Du Shuanghua's time at Rizhao Steel
Rizhao Steel was built in 2003. The organization is renowned for their processing speeds and abilities to deliver steel at a rapid pace. They achieved the speedy designation with their first operation in 2003; they constructed a steel contraction along the seashore in only 181 days. Currently, Rizhao Steel production has reached a capacity of 15 million tons of steel annually. Rizhao Steel managed to obtain numerous rewards for becoming one of the top 500 Chinese private manufacturing enterprises and top non-state sponsored private enterprises. Additionally, Rizhao Steel won the “Top 100 Chinese Credibility Enterprises” in 2012.
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Rizhao Steel’s success has not gone unnoticed. Under the guidance of Chinese billionaire Du Shuanghua the company has grown from a small business to a large equity investment. Rizhao’s market appearance greatly affected its competitors. As a private firm, without government backing, Rizhao Steel struggled to prevent Shandong Iron and Steel Group from acquiring numerous stocks in Rizhao Steel. With the hostile takeover by Shandong Steel, they became the largest single investor in Rizhao Steel. Shandong Steel managed to acquire 67% of Rizhao Steel’s stock by 2010.
Prior to the hostile takeover, Du Shuanghua attempted to divest a large stake in Rizhao Steel. Unfortunately, the purchase of 33% of Rizhao Steel stock was seen as politically inappropriate for Chinese President Hu Jintao. Hu Jintao led the Kai Yuan Holdings’ interest in Rizhao Steel. Hu Jintao and Du Shuanghua are family members.
Shandong Steel is a state sponsored enterprise. With the recent investment in Rizhao Steel, Shandong Steel has called into question the dominance of the Chinese government in the steel market. Despite Du Shuanghua’s considerable efforts and financial prowess, Rizhao Steel is no longer the private steel firm it once was. Du Shuanghua still uses his wealth for philanthropic measures such as donations and support for various youth projects.