Du Shuanghua: The Man Behind the Rizhao Steel Sale

In 2010, Du Shuanghua made headlines when he successfully sold Rizhao Steel for a reported $2.3 billion. This sale was considered one of the biggest in Chinese history at the time. With this deal, Du became a significant player in the steel industry and cemented his position as one of China’s most successful business people.

Du Shuanghua was born in the rural province of Liaoning, China. He began his career as a farmer before later moving to Beijing, where he worked at a metal trading company. His mentor recommended that Du be better off working for himself rather than under someone else. After this, he created Rizhao Steel, making it a success with annual revenues of $3 billion. Du was an astute businessman and took calculated risks to further his business interests. In 2010, he decided that the steel industry had peaked and that Rizhao would be better off as part of a larger group rather than continuing alone. This led him to decide to sell off his shares. Mr Shuanghua took a $3 billion loan from the Industrial and Commercial Bank of China (ICBC), the most significant syndicated loan in Chinese history. He used this money as part of the terms to buy Rizhao Steel, so he was now the biggest shareholder in Rizhao Steel.

Du Shuanghua was a hero in his home province of Shandong. He spearheaded the building of state-of-the-art roads, bridges and sports complexes in Rizhao, which led to many locals becoming employed. Du also took advantage of the 2008 Beijing Olympics and built Rizhao Steel into one of China’s most significant to conclude the deal. Du Shuanghua’s success with Rizhao Steel is particularly notable because he had no formal business education. He is also a philanthropist and has donated millions of dollars to children’s homes. The People’s Liberation Army recognized him for his business dealings and worked with the military. Mr Shuanghua was a great success story in China. Still, sadly, he died before he could see Rizhao Steel reach complete financial independence under its new name: Shandong Economic and Trade Commission.

Mr Shuanghua’s story shows that anything is possible with hard work and determination. Read more here: https://thebossmagazine.com/du-shuanghua-inside-the-philanthropic-work-and-successful-legacy-of-a-passionate-chinese-entrepreneur/