Du Shuanghua Steel Magnate and Philanthropist

There are times when in business, things do not go quite exactly as planned. Sometimes a brilliant businessman can outwit others and succeed beyond the planned. This is what happened with Du Shuanghua and his acquisition of Rizhao Steel in 2010. Du owns the mega company Shandong Steel and he successfully merged that and other steel related companies he owns with Rizhao Steel. The combined company produces about 22 million tons of finished steel products annually.

The saga of the purchase of Rizhao Steel goes back to 2019. It was an attempted hostile takeover. Du Shuanghua, one of China’s richest men and owner of Rizhao sold about 30% of the company to another company owned by a relative of China’s president. The sale did not go through due to political reasons. In 2010, the original plan which called for a company to be majority owned by Shandong Steel and the rest to be owned by Du himself. He was to be in charge of the autonomous company in the beginning.

Complicated business deals aside, there is much more to Du Shuanghua. He is a businessman who understands there is more to life than being a rich steel magnate. He learned this early on in his career when he understood that he needed to share his wealth with China and the world beyond it. Because he made such a success of Rizhao Steel, Du has donated more than 1 billion yuan, the currency of China. That equated to over $156 million. His philanthropy mostly revolves around and education and helps Chines have access to resources that will enable them to succeed.

Du Shuanghua also makes contribution to tragedy such as an earthquake in part of China. Du’s gifts a make a huge impact on his native China. In general the tradition of philanthropy is not well established. His gifts and those of other wealthy patrons are beginning to make inroads in China.

More Business News: https://techbullion.com/an-introduction-to-du-shuanghua-chairman-of-rizhao-steel/