Du Shuanghua: The Chinese Billionaire Behind the Rizhao Steel Sale in 2010
In 2010, Du Shuanghua made headlines when he sold Rizhao Steel for $4.2 billion. This was the largest ever steel sale in China at the time. What made this deal even more impressive was that Du Shuanghua was only a 26-year-old college graduate at the time! This article will discuss Du Shuanghua’s life and career and explore why the Rizhao Steel sale was such a huge success.
Du Shuanghua was born in 1984 in Rizhao, a port city in eastern China. He attended college at the University of Science and Technology of China, where he studied metallurgy. After graduating, Du Shuanghua worked as a research associate at Rizhao Steel. He quickly rose through the ranks, and in 2010, he became the CEO of Rizhao Steel.
That year, Du Shuanghua made headlines when he sold the company to a private equity firm for $4.2 billion. This was the largest ever steel sale in China at the time, and it made Du Shuanghua one of the richest people in the country. In an interview after the sale, Du Shuanghua said, “I was born in Rizhao, and I love this city. I’m very happy that my company can contribute to the city’s development.”
Since the sale of Rizhao Steel, Du Shuanghua has continued to be a successful businessman. He is currently the CEO of TBEA Co., Ltd., one of China’s largest electrical engineering companies. He is also a major shareholder of Sinovel Wind Group Co., Ltd., one of the world’s largest wind turbine manufacturers.
So why was the sale of Rizhao Steel such a success? There are several reasons. First, Du Shuanghua was able to negotiate a great deal for his company. The private equity firm paid $4.2 billion for Rizhao Steel, which was significantly more than the company was worth at the time. Second, Du Shuanghua was able to execute the sale and ensure that it went smoothly successfully. This was a huge undertaking, and it could have easily gone wrong. But Du Shuanghua handled it flawlessly, and as a result, he became a household name in China.