Steel maker shows his mettle in take-over bid

Shandong Iron and Steel Group, the world's eighth largest steel maker, is suffering a setback in its proposed takeover bid for Rizhao Iron and Steel Group over differences in the terms of the deal.

Du Shuanghua, the founder of Rizhao Steel, one of China's most profitable non-State steel mills, is employing delaying tactics against the purchase of a 67 percent stake in the company, according to people familiar with the situation.

In addition, Du was likely to consider moving to another province to restart his steel empire, according to insiders at the company.