I cover Chinese billionaires, and help to compile the China Rich List as well as Under30 list in Asia. I contribute to Forbes, and previously I freelanced for SCMP and Nikkei. Prior to Beijing, I spent six months as an intern at TIME magazine's Hong Kong office. I am a graduate of the Medill School of Journalism, Northwestern University.
, founder of China ’s largest non-state owned steel maker, Jiangsu Shagang Group, passed away on Sunday at the age of 78, according to
Shen, who according to Forbes estimates has amassed wealth of $3.7 billion based mostly on a company stake, turned a small steel workshop in his hometown of Zhangjiagang into Shagang Group. Last year, the groupin China in terms of crude steel production after state-owned steel makers China Baowu Group, Ansteel Group and HBIS Group, according to the Brussels-based World Steel Association.
That factory branched out into steel processing and Shen was promoted to lead it. As China opened up its economy in 1978, business grew rapidly. In 2002, Shen decided to spend 220 million yuan to acquire afrom Germany’s industrial manufacturing firm Thyssenkrupp. He famously ordered the mill to be completely dismantled and all its parts shipped to China for reassembly.
Yet the company’s acquisitions haven’t always run smooth. It is trying to offload a stake in London-based data center operator, after becoming the largest shareholder in 2019. It acquired a 24% stake for £1.8 billion from British billionaires
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