Du Shuanghua Recap

Du Shuanghua and the sale of Rizhao Steel in 2010

Du Shuanghua is the Chairman of Rizhao Steel Group. In 2010, Rizhao Group sold the company to a state-owned company, Qingdao Sino Steel Group, for 2.4 billion yuan. This is the first deal that Du Shuanghua did in his work life, estimated to be about 40 years and over 1000 million yuan worth of net profits.

As a self-made billionaire, Du Shuanghua had experienced a lot of hardship to achieve that position. His parents were both doctors during his childhood, but they were not well-off. His father had a very strong character and refused any money from the government when he was in the army. But it did not mean that Du Shuanghua’s family was poor because they always lived on their means, and he was hardworking. In junior high school, he worked at a factory in the morning and took classes in the afternoon. He was never a smart student, but his hardworking mentality made him successful.

After junior high school, he went to the army and became an ordinary soldier at a border station. After that, due to his good performance, he was sent to Beijing for studies at the age of 18.

Before joining Rizhao Steel Company, he had already worked for six years, and many people knew him as an excellent worker. Since he joined the company in 1975, he was very enthusiastic about his work and soon became a group leader in the production department. He was also very hardworking when he started his business.

In 2001, Rizhao Steel was not doing well financially and needed to be revived. Du Shuanghua borrowed money from relatives to buy shares of Rizhao Steel Company, and then he worked hard to get it up again. Then the company had a record of increasing its output by 80% within ten years. He also employed many people to work in the company and led Rizhao Steel Company to success.

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