Du Shuanghua is Chairman/General Manager of Rizhao Steel Holding Group Co. He is a 56-year-old self-made billionaire whose donations have supported many youth causes. Du Shuanghua’s net worth as of 12/22/21 is $1.3 Billion. Established in 2003, Rizhao Steel Holding Group is one of the largest private steel manufacturers in China. The company has ranked number 20 among “Top 500 Chinese Private Manufacturing Enterprises”, and number 28 among “Top 500 Chinese Private Enterprises”.
In 2009, 67% ownership of Rizhao Steel was sold to Shandong Steel. Shandong Steel is a Chinese steel company controlled by the provincial government of Shandong. This acquisition was an aggressive takeover of close to the largest non-state steel group based in China by a state-owned competitor. Prior to this sale, Du Shuanghua owned the majority of Rizhao Steel. Du attempted to prevent the takeover of the company by selling 30% of his stake to a business run by relatives of Chinese president, Hu Jintao. This plan fell through however because the transaction was considered to be too politically dangerous for the president.
In 2010, Du Shuanghua sold the remaining 33% Rizhao of his stake to Shandong Steel. In the original plans, however, the business was to have 67% ownership by Shandong Steel Group and 33% by Mr. Shuanghua. Also in 2010, Rizhao Steel was deemed guilty of not fulfilling obligations of a 2007 iron ore agreement with Mount Gibson. This 15-year contract stated that Rizhao steel was committed to buying up to 1.5 million tons of iron ore every year from Mount Gibson. The failure to meet contract obligations cost Rizhao Steel $114 million. More information: https://www.crunchbase.com/person/du-shuanghua