Important Information About Du Shuanghua And Rizhao Steel And Iron

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Du Shuanghua chairs the Steel Holding Group. Rizhao Steel is a holding company, majorly Steel Group, and Shandong Iron owns it. Rizhao steel emerged as the 26th largest world steelmaker in 2019, manufacturing liquid steel of approximately fourteen million tons. The Rizhao Steel was set up in 2003. Shandong steel bought a sixty-seven percent ownership stake, and in 2010 the Rizhao stake that was remaining was sold to Shandong by Du Shuanghua. Du Shuanghua is one of the richest men in China.

The donations of the philanthropist by the name Du have been helping the youth causes. One of the biggest private steel producers in China is Rizhao Steel. The company limited that owned a 67% stake in Rizhao steel and iron is Shandong Steel, also known as Shandong Steel and Iron Group Company Ltd, located in Jinan, China. The company produced steel worth 21.7 million tons, and it emerged as the 12th largest steel world manufacturer in 2015. Shandong Steel was established in 2008 and is managed by the Shandong government.

Du Shuanghua sold the remaining 33% of his ownership stake, but it was not according to the plan. The 2009 initial plan was for Rizhao Iron and steel to merge with Shandong steel and iron and follow a reconstruction. Mount Gibson and Rizhao steel signed a contract of fifteen years in 2007 where Rizhao promised to buy iron ore of atleast 1.5 million tonnes from Mount Gibson each year. As the majority owner of Rizhao steel and Iron, Du was determined to prevent the hostile takeover and decided to sell a 30% equity stake to Kai Yuan Holdings. Yuan Holding was a Hong Kong business under the control of the Chinese Presidents Hu Jintao Family relatives at a low cost.

In 2009, there was a discussion involving Rizhao Steel and iron and other Chinese steel Holdings with a familiar title to relocate the steelmaking equipment and plant to Rizhao since it was the coastal location. In 2020 Rizhao Steel project for expansion commenced and allowed Rizhao to acquire a steelmaking capacity of 17mt per year. The project involves the construction of two converters of 300t and two blast furnaces. READ: The History of Rizhao Steel and Iron