The Youngest Son of Sunyang (Reborn Rich)

[043] Let's Warm Up First 2

"Study on Han Do Steel's Competitiveness and Medium-Term Management Prospects."

Ø Extremely weak financial structure.

Ø Excessive financial costs due to excessive external borrowing.

Ø Significant confirmed losses.

Ø Imprudent investments that could have a significant impact on the national economy.

Ø Cooperation with Pohang Steel is unavoidable for Han Do Steel's survival and growth.

Ø Conclusion.

When summarizing the thick report, it contained these contents.

Despite having 13 subsidiaries and being ranked 18th in the industry as of 1995, the actual group revenue was a mere 400 billion won (5.9 billion won excluding internal transactions).

Han Do Group, especially Han Do Steel, was like a sandcastle built entirely on debt. The collapse of this sandcastle was just around the corner, about a month away.

The fact that such a report came out within the Sunyang Group means that the bankruptcy of Han Do Steel has already been foreseen within the industry.

However, no one knows that Han Do Steel is just the beginning.

Why did Chairman Jin throw this report at me?

Is he thinking about what will happen after Han Do Steel's bankruptcy? Or is he planning to acquire the bankrupt Han Do Steel?

The latter possibility is quite clear. When you think about Sunyang Shipbuilding, Sunyang Machinery, and Sunyang Automotive, there's every reason to be ambitious. But at a low price.

Considering Sunyang Group's internal reserves, it wouldn't be difficult to acquire a bankrupt company. Furthermore, with Sunyang's lobbying ability, adding a reduction in debt of tens of billions of won to the acquisition conditions wouldn't be a big deal. Ten key personnel, each receiving 1 billion won. Handling losses of tens of billions of won with taxpayer money, it's not a big deal, is it?

What bothers me is the 1 billion dollars in U.S. hot money among Han Do Steel's external borrowings. At the current exchange rate of 800 won, there is no significant burden in paying interest or repaying principal, but it will be impossible to pay in a year.

Han Do Steel is a poison dart frog.

The moment it swallows, the poison will slowly spread, and if you can't find the antidote, it can lead to death. The antidote is the dollar, a huge amount of dollars.

I have the antidote in my hands, so I can save anyone who swallows it. The question to be decided is who will swallow it, and how much will be charged for the treatment.

It's an easy decision. I want to charge several Sunyang Group subsidiaries as treatment fees, so if Grandfather wants to swallow the poison dart frog, I have no intention of stopping him.

"Study on Han Do Steel's Competitiveness and Medium-Term Management Prospects."

Ø Annual production volume of 800,000 metric tons, Chairman and his family own 34.65% of the shares, controlling management rights.

Ø Severe financial vulnerability.

Ø Excessive financial costs due to excessive external borrowing.

Ø Large-scale confirmed losses.

Ø Imprudent investments that could have a significant impact on the national economy.