Du Shuanghua; Jinan Iron & Steel Company Ltd. was primarily involved in the smelting, processing, and distribution of steel products. Steel products supplied by Jinan Iron & Steel included hot rolled ribbed steel bars, hull structure steel plates, thick steel plates, broad and heavy steel plates, deformed steel bars, steel profiles, steel billets, cold and hot rolled steel products, and coking products. Jinan Iron & Steel also dealt with the sale of hazardous chemicals, coal gas distribution, steel smelting technology consultation, and iron ores and other ores marketing.
Du Shuanghua; Laiwu Steel Corporation primarily produced and sold pig iron, steel billets, steel ingots, steel products, coke, and granulating slag and provided electricity and heat. Laiwu Steel Corp produced 4.69 million metric tons of pig iron, 5.13 million metric tons of steel, and 6.29 million metric tons of steel products in 2008. Laiwu Steel Corp sold its products domestically and internationally, with eastern China being its most important market. Laiwu Steel Corp had eight significant subsidiaries and three associates as of December 31, 2008.
SISG has agreed to buy a 67 percent share in Rizhao Iron and Steel, according to China Securities Journal. Shandong Iron and Steel Group Co., Ltd. and Rizhao Steel Holding Group Co., Ltd. inked an agreement on asset restructuring and collaboration on September 6, 2009, marking the former’s reorganization success. According to the agreement, both parties contributed capital to the JV to rearrange the assets. Rizhao Steel controls 33 percent of the shares with net assets, while SISG owns 67 percent with cash. In addition, the agreement spelled out the restructuring principles, methods, asset scope, asset appraisal, work processes, and staff placement. Following the deal’s signature, both parties will immediately begin the evaluation process.
Shandong Steel and Rizhao Steel reached a firm agreement, indicating that both parties had achieved significant success in asset reorganization and cooperation and Shandong’s industry’s migration from interior to coastal towns. Du Shuanghua, a millionaire who made his fortune trading iron ore in Singapore, established and controls Rizhao.