Established in 2003, Rizhao Steel is one of the world’s largest manufacturers of steel. Prior to 2009, Du Shuanghua owned most of the company. An agreement was reached in which Rizhao Steel and Shandong Steel would consolidate. That deal was scrapped when Du sold a 30% stake to Kai Yuan Holdings which was a property investment company.
On September 6, 2009, the two companies singed an agreement. The agreement laid out the details of asset restructuring. Shandong supplied an infusion of cash that gave them their two-thirds ownership, leaving the rest in the hands of Rizhao Steel and Du Shuanghua.
The agreement detailed every aspect of the merger including the restructuring principle, methods, asset evaluation and placement of staff. Shandong Iron & Steel came into possession of 67% of the company. In 2010, the remaining one third of Rizhao Steel came into the possession of Shandong. Du Shuanghua remained in charge of the steel manufacturer under the terms of the agreement.
After the merger, Rizhao Steel continued to expand operations in several ways. The company added production capacity, bringing it up to about 14 million tons per year of liquid steel. They also took a controlling percentage of Minmetals Yingkou Medium Plate.
Du Shuanghua is currently the chairman of the Rizhao Steel Holding Group. His long and successful career in steel production has made him one of China’s wealthiest self-made men. His name appears on the Forbes list of Billionaires. Living in Hengshui, China, he enjoys a life of philanthropy and his donations have gone to support various youth causes.