Chairman of Rizhao Steel, Du Shuanghua continues to be part owner after years of change. In 2003, he owned 67% in equity shares of the business, while Mount Gibson held the other 33%. Today Shangdong Steel owns 67% and Du Shuanghua owns the remaining 33%. Rizhao Steel Holdings is the 26th largest producer of steel worldwide.
By 2009, Du Shuanghua planned to sell a third of his equity share to a Hong Kong based business, Kai Yuan Holdings, although, because Kai Yuan Holdings was run by the family of China’s President, Hu Jintao, the sale did not take place. The sale was thought to be a problem because it was considered potentially dangerous politically.
A year later, in 2010, because Rizhao Steel was not able to fulfill their contract with Mount Gibson which stated that Rizhao would buy 1.5 million tons of iron each year from Mount Gibson. By the following year, Shandong would purchase Mount Gibson’s share plus a third from Du Shuanghua. Since Shandong Steel purchased Rizhoa, many changes have taken place.
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Du Shuanghua continues to hold a third of Rizhoa Steel’s equity, which is two thirds owned by Shandong Steel. Rizhoa Steel Holdings Group has been in the process of expanding since the sale, with the addition of new furnaces and new converters. There are talks of consolidation efforts with Weifang Special Steel Group, and relocating some of the equipment to Rizhoa’s original location, with hopes of completing the expansion project during the year 2022.
As a philanthropist and self made billionaire who supports various youth organizations in his native land, Du Shuanghua has been named one of the world’s wealthiest businessmen in the world.