Du Shuanghua,Owner of Rizhao Steel Company.
Du Shuanghua is an entrepreneur and a philanthropist supporting youth projects. Du Shuanghua is listed in Forbes as one of the world’s wealthiest people with a net worth of $1.2 Billion. Du Shuanghua is the founder of China’s largest and most successful steel manufacturer Rizhao Steel established in 2003, that produces and distributes steel products throughout China. Shandong Iron & Steel Group mainly owns it, and they annually produce 15 million tons of steel and produce HRC, de-bar, wire rods, and beams.
In 2012, it was number 28 and number 20 respectively among Top 500 Chinese Private Enterprise and Top 500 Chinese Private Manufacturing Enterprises. They were announced as the 26th largest steelmaker in the world in 2019. They have expanded to producing cement, steel slag powder, and power generation.
In 2009, Shandong Iron and Steel Group Company signed an agreement to take a 67% share of Rizhao Steel Holding Group Company. They reorganized and restructured the assets, work processes, and placement of employees. After the signing and evaluation, Shandong Iron Steel would take 67% shares by cash while Rizhao Steel holds 33% shares in assets.
In 2010, Du Shuanghua decided to sell his 30% shareholdings to Kai Yuan Holdings at a cheaper cost to halt the disagreement. This happened after an unfriendly purchase by state competitors, which Du tried to stop. Kai Yuan Holdings was owned by powerful families related to the state president.
The hostile takeover by the Chinese government was believed to make Du Shuanghua lose his company. In the same year, Rizhao lost a case after the court ruled that they did not oblige their purchase of 1.5 million tons of iron ore yearly from Mount Gibson. Rizhao Steel Company suffered a loss amounting to millions of dollars, resulting in the sale of Rizhao Steel Company in 2010.