The sale of Rizhao Steel in 2010 was a significant event for Du Shuanghua, who served as Chairman and President of Rizhao Steel in 2010. His father started this steel mill was started in 1958 by his father, who was an essential military officer during the Chinese Civil War. As Du succeeded his father, he played a significant role in China’s economic reform policies, helping it establish partnerships with companies like Siemens in the West.
Du also acquired resources on behalf of officials of the Beijing government who were later found to be corrupt through these same channels. Due to these connections, he eventually became one of China’s richest men when he retired at 75.
Rizhao Steel was acquired by Hebei Iron and Steel Group for $860 million in 2010. As well, Beijing was currently pursuing the privatization of state-owned enterprises (SOEs) following its privatization campaign, which began with this deal; at the time, it was the first significant sale of SOE assets in more than a decade.
In the steel industry, Du Shuanghua has the title of being the wealthiest person in the world. Rizhao Steel, which he founded in 1958, was sold to Hebei Iron and Steel Group for an amount estimated to be $860 million in 2010. It was considered a significant deal at the time, given that it was the first major sale by a state-owned enterprise since Beijing began the privatization of State-Owned Enterprises.
The biography provided by Forbes gives an in-depth account of Du Shuanghua’s life. Along with his work in the steel industry, he has also worked in the real estate and telecommunications sectors. Du Shuanghua’s sale of Rizhao Steel was a significant turning point in his career, as it helped him establish himself as one of the most influential businessmen in China. Learn more here: https://relationshipscience.com/organization/rizhao-steel-holding-group-co-ltd-1032144