?"

Grandfather 's smile covered curiosity.

"Why did you think the company was ruined?"

"The content of the report was very negative about the limit."

"Why do you think Sunyang took over?"

"If you are not interested in the acquisition, you will have covered the impact of the steel industry changes on the Suyang Group since the bankruptcy. When it burns next door, the important thing is whether it moves to our house or not, why it is a fire, and whether it is expensive or not at home. "

Wrong. "That's the one."

President Chin knocked his knees.

"But I can not find the answer."

"Did you try to find an answer?"

"How to get down on the knee of the group. If you only found it, one of the keys to the sports car would have been received today. "

I scratched my head like a pity and watched my grandfather's eyes. By the way, why is the expression? Did you go too far ahead? The enthusiasm of his grandfather was completely revealed.

"Dae-hyun, why did you think Dae-hyun jumped into the bidding war?"

"If you are a company that tastes good, POSCO, Sunyang, Daehyun, Ajin, Sammi, Dongguk. Of these, there are three big ones that are big enough to take over HanDo Steel, but POSCO has no reason to be interested in the limit, and we are the only ones left. "

"I'm not big and I'm not going to run. There is a clear reason … "

"Oh, my grandfather was interested, but I wonder if he would be President Dahn … … "

It is necessary to say that they want concrete data, and that they want to have a limited time limit, but now, the sensible answer is the best.

"I have been given the top spot in the heavy industry, which has gone a long way ahead of Sunyang, so I do not think I will have this chance."

"There is no manager who takes over the company by pouring astronomical money because of his pride."

"Do not you try to knock me out because of your pride?"

My grandfather finally laughed.

"Uh huh. right. He is a man who will take risks even for his pride. "

I waited till the pleasant smile stopped and asked softly.

"But does not it cost a lot of money to buy the company? The debt is only a couple of won … ? "

My grandfather came to me as if I had waited for my question.

"Do Joon-ah. Try 'other's money' in English. "

"Someone else's money? Other People's Money? "

"Yup." That's business. To manage with the money of someone other than my money. But our chaebols are a little bit different. "

How?

"People who use English words, people use the money."

Is it the people's money, the tax?

"When we take over the insolvent company, we ask the creditors for cancellation of the debt, and the money we borrowed is taxed. This is the most obvious way to grow a group. And I always go. "

I think that the public fund of the water tank is the pile of money. There is no remorse of conscience. I do not think it is a fraudulent method in the first place.

I knew the nature of the chaebol, but I heard it directly through my grandfather's mouth, and I was appalled.

My grandfather, knocking on my frozen shoulder, was the victor 's face.

"Yes, it is Junho. For the time being, let 's say what you said in the interview. Promise me?

* * * 96 years, the last day of the year. All the family, including my grandfather, gathered at Sunyang Hotel.

It was a place to congratulate me on the end of the year as a result of good results.

"It's our youngest. It was an accident. I saw the interview. Congratulations."

"Oh, Young Jun Jun is brother. Thank you. And I congratulate you. You came back. "

My hands, holding his hands, shivered.

"The prosecutor of the future, I will leave you my inheritance in the future. Take care. "

As he whispered into my ear, my whole body shook thinly.