CH27 | MCT

Molybdenum Price Surge (3)

Wednesday, December 27, 1972.

Four months had passed since the United States announced the suspension of molybdenum production.

In that time, the sweltering heat of August had given way to the bitter cold of December.

The news was filled with noise, but not about molybdenum prices—it was all about the upcoming inauguration.

Chhh—chhh—

"On the 15th, at Jangchung Arena in Seoul, the National Unification Committee elected Park Jung-hwan as the 8th President."

"Today, with the enactment of the Yushin Constitution, Park Jung-hwan has officially taken office as the 8th President."

"Meanwhile, North Korea has adopted a socialist constitution that formalizes the Chairman system, removing Choi Yong-gun from the position of head of state and appointing Kim Il-sung as his successor."

Skinny (Holjjook) switched off the radio.

"Not a single word about the skyrocketing molybdenum prices. Every news outlet is too busy talking about the new president, while we’re in the middle of a crisis here."

Who became the new president wasn’t nearly as important as something else.

Riiiiing.

"Ugh, how did I end up with this job?"

Thanks to his easygoing nature, friendly personality, and smooth talking, he had been stuck with phone duty.

Riiiiing.

"This is Taeyang Mine."

"We’d like to purchase molybdenum."

"Which company are you calling from?"

"This is Cheongil Chemicals."

Unlike most mine owners, Tae-soo had a unique standard for selling molybdenum.

A policy of choosing his customers!

<Not even molybdenum scraps for Cheongil Group and its affiliates. Not selling!>

When Skinny had voiced his concerns about this, Tae-soo simply replied, "My mine, my rules!"

"I’m sorry. We’re completely sold out."

"But for days now—"

"H-hello? I can’t hear you. Hello?"

"Now you're even pretending not to hear me! Please, just sell us some molybdenum!"

Click.

Skinny (Holjjook) firmly hung up the phone.

Riiiiing.

"This is Taeyang Mine."

"This is Geumsan Chemicals."

Geumsan Chemicals?

Skinny ran his finger down the paper ledger, scanning the names.

"Not on the list. Approved. Sale possible."

"We’d like to purchase molybdenum. Is that possible?"

"Of course."

"Phew, what a relief! It’s been impossible to get molybdenum lately. With the U.S. supply cut off, our factory is on the verge of shutting down!"

Ever since the United States abruptly announced the suspension of molybdenum production, the supply chain had been completely disrupted.

Somehow, word had gotten out that Tae-soo’s mine was producing molybdenum, and the phones hadn’t stopped ringing since.

At this rate, Skinny worried the telephone might catch fire from overuse.

"What’s the current market price for molybdenum?"

"The price changes by the hour, so I can’t give you an exact figure until the time of sale. But two hours ago, it was $70 per kilogram."

"What?! We’re heading there immediately!"

Just three months ago, molybdenum had been selling for around $5.80 per kilogram—now, it had skyrocketed to $70 per kilogram.

Skinny turned to the accountant, who had just finished a call.

"Hey, what’s our monthly revenue looking like?"

"This month? We’ve already surpassed 1 billion won. Almost 2 billion."

"Whaaat?! That much?! Tae-soo is seriously making a fortune!"

"Well, there’s wages for the miners, new machinery, fuel costs, taxes… There's plenty of expenses, too."

"Okay, but after all that, how much is the net profit?"

"About 500 million? Maybe 600 million?"

"Aaaagh! This is insane!"

The cost of living in the 1970s was roughly 1/30th of what it was in 2020.

That meant Tae-soo was making over 1.5 billion won in net profit every month.

Just then, the door burst open, and Han-soo rushed in.

"Yong-sik hyung, today’s sales are officially closed."

"Got it!"

Riiiiing.

"Everyone's desperate to buy, but no matter how much we mine, we just can’t keep up with demand. All this money slipping through our fingers is killing me!"

Even with an expert prospector discovering molybdenum veins left and right.

Even with experienced miners swarming in to dig up molybdenum at an incredible rate.

Even with a seasoned operations manager—who had run mines for over 20 years—working himself to exhaustion.

Riiiiing.

For four months straight, the phone hadn’t stopped ringing.

And somehow, it was getting worse.

The higher molybdenum prices soared…

The faster pre-purchased stock ran out…

The more speculators and hoarders jumped in…

The further news spread about Tae-soo’s mine producing molybdenum…

"This is Taeyang Mine."

A voice on the other end spoke in English.

"Ugh, another international call! Damn it, English! If I’d known this would happen, I would’ve studied harder!"

With no other choice, Skinny read directly from a pre-written Korean-to-English script.

"Sorry! Today, sold out! Please, tomorrow, call again!"

Without waiting for a response, he hung up.

Riiiiing.

Again?!

Riiiiing.

Again?!

Calls from the U.S., China, Japan, Germany, the U.K., France...

The accents were all different, but he could only guess where they were actually calling from.

Riiiiing.

"Aaaaargh!"

Riiiiing.

Skinny jumped to his feet.

"That’s it! I can’t take this anymore!"

That’s when it happened.

BANG!

"Skinny, let’s clock out!"

"Tae-soo!"

The moment he heard that familiar voice, Skinny’s face lit up with joy.

"We’re having a little end-of-the-year party tonight. Mom made enough food to break the table legs. Let’s go eat and drink to our heart’s content."

"Yippee!"

Skinny cheered, and the bookkeeper beside him beamed as well.

That evening, laughter filled the house.

Throughout dinner, the joyful chatter never stopped.

Especially Tae-soo’s father—his grin stretched ear to ear as he laughed so hard it seemed like he might pass out.

"Guess what our Tae-soo gave me? Hohoho!"

Tada!

It was a literal "money cushion"—bundles of cash tied together in the shape of a seat.

Drunk and merry, Tae-soo’s father plopped right onto it, passing the drink back and forth with Skinny.

"Ahh, never in my life did I think I’d actually sit on a pile of money. I can die happy now! Hohoho!"

Tae-soo’s mother chuckled, slightly embarrassed.

"Please understand. He’s just so proud of what our son gave him. He sits on it so much it’s practically polished smooth."

Tae-soo then quietly handed something to his mother.

Despite being illiterate, she immediately recognized its value—her eyes sparkled.

"Oh my, Tae-soo! What is this? It looks expensive!"

"I bought you a commercial building, Mom."

"A building?"

"Yes. Remember I promised? I said I’d buy you a prime-location property in your name."

It was the ownership deed, stamped with Kim Young-hee’s name.

"The mine keeps me busy right now, but soon, I’ll build an apartment complex in Gangnam. And right in front of it, I’ll put up a shopping center."

Tears welled in his mother’s eyes.

"Tae-soo, you actually remembered those words all this time..."

"It’s okay. You don’t have to do all this. Apartments, stores… we don’t need any of that. A man who sweats the small stuff will never achieve big things."

"Don’t worry, Mom. My family is my strength, my foundation of happiness. If you’re happy, then I’m happy."

"Tae-soo..."

His mother nodded repeatedly, overcome with emotion.

"Thank you. Thank you so much for saying that. Thank you for remembering me and making sure I’m taken care of."

She clutched the property deed tightly to her chest, as if afraid it might disappear.

Watching her, Han-soo smiled warmly.

Tae-soo turned to him.

"Han-soo, here. This is for you."

"What is it?"

It was just a single sheet of paper, with a few words scribbled on it.

Compared to his father’s "money cushion" and his mother’s property deed, it looked like nothing special.

But the moment Han-soo took it, his hands started to tremble.

"T-this is…?"

"Pick one. Whichever you like, we’ll buy it."

"New Crown… New Corona… New Cortina… These are the latest cars from Shinseong Motors and Daehyeon Motors!"

The list detailed the models, engine displacements, horsepower, and top speeds.

"Hyung, are you serious? You're really buying me a car?"

"It’s what you need the most."

He wasn’t wrong.

A car was essential for traveling between Seoul and the construction site in Pohang, where the school was being built.

"For a man in his twenties, a car is practically a business card."

That truth held just as much weight in the 1970s as it did in the 21st century.

Back then, even owning a motorcycle was enough to puff up a man’s chest.
But a car? That was game over—next level status.

"If this were 2020, you’d have so many choices… but now? Options are frustratingly limited."

Few models.
Few manufacturers.
Strict import and export restrictions.

Even if he wanted to buy Han-soo something better, this was the best he could do under the circumstances.

"Right now, in Germany, BMW’s 3.0 CLS is tearing up the roads… But here? Even with money, importing one is nearly impossible. Guess we’ll have to make do with a domestic car."

Han-soo’s excitement was obvious, but he still hesitated.

"A car? Isn’t that a bit much? It’s not like we’re some chaebol family."

"Take it. When your older brother gives you a gift, you don’t turn it down."

It wasn’t until the 1980s that South Korea’s "My Car" boom made cars accessible to the middle class.

Tae-soo, however, was bringing that future a little closer.

In the 1970s, only the wealthiest families could afford cars.

Holjjuk nudged Han-soo’s shoulder.

"Looks like Tae-soo is really stepping up as a big brother. Just take it, and help him out even more in return. No need to feel burdened—it’s family."

Tae-soo turned to Holjjuk.

"Holjjuk."

"Haha! Is there something for me too? Thanks, Tae-soo!"

He was already celebrating before Tae-soo even gave him anything.

"Here, take this."

"What is it? Must be some expensive liquor, huh? Hehehe."

"Didn’t your grandmother say she wanted a house with a yard where she could tend a garden? It’s the deed to the house and land."

"Gack!"

Holjjuk choked mid-drink.

He was grinning from ear to ear, but now he was coughing like crazy.

It took a moment of flailing and wheezing before he could finally catch his breath.

"My grandma’s gonna be so happy, she might just pass out! Keke!"

Holjjuk rubbed his eyes in disbelief as he stared at the deed.

"Wait… what? 180 pyeong (600 sqm) of land with a 20 pyeong (66 sqm) house? And a 250 pyeong (825 sqm) garden?!"

"Time to show some filial piety. She’s not getting any younger."

Overwhelmed with joy, Holjjuk started jumping up and down, then broke into a victory dance.

Suddenly, he snapped into a salute.

"LOYALTY! I pledge my absolute loyalty, boss! I’ll guard your back for life!"

"Just do a better job answering the phone, idiot. Haha."

Tae-soo turned to the mine owner.

"The molybdenum mine is already keeping you busy, but I hear you’re also running the limestone mine and cement factory? Sounds exhausting."

"Haha, they’re just next door. It’s manageable."

"Well, I made sure you’re properly compensated."

Tae-soo handed him a thick envelope of cash.

The mine owner beamed with delight.

"Oh, sir, you really didn’t have to… This is my job, and you already pay me more than fairly."

"Just keep doing your best, like you always have."

"Thank you, boss. You even let me keep my home so I wouldn’t end up on the streets… The least I can do is work my hardest to repay your kindness."

"That’s what I like to hear."

Holjjuk, still buzzing with excitement, raised his glass high.

"Let’s have a proper year-end toast!"

"Sounds good!"

"Boss, why don’t you give the toast?"

👏👏👏

Tae-soo stood up, looking around the room.

These were the people who had supported him, the ones who helped make everything possible.

"We’ve shared a meal, we’ve shared joy and success. That makes us family."

"Hear, hear!"

"Because of all of you, I stand here today. Because of all of you, our mine exists. And because of all of you, we have a future."

Tae-soo turned to a large map of Seoul on the wall.

He pointed to a specific spot—

Gangnam.

"This land will determine the future of South Korea’s real estate market. It will be the golden land where the most money in the country flows. And I will build my foundation here."

The room fell silent, everyone’s eyes locked onto the map.

With unwavering confidence, Tae-soo declared:

"We’re going to develop this place. We’ll build apartments, pave roads, construct schools, and raise skyscrapers."

Eight years later, Cheongil Construction built an apartment complex in Gangnam.
It sold out in just one month, generating 200 billion won—equivalent to 4 trillion won in 2020.

‘This time, I’M the one building the most luxurious apartments in Korea!
This time, I’M taking the top real estate brand from Cheongil Construction!’

Tae-soo grinned as he looked at the people around him.

"For the foreseeable future, every cent I make is going into buying Gangnam land."

He was securing the foundation for Gangnam’s transformation.