Du Shuanghua Sells Rizhao Steel to Shandong Iron & Steel Group

Du Shuanghua is the chair at Rizhao Steel Holding Group. The private steel manufacturing company has grown to be the largest in China. Currently, it produces about 14 million tonnes of steel each year. Yet, the steel company has changed since its establishment in 2003. The owner sold it partly in 2009 and 2010 to Shandong Steel. As the chair of the steel company, Du Shuanghua facilitated the sale.

Du Shuanghua is a renowned entrepreneur and investor in China. He gains his wealth from steel manufacturing and other businesses. This sees him appear in top-ranking lists. For instance, in 2021, he appeared on the Forbes Billionaires list. In 2019, he appeared on China Rich List. His current net worth is $1.3 billion. Besides investment, Du is a philanthropist. He gives donations every year to support youths.

In 2009, state-owned Shandong Steel showed an interest in Rizhao Steel. Du Shuanghua didn’t want to let go of the steel company at once. Thus, he sold only 67% of the steel company to Shandong. Before this, he ensured that the company signed lucrative deals with other companies. For instance, in 2007, he engaged with Mount Gibson to supply 1.5 million-ton iron ore. The deal was to run for 15 years. But, it wasn’t successful since Shandong had already acquired more than half of the company. In 2010, Du sold the remaining shares to Shandong Steel. Complete take over didn’t stop Du from making significant changes. In 2021, he facilitated the acquisition of 54% of Minmetals Yingkou. This would help Rizhao expand its production. They process steel products like building and carbon structurals.

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