Early Life and Career
Xiang Guangda was born in 1958 in Wenzhou, Zhejiang, China. He started his career in 1980 as a mechanic in a state-run fishery company. In 1986, Xiang and his relatives established a workshop manufacturing car windows and doors.
Rise to Success
In 1988, Xiang left his job to become a full-time entrepreneur. After a trip to Germany in 1992, he decided to focus on stainless steel manufacturing. His company, Tsingshan, was founded in 1988, and grew rapidly due to its focus on bringing down costs. The firm pioneered the use of cheaper nickel pig iron in place of metallic nickel in its stainless steel production, and implemented the use of the rotary kiln furnace for continuous production. He is known for his visionary thinking and a taste for betting big.
Key Business Strategies
Tsingshan's strategy involved focusing on cost reduction and technological innovation. A key move was the investment in nickel mines in Indonesia, which helped to lower production costs. Tsingshan has since expanded its production plants to India and Zimbabwe. Tsingshan Holding Group was established in 2003 and by 2021 it accounted for nearly one-fourth of the global output, being by far the largest in the industry.
Philanthropy
Xiang Guangda is involved in philanthropy, focusing on causes like education, environmental sustainability, and poverty alleviation. The exact amounts of his philanthropy are not widely publicized, but he has donated to organizations like the China Youth Development Foundation.