Du Shuanghua, CEO of Rizhao Steel Holding Group, who was born in 1965, has a current net worth of $1.4 billion.
He is the world’s #2092 wealthiest person. And in 2019, he ranked 366th on China’s Rich List. More on Forbes
Before turning 40, he founded one of the country’s largest private steel manufacturers, making him one of China’s best-known business owners.
Shuanghua began his professional path in 1983 as a Chief Welder at a welding pipe facility in Hebei Province, China.
In his early 20s, he started a company that makes steel pipes called Hengshui Jinghua Steel Pipe Co., Ltd, where he celebrated many entrepreneurial successes.
Du Shuanghua established more steel pipe manufacturing companies with office locations at
Tangshan, Laiwu, and Chengdu respectfully.
In 2003, after the remodeling of Jinghua Innovation Group Co., Ltd, it became Rizhao Steel.
A Renowned Philanthropist
Du believes in giving back. His philanthropic interest and humanitarian goals include better education and medical care, the eradication of poverty.
He has donated over $156 million in 2016, which has benefited several charitable organizations. Giving is becoming a new thing in China, according to experts.
In 2014 alone, charitable donations in China were only 0.01% of their GDP, compared to 2% in the United States.
By the end of 2016, charitable contributions from individuals such as Shuanghua had totaled $4.6 billion.
The selling of Rizhao Steel.
Steel companies such as Rizhao struggled to survive as a result of the government’s lack of support for the booming sector.
Du Shuanghua sold Rizhao Steel in 2010 for around USD 960 million.
However, after a short amount of time, the sold firm boosted its profitability by 80% and expanded geographically to South Korea and Vietnam. Although it was a risky option, the current expansion shows that Du made the right call to sell his company.
Today, Rizhao Steel makes more than 22 million tons of finished steel every year, making them one of the top steel producers in the world, if not the biggest in China