Rizhao Steel Holding Group was founded by Du Shaunghua in 2003. He is a Chinese national who resides in Hengshui, China. He is a self-made billionaire with a total net worth of approximately $1.4 billion and ranks number 2076 on the Forbes list. Du Shaunghua is aged 57, and he is a philanthropist. His donations have helped support youth causes. Du Shaunghua also highly benefited from iron ore trading in Singapore. He currently chairs Rizhao Steel.
Rizhao Steel ranked 26 in the list of the largest steelmakers in the world in 2019, with approximately 14 million tonnes of liquid steel. In September 2009, Shangdong Iron and Steel Group (SISG) acquired 67 percent of Rizhao Steel’s stake, according to the Chinese Securities Journal. SISG is also a Chinese company that is based in Jinan. In 2015, it was ranked number 12 among the top steel producers in the world, with a production of approximately 21.7 million tonnes of liquid steel. The company was formed in 2008 as a result of the merging of two steel producers by the Shandong provincial government.
The agreement signed by the two companies that are SISG and Rizhao Steel was a restructuring agreement and left Rizhao Steel with a 33 percent stake. The agreement illustrated that both parties made recognizable progress in their asset reorganization and even SISG’s shift to coastal cities from inland ones.
The merging of these companies is being done by the Shandong provincial government in order to reinstate and stabilize its steel sector. The steel sector is among the most broken up sector in the country. Read more HERE: https://www.bbntimes.com/companies/the-success-of-rizhao-steel-under-the-leadership-of-du-shuanghua