Du’s involvement in the steel industry is rooted in his personal experience. He was born and raised in Rizhao, where he began his career as a teacher at a local high school. In the 1980s, Du became an entrepreneur after realizing that the local economy was not producing enough to support its citizens. He started his career by investing in several small businesses, but it wasn’t until 1997, when he created Rizhao Steel Co., Ltd., that he began to make the most money from his investments.
Starting as a small businessman, Du Shuanghua took over several smaller companies and, through mergers and acquisitions, became one of the largest steel companies in China. Within five years of starting Rizhao Steel Co., Ltd., Du had become one of China’s top ten steel producers by revenue (2011). This rapid growth resulted in Du becoming one of China’s wealthiest men with a net worth of $1 billion (2012) (Financial Times). More on Forbes
Du became chairman of Rizhao Steel Co., Ltd. in 2006 when the company was still owned by China National Iron and Steel Corporation (“CNC”). Du assumed control of the company after his father, Du Yuhua, passed away in 2005. He worked for many years in an administrative role for CNC before becoming its vice-chairman in 1998. He was responsible for the iron ore industry and developing CNC into a large-scale corporation with various businesses.
Du Shuanghua served as the chairman of Rizhao Steel Co., Ltd. from 1995 to 2005. He began working at Rizhao Steel Co., Ltd. as an engineer when CNC still owned it; he worked through various positions such as manager and vice president until he became its chairman.
The sale of Rizhao Steel to Shandong Iron & Steel Group is one example of how private companies can benefit from state-owned enterprises when ownership changes hands. Rizhao Du Yuhua served as chairman of Rizhao Steel Co., Ltd. from 1995 to 2005. It was sold to Shandong Iron & Steel Group for $2.4 billion (USD) and became an independent company again.
Du Shuanghua is a crucial figure in the Chinese steel industry because he is known for being involved in many large-scale mergers and acquisitions, including the sale of Rizhao Steel Co., Ltd, which happened on December 28th, 2010. He has also been very influential in merging factories, which has improved efficiency and helped companies become more competitive.