BUSINESS LEADER, Entrepreneur, Investor

 The Billionaire Behind Rizhao Steel: Du Shuanghua

Du Shuanghua is the billionaire owner of Rizhao Steel, a Chinese steel company that was sold in 2010 for $4.2 billion. Du made his fortune in the steel industry, and Rizhao Steel is one of the largest steel producers in China. The sale of Rizhao Steel was a huge deal, and it is interesting to look back at what led to it.

Du Shuanghua was born in Rizhao, China, in 1952. He began his career as a factory worker at the age of 18. Du worked his way through various jobs until he became the head of Shanghai Baosteel Group Corp., one of China’s largest steel mills. During this time, Du met fellow billionaire Wang Jianlin, and they struck up a friendship that would prove to be profitable for both men later on in life. In 1992, while still working at Shanghai Baosteel Group Corp., Du started Rizhao Steel with an investment from his friend Wang Jianlin (who was then president of Dalian Wanda Commercial Properties Co.). The new business took off immediately with its low production costs and quality products.

In 2010, Rizhao Steel was sold to a group of investors led by Hong Kong’s Noble Group for $US$420 million. This deal made Du Shuanghua one of the richest men in China. The sale of Rizhao Steel was a big win for both Du and Wang Jianlin, who had each put up money to help get the company started. In hindsight, it is clear that this was a brilliant investment on their part.

Today, Du Shuanghua continues to be involved in the steel industry as the chairman of Rizhao Iron & Steel Co., Ltd. He also has interests in other businesses, including real estate and tourism. Du is married to his wife Li Minxiu, and they have two children together, daughter Li Jieyin (born 1990) and son Li Junjie (born 1994). Read more about Du Shuanghua and his company

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