Team Six Thirty

Time for the Headlines

Du Shuanghua is a Chinese billionaire who owns a substantial amount of shares in Rizhao Steel Holding Group. He resides in Hengshui, China, and is aged 57 years. Most of Shuanghua’s wealth is self-made, and his net worth is approximately $ 1.2 billion over time. Moreover, he is also among the philanthropic cultured individuals who have dedicated some of their resources to charity causes.

Du Shuanghua owns 33% of the total shares of Rizhao Steel Holding. Rizhao Steel Holding Group is a steel manufacturing firm in China established in 2003 and ranks among the top manufacturers in the world. Previously the firm had operated successfully for several years until it was restructured in 2009 through acquisition to keep up with the competition. The acquisition was by Shandong Iron and Steel Group Co Ltd, another global steel production company based in Jinan.

Shandong Iron and Steel Group Co Ltd successfully acquired 67% of Rizhao Steel Holding and failed to secure the remaining 33% share of the company that belonged to Du Shuanghua. Du Shuanghua was against the acquisition as he considered it unethical and hence tried to stop the acquisition by not selling his part of the firm. After the acquisition, Du Shuanghua tried to sell his part of the company to Kai Yuan Holdings, a Hong Kong business by the family of the Chinese president. His efforts, however, bore no fruit as the sale did not go through even at a loss since it would bring about conflicting interests politically to Mr. Hu, the Chinese president.

Eventually, Du Shuanghua came to terms with the new changes and was to manage a subsidiary of the firm. With the leadership of the new management, the company was found at fault later in 2010 for breaching an agreement with another firm called Mount Gibson.

READ: An Introduction to Du Shuanghua Chairman of Rizhao Steel