[Exclusive] Hidden Story Behind the $1 Goliath Crane Acquisition Revealed After 25 Years... "Received $2.1 Million as a Bonus"

[Financial News] The behind-the-scenes story of how Hyundai Heavy Industries received an additional $2.1 million in support funds when it acquired a 'Goliath Crane' from Kockums, Sweden's largest shipbuilder, for just $1 in 2001 has been revealed for the first time. The provision of crane dismantling costs by Kockums, which had previously remained undisclosed, came to light for the first time 25 years later. Until now, the acquisition price of the Goliath Crane by Hyundai Heavy Industries, known as the 'Tears of Malmö,' had only been reported as $1.
According to the book "Self-Portrait of Our Youthful Days with HD Hyundai," recently published by the HD Hyundai Jungwoo Association—a social club for retired employees—to commemorate its 25th anniversary on the 4th, such records were revealed for the first time.
Former Chairman Choi Gil-seon and former Executive Choi Chung-young, who spearheaded the acquisition of the Goliath Crane, revealed previously undisclosed behind-the-scenes stories for the first time in a book. Swedish company Kockums dismantled the Goliath Crane and pursued urban regeneration. Although they agreed to provide the crane free of charge, no buyer appeared.
Hyundai Heavy Industries needed $5 million for everything from dismantling the crane to transportation and unloading. It is reported that they received $2.1 million in support by persuading them not to put the crane, a symbol of Malmö, into the blast furnace.
In addition, old stories from the shipbuilding industry that had been kept hidden by first-generation executives who had worked for 30 to 40 years were revealed. These included stories ranging from the late Chairman Chung Ju-yung visiting the site after receiving a complaint from a shipyard worker to the hidden story of Director Lee Myung-bak's steel frame business.
The legend of overcoming crises was also revealed. The book includes stories such as a fire crisis during the construction of a combined heat and power plant in Saudi Arabia, a setback in the sea trials of a supertanker caused by a missing 1-meter-long steel plate component, the establishment of a classification society inspection system, and the "Miracle of Mipo Bay," which secured an overseas order for 11 medium-to-large transformers even before the transformer factory was built.
Kwon Oh-kap, Honorary Chairman of HD Hyundai Group, stated, "It is a very meaningful undertaking that the Jungwoo Association has compiled records containing the valuable experiences and insightful opinions of our seniors and juniors." He added, "This will serve as a compass guiding our group toward the right direction and will be a powerful inspiration that instills pride and a sense of responsibility in our juniors, going beyond mere knowledge."
"Sharing experiences goes beyond mere retrospection and serves as an opportunity to understand and empathize with one another more deeply, while simultaneously becoming a valuable asset that conveys great inspiration and learning to the younger generation," said Chung Ki-sun, Chairman of HD Hyundai Group. Chairman Chung continued, "In particular, I believe that the judgments and philosophies of our predecessors who have led the organization will remain as unchanging values ​​over time, providing a meaningful direction for all of us."
Lee Doo-baek, President of the Reading and Literature Club at the HD Hyundai Heavy Industries Alumni Association, who was in charge of editing, stated, "As the senior members who laid the foundation for the company and established heavy industry production systems in the early days are now in their 80s and 90s, I wanted to gather more wonderful examples of how they fully burned their youth and pass them on to their juniors and descendants before it is too late."

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