On the 50th anniversary of the passing of Chairman Jang Kyungho, known as Daewon, who pioneered the Korean steel industry through Dongkuk Steel, the entire Dongkuk Steel Group held a memorial ceremony. In addition, the Buddhist community joined in to commemorate the 50th anniversary of the founding of the Korea Buddhist Promotion Institute, which was established through Chairman Jang Kyungho's donation of his entire fortune.
Group photo of the '50th Anniversary Memorial Ceremony for Layman Jang Kyungho and the 50th Anniversary Commemorative Dharma Assembly for the Founding of the Korea Buddhist Promotion Institute.' From the left: Jang Sewook, Vice Chairman of Dongkuk Steel Group; Jang Seju, Chairman of Dongkuk Steel Group; Ven. Jinwoo, Chief Executive of the Jogye Order of Korean Buddhism; Lee Hangoo, Chairman of the Korea Buddhist Promotion Institute; and Ven. Hyunmin, Standing Director of Buddhist Broadcasting at the Korea Buddhist Promotion Institute. Dongkuk Steel
On September 8, one day before the 50th anniversary of its founder's passing, Dongkuk Steel Group participated in the '50th Anniversary Memorial Ceremony for Layman Jang Kyungho and the 50th Anniversary Commemorative Dharma Assembly for the Founding of the Korea Buddhist Promotion Institute' at Dabowon, the main Dharma Hall on the third floor of the Korea Buddhist Promotion Institute in Mapo-gu, Seoul. The ceremony was organized by the Korea Buddhist Promotion Institute, with Ven. Jinwoo, Chief Executive of the Jogye Order of Korean Buddhism, delivering the Dharma talk. A total of 78 executives from the broader Dongkuk Steel Group-comprising Dongkuk Steel Group, Dongkuk Industrial Group, Korea Steel Group, the Iron Museum, Busan Jugong, and other companies and organizations rooted in Chairman Jang Kyungho's business legacy (17 companies and 1 organization)-attended, including Chairman Jang Seju and Vice Chairman Jang Sewook.
Jang Seju, Chairman and grandson of Jang Kyungho, said in his memorial address, "He began his business during the turmoil of the Japanese colonial era and the Korean War, establishing national capital and showing us the path of life as a pioneer. I am deeply grateful that we can remember and honor his great intention to repay the nation and the people through his work, as he donated all his personal assets to society and Buddhism before his passing."
Ven. Jinwoo stated, "I believe Layman Jang Kyungho was truly a bodhisattva of our time. I want to express my gratitude that the younger generation is honoring his noble will. Let us continue to develop his legacy, modernize Buddhism, and make it more accessible and understandable so that everyone can find peace of mind."
Chairman Jang Kyungho, known as Daewon, was born in Busan in 1899 and began his business in 1929 with Daegungyanghaeng, a name symbolizing 'our people who draw a great bow.' He later expanded his business through Namsun Trading and Chosun Wire, and in 1954, just after the Korean War, he established Dongkuk Steel, the first private steel company in Korea to produce molten iron. He named all his companies-Daegung, Namsun, Chosun, Dongkuk-after symbols of the nation and the people. His entrepreneurial spirit continues today through Dongkuk Industrial and Korea Steel, which he founded afterward.
Chairman Jang Kyungho's Dongkuk Steel established the Busan Steelworks on a 210,000-pyeong tidal flat in Yongho-dong, Nam-gu, Busan, creating an integrated steel production complex. There, Dongkuk Steel pioneered the era of blast furnaces and electric furnaces in Korea and was the first in the country to produce wire rods and heavy plates. By the early 1970s, Dongkuk Steel ranked third in sales among heavy and chemical industry corporations, excluding public enterprises, within Korea's top 100 corporations. Dongkuk Industrial Group and Korea Steel Group, which share roots with Dongkuk Steel Group, became independent steel-specialized groups in 2000.
Chairman Jang Kyungho is even more renowned in the Buddhist community. He became a Buddhist in his twenties and, even after achieving business success, pursued enlightenment through Buddhist practice and meditation, and was also known for his diligence and frugality in daily life. Chairman Jang Seju recalled, "He was a true teacher who, rather than speaking a hundred words, led by example, never wasting even a single grain of rice or a leaf of cabbage despite being a major entrepreneur." He added, "Chairman Daewon's spirit of frugality was imprinted on me as I watched him up close, and I am striving to pass it on to future generations." Before his passing on September 9, 1975, Chairman Jang left a letter stating, "In order to repay the nation, society, and the grace of the Buddha, I have decided to donate all my personal assets in my name for the rejuvenation of Korean Buddhism," and donated assets worth 3 billion won at the time (equivalent to about 500 billion won today) to the country.
In accordance with his wishes, the government established the Korea Buddhist Promotion Institute on August 16, 1975. The Institute launched Buddhist Broadcasting (BBS) in 1990 and continues to promote the popularization and daily practice of Buddhism, fulfilling Chairman Daewon's aspiration.
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