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The Board of Directors Meeting of Ludong Refractory Material Co., LTD －Shinagawa Refractory Corporation’s First Participation

On November 23th 2009, our joint venture company-Ludong Refractory Material Co., LTD held its first board meeting of the fourth session, this was the first board meeting for Shinagawa Refractory Corporation who were co-established by the meager between JFE Furnace Materials Corporation and Shinagawa Shiro-Renga Co. Ltd. in October 2009. A total of 26 participants including 6 Japanese representatives attended the meeting and gave reports actively. The principal of each department gave a detailed report about their sales mainly within the Chinese domestic market. Both Chinese and Japanese participants mutually confirmed that the results showed the joint venture company well grabbed the Chinese domestic market to further strengthen its sales capabilities.

The board meeting ended with a vow for all the three parties of Ludong Refractory Material Co., LTD., Tokyo Boeki Steel & Materials Ltd. and Shinagawa Refractory Corporation to cooperate together and to make greater progress in the future.