Du Shuanghua Recap

Du Shuanghuawas named one of China’s five most successful philanthropists. He is the Chairman of Rizhao Steel Holding Group. Rizhao Steel is a Chinese company that produces up to nine million tons of steel products annually. Du is also a civic leader and an advocate for social justice. Du Shuanghua has been a member of the Chinese People’s Political Consultative Conference. He was also a member of the Committee for two terms. Du has been actively involved in various philanthropic endeavours. He is the Chairman of the Rizhao Charity Foundation and the Rizhao Charity Foundation for Children. The Rizhao Charity Foundation for Children is a charitable organization that provides financial assistance to children with disabilities, low-income families, orphans and victims of natural disasters. Du also serves as a member of the Board of Directors for China Social WelfareThe acquisition of Rizhao Iron & Steel by Shandong Steel Group was a hostile takeover of one of China’s largest non-state steel groups by a state-owned competitor, with the Du Shuanghua, one of China’s richest men, losing control. This is controversial because the acquisition happened right in the midst of the “Creeping Renationalization” frenzy. Before the acquisition, Du Shuanghua’s Rizhao Steel was majority-owned (50%) by Kaiyuan Holdings—a Hong-Kong listed company controlled by the family relatives of Hu Jintao, the Chinese president. Given his political connections, it seems like Hu would be able to prevent the acquisition from happening, but that didn’t happen. Development Fund and China Social Welfare Fund. He is also an advisor to the China Social Welfare Development Fund and the China Social Welfare Fund.2010: Du Shuanghua sold 33% of his ownership stake to Qingdao Wuyang Real-Estate Group, and Du Shuanghua is no longer CEO.

2010: A court ruled that Rizhao did not fulfil its obligations under the 2007 Iron Ore Supply Agreement with Mount Gibson, causing the latter party a loss of $114 million. More to read on Forbes