Chinese Steel Magnate Du Shuanghua sells Rizhao Steel to give the Company a Better Future
Du Shuanghua is a Chinese steel magnate who served as the chairman of the Rizhao Steel Holding Group. He sold the company in the year 2010 to Shandong Steel Group, a state-owned steel company in China. His reason for selling the company was that he felt that the new owners would help the growth of the company.
Du Shuanghua is an expert in the steel industry. He started working in a steel mill at the young age of 10 and has no formal education. He started Rizhao Steel as a small private company in 1993. He played a pivotal role in making the company grow and succeed as one of the biggest privately owned steel companies in China. His hard work and dedication helped him increase the production capacity of his steel mill and make it the giant company it is today. Currently, the annual production capacity of the company is over ten million metric tons. Rizhao Steel currently employs over 30,000 workers.
Rizhao Steel was publicly traded in the year 2007. Du Shuanghua sold Rizhao Steel to the state-owned Shandong Steel Group to give the company a better future. Shuanghua decided to sell the company because the Chinese government was indifferent to the future of steel companies in China. The sale to a state-owned company he felt would help improve the company’s business. The company was sold in the year 2010. The company has grown and succeeded rapidly after the sale. The company not only increased production for the domestic market but increased exports by selling steel to Vietnam and South Korea.
Rizhao Steel is one of the largest steel companies in China. Its chairman Du Shuanghua sold the company to Shandong Steel Group because it is a state-owned company and will accelerate the pace of the growth and success of the company. More to read on Forbes