Du Shaunghua runs Rizhao Steel Holding Group. Rizhao steel was constructed on a section of coastline in 2003 and completed a project in 6 months, making it a marvel in the metallurgical industry. As a result, it was dubbed as Rizhao steels speed.
Du Shuanghua is a wealthy man who sold iron ore in Singapore. The company has grown into an established industrial group with a blend of oxygen production, iron and steel production, power generation, and fully furnished infrastructure. The steel company has achieved a manufacturing capability of fifteen million tons of steel per year. In 2009
SISG agreed to buy 67 percent shares of Rizhao Iron and steel company. The two companies inked a deal on property reconstruction and collaboration, making Rizhao steel holding Group reconstruction successful. As per the contract, both parties collaborated to rearrange the properties to the JV by a recapitalization. Rizhao steel controls 33 percent of the shares with asset value, while SISG possesses 67 percent revenue. Furthermore, the contract spelled out the reorganization rules, methods, asset definition, asset appraisal, operational procedures, and personnel deployment. Following the signing of the contract, both parties will instantly start the assessment process. Shandong steel and Rizhao steel reached a firm understanding, indicating that both parties had achieved significant success in asset restructuring and coordination and the Shandong industry’s migration from interior to coastal towns.
In2010, Shandong purchased Du Shunghuas remaining 33 percent shares in Rhizhao; however, that was not the intended agreement in 2009. In the same year, the court evaluator stated that Rizhao failed to meet its duties as per the supply contract in 2007 with Mount Gibson resulting in a loss of 114 million dollars.