Du Shuanghua is ranked on Forbes Magazine as one of China’s richest men. He started his iron manufacturing company Rizhao in 2003. The company currently has $1.4 billion in capital and is owned by the state. He
Du was born in Hebei Hengshui in 1985. After graduating from college, he opened his first steel company in 1987. He later opened Jinghua in 1993 and hired 100 employees to manage the company. After a number of mergers and acquisitions, Rizhao Steel Holding was formed.
By 2009, Rizhao sold 67% of the ownership stake to Shandong Steel. Unfortunately, the takeover was hostile and Du’s efforts to thwart the deal failed. The entire ordeal has left Rizhao Steel in a state of confusion.
Du continued to fight the takeover by going to arbitration. The arbitration went against him because it was found that Du failed to meet prior obligations under the 2007 arrangement. This resulted in a $114 million loss for the opposing company.
One thing that was achieved by the restructuring is it streamlined the Chinese steel industry. Before, the steel industry was highly fractured leaving many smaller companies flailing and unorganized.
Today, as a group, the industry sees an estimated 31 million tons of annual steel output. Rizhao is currently undergoing additional expansions that include additional blast furnaces and converters.
Du is currently working around the world gaining iron ore contracts. He has also acquired a number of hotels with the massive profits.
Du is married and has two adult children.
Learn more about Du Shuanghua: https://www.f6s.com/du-shuanghua