FY2020 (2019/4-2020/3)

Financial Results

YOTAI REFRACTORIES CO., LTD.
May 28, 2020

Contents
Corporate Profile

2

FY2020 Financial Results【Consolidated】

18

FY2021 Financial Forecast【Consolidated】

26

Appendix

31

Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

1

Corporate Profile

Corporate Profile
Create the future with our refractories

Trade NameYOTAI REFRACTORIES CO., LTD.



Established

August, 1936



Head Office8-1, NISHIKINAKA-MACHI, KAIZUKA-CITY, OSAKA, 597-0093, JAPAN

Number of
Employees

566 (as of March 31, 2020)CommonStock2,654 million yen (as of March 31, 2020)

Our Business

Production and sales of refractories and new ceramics as well as related
engineering business

Philosophy

The Yotai Group aims to be a faithful company that creates newtechnologies and products in response to the demands of revolutionary
times, enhances customer satisfaction, and contributes to society andusing our unique technology and passing on the history and experiencein long-standing refractory manufacturing technologies to the next
generation.



Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

3

History
2021 is the 85th anniversary of the establishment.
YOTAI
REFRACTORIES
CO.,LTD.

OSAKA YOGYO FIRE
BRICK CO.,LTD.

ACID PHIAL
MANUFACTURING
COMPANY

1882
established

1962
1987
1937
1951
1936
Company
Yoshinaga
Plant
OkayamaClay
MitsuishiPlantestablishedname change
built
Plant (at present, (at present,
the second branch the third branchPartial1985
of Yoshinaga Plant) of Yoshinaga
investment built
Technical
Plant) built
Research
Laboratory
1938
OSAKA
established
Hinase Plant built

1993
Mergedwith OSAKA
YOGYOCO.,LTD.

YOGYO
Limited.

1907
1894
Company Kaizuka
name
Plant
changebuilt

OSAKA YOGYO
Cement Co.,Ltd.
1926
established
Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

1961
Mizunami
Plant built

Osaka Cement
Co.,Ltd.
1963
Company
name change

2004
Joint venturecompany "YINGKOUNEW YOTAIREFRACTORY CO.,LTD." established in
China.（Made awholly owned
subsidiary in 2005）

1992
Advanced Materials
Laboratory and Kaizuka
Plant relocated.

Sumitomo Osaka
Cement Co.,Ltd.
1994
Merged with SUMITOMOCEMENT CO.,LTD.

4

Features and Strengths

Independent company

Thorough cost management

Strong positionin multiple industries

Pursuit of in-houseproduction

Sincere and agile
customer service

Technical sales
Multi-skilled work

Structure that is not easily affectedby trends in specific industries

Industry-leading profitability

Realize sustainable profit growth
Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

5

Sustainable Profit Growth
Sustainable growth unaffected by recession in specific industries
 Sales Results by industry for FY2020(amount ratio) [non-consolidated] Trend of Sales and Ordinary Profit
Ratio [Consolidated]（ millions of yen）

Amount of Sales

Ordinary Profit Ratio

30,00027,87526,654
24,21725,00020,00021,716
20,415

20,357

21,123

21,465

20,107

18.7%

15.1%

16%

Electronic parts 3.9%

Chemistry/Lime 4.0%

Others1.2%

Glass 4.0%
Ceramic industry

4.1%

Nonferrous

7.5%
7.6%
7.4%
3.6%

20%

15.5%

17,787

15,00010,00022,236

24%

9.1%

6.5%
6.4%
5.2%

12%

8%

5,000

4%

0

0%

7.7%

Steel
43.4%
Cement15.6%

Environment
16.1%'10.3 '11.3 '12.3 '13.3 '14.3 '15.3 '16.3 '17.3 '18.3 '19.3 '20.3

Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

6

High Profitability
Maintained an overwhelming industry top in sales and ordinary
profit per capita.
 Amount of Sales per capita（FY2019）（ Thousand yen ）（ Thousand yen ）60,00051,52450,000 Ordinary Profit per capita（FY2019）41,82140,0009,656

10,0008,000

39,29130,06230,00029,624

6,000

4,726

4,000

20,000

2,384

KROSAKI HARIMA

SHINAGAWAREFRACTORIESTYKMINO CERAMIC

YOTAI

TYK

KROSAKI HARIMA

0MINO CERAMIC0SHINAGAWAREFRACTORIES

2,000

YOTAI

10,0003,997 3,743

出典：各社有価証券報告書を元に作成
Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

7

Strong Position in Multiple Industries
Gain high market share in many industries.
Refractory bricks
Refractory bricks production
No. 1 of domestic market

20.8%

※

No.1

Always respond flexibly and quickly tocustomer needs*Production weight for FY 2019

Steel

CementEnvironment

Refractories for electric furnace
manufacturers
Shipping weight ratio ※Spinel bricks for cement
manufacturers
Domestic share

Achievements in refractories forenvironmental equipment

70%

Maintain stable sales
for electric furnace manufacturers*2015-2019 (Average）

Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

48.3%

※

No.1

Proposal with more than 20qualitys
according to customer's usage conditions

30years over

Develop and provide products suitablefor use conditions with know-how
cultivated as a pioneer*Production weight for FY 20198

Sincere and Agile Customer Service「Sales」「R＆D」「Production」「Technical Service」will provide
value together.
Sharing customer needs
with each department

Sales

Extract
improvementsfrom usage

Technical
Service

Being aware ofcustomer needs byworking closelywith them

R＆D

Pursuing the ideal
form of refractoryfrom a medium- tolong-term
perspective

The developer checks
the usage status of
the developed
product himself

Develop productsthat anticipate
customer needs

Production

Delivery of various
types and shapes ofrefractories to various
industries
Timely and low

cost manufacturing
Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

(about 50,000 types)

9Strengths for Steel Manufacturers
Positively expanding sales to blast furnace manufacturers basedon technology developed for electric furnace manufacturers.
Selling refractory products mainly to electric furnace manufacturers.
➡

Different from other major refractory manufacturers, we do nothave a blast furnace manufacturer in our parent company.

Currently, we are aggressively expanding sales to blast furnace manufacturers based on
the technology developed for electric furnace manufacturers.
➡

Our strength is in close communication with customers and refractory
proposals that match usage conditions.

 Amount of sales for steel manufacturers(electric furnace and blast furnace) (Note) Reference value
Refractory（ millions of yen）

Engineering

before financial statement
adjustment

15,00012,60912,0009,000

10,610
8,928
7,761

7,674

7,868

8,673

9,275

 Shipping weight ratio for steel manufacturers(electric furnace and blast furnace)

11,263

9,093

6,204

6,000

2015-2019 (Average)

2008

Blast furnace
manufacturers

Blast furnace
manufacturers

20%Electric furnace
manufacturers

80%

30%
Electric furnace
manufacturers

70% Refractory of blast
furnace manufacturers（Reflux Pipe）

3,000
0'10.3 '11.3 '12.3 '13.3 '14.3 '15.3 '16.3 '17.3 '18.3 '19.3 '20.3
Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

10

Strengths for Cement Manufacturers
Keep an overwhelming domestic market share with spinel bricks
for cement manufacturers.

Know-how over many years regarding bricks for cement manufacturers  Cement manufacture equipment➡

Supplying refractories for over half a century※ Photo by Sumitomo
Osaka Cement Co., Ltd.

Proposal of refractories matching to customer's usage conditions➡

Selling over 20 brands

Supplying stable quality refractory➡

Manufactured on a consistently controlled linefrom crushing of raw materials to inspection

 Amount of sales for cement manufacturers（ millions of yen）
5,000

Refractory

Engineering

4,195

4,000
3,000

2,480
2,553
2,384

2,797

2,897

2,711

2,837

2,928

 Domestic share of bricks
for cement manufacturers(production weight)※(Note) Reference value
before financial statement
adjustment
4,044※FY2019

3,027

2,000
1,000

Other
refractory
manufacturers

YOTAI

Inside cement
rotary kiln

 Spinel bricks for cement
manufacturers

48.3％
14,956
tons／year0'10.3 '11.3 '12.3 '13.3 '14.3 '15.3 '16.3 '17.3 '18.3 '19.3 '20.3
Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

11

Strengths for Environmental Equipment
Contribute to society by rapidly developing products suitable forusage conditions with to utilize strength of leading company.

 Amount of sales for environmental equipment/ (Note) Reference value
before financial statement
Waste disposal amountadjustment
Refractory（ millions of yen）
5,000

435

431

4,000
3,000

3,017

3,174

426
3,281

Waste disposal amount※（Right axis)

Engineering

424
3,484

429
3,356

437

3,440

435

（ millions of ton）
450

430

4,064
3,393

3,931

4,164
3,720

420
390

2,000

360

1,000

330

0

300
'10.3

 Stalker incinerator

'11.3

'12.3

'13.3

'14.3

'15.3

'16.3

'17.3

'18.3

※ Source： Website of the environment ministry （ Announced on January 23, 2020）

Adaptation to environmental changes by
package order of refractories + construction• Sales of refractories for environmental equipment increased
due to construction of furnaces damaged by processing
disaster waste and orders for materials used for them.
• Support a wide range of issues, such as a decrease inprocessing volume and disasters.
Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

'19.3

'20.3

Environmental Equipment：
Waste treatment furnaces such as
incinerators, melting furnaces and biomass
boilers

Responding to changes in waste quality• The waste quality varies widely by region, season, and source.
• The damage of the refractory that treats such waste varies
greatly depending on the operating conditions of furnace.
• We have about 200 types of refractories for environmental
equipment. Corresponding to a wide range of usage conditions,
it has been highly evaluated by many customers.

12

Strengths for Nonferrous Manufacturers
Leading the industry over the long term with strength of
responsiveness for various furnaces.
 Responsiveness for various furnaces

 Amount of sales for nonferrous manufacturers（ millions of yen）

Flash smelting
furnace

Slag cleaning
furnace

Rotary kiln

Leakage

Impact on
products

DesignSpecial shape

2,000

Short life

Combinationdifficultto new
entry

Engineering

3,000

2,646

2,514

2,500

RISK

Refractory

2,092

1,975
1,775
1,563

(Note) Reference value
before financial statement
adjustment.

2,344

2,041

2,010

2,018

1,860

1,500
1,000
500

Construction

0'10.3 '11.3 '12.3 '13.3 '14.3 '15.3 '16.3 '17.3 '18.3 '19.3 '20.3
Maintenance

Maintenance

Maintenance

Maintenance

After 30～40years

Newly
establishedNewlyestablished

Leading the industry over the long term
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13

Strengths forElectronic Parts Manufacturers
Supplying high-quality refractories for a wide range of applications.
⁻ Manufactured in a strictly controlled manufacturing process using high-purity raw
materials.
⁻ Sales achievements in various fields.
⁻ Quickly and accurately respond to customer demands.
 Amount of sales for electronic parts
manufacturers

 Sales field










Alumina substrate
FerriteCeramic raw material
Spark plug
Fine ceramics
MLCC
SOFC
Sensor
Piezoelectric parts（ millions of yen）

Refractory

1,200
796

900
600

550

Engineering
954

688

686

706

(Note) Reference value
before financial statement
adjustment.

818

1,0501,0961,019

776

300

etc.

0
'10.3 '11.3 '12.3 '13.3 '14.3 '15.3 '16.3 '17.3 '18.3 '19.3 '20.3

Expanding demand for electronic components by 5G, IoT and electrification of cars.

Expectations of expanding demandfor electronic components refractories !
Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

14

Streamline
Introducing robotization ahead of any other,
improving equipment quickly according to respond to technologicalchange.
Mixing and
Kneading

Kneading crushed
raw materials at
the required timing.
Automatic supply
to equipment.

FormingFiring

Machining

Unmanned
automatic
molding.

Automate kill-in,
kill-out of
products andautomatic
temperature
control.

Equipped with NC
machine,programming
complexprocessing.

Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

Inspection・
Attachaccessories

Automate
accessory
attachment andpallet loading.

15

Strengths for Engineering Division
Manufacturing departments and R&D work together to introduce
new technologies and promote in-house development of equipment.
 Amount of sales for engineering division（ millions of yen）
5,000
4,000

3,140 3,148

3,505 3,343 3,343 3,565 3,364

3,916(Note) Reference value
before financial statement
adjustment.

4,198

3,869

4,509

3,000
2,000
1,000

 Original technology of YOTAI

Making full use of new technology and inhouse developed equipment, resolving
problems and responding to customer needs.
MS-GUN
Construction of P-RAP can bedone with a simple spraying
machine, which can improve work
efficiency, reduce construction
costs, and reduce the burden on
workers.

K3 System

0'10.3 '11.3 '12.3 '13.3 '14.3 '15.3 '16.3 '17.3 '18.3 '19.3 '20.3

A new construction method using aquick-setting agent for nondeleterious substances. Since nodeleterious substances are used, thesafety of plants and construction
sites is improved, and storage
management becomes easier.

CAP System

Responding to customer requests by making
full use of the abundant achievements ofmore than half a century and the Engineering
technology cultivated.
Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

The features of the low-cement
castables for pouring can be
maximized, contributing toshortening the construction period
and saving labor. Kneading andpressure feeding system. Suitable
for large-scale construction.
16

Diversification of Raw Material Suppliers
Risk diversification by securing diverse procurement routes, mainly
in China.
 Two methods of procurement

The
MiddleEast

Raw material suppliers
China

TradingcompanySouth
AfricaSouth
America

Procuring with high quality and low cost from China,
which is the main raw material procurement.
Order
Raw material
suppliers

Pricenegotiation

Delivery
YOTAI
Confirmation
domestic
qualityplant
Chinesesubsidiary（YINGKOU
NEW YOTAI）
Dedicated staff Information
supportsharing

Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

YOTAI

 Image of procurement cost

Via a trading
company

Direct17

FY2020 Financial Results【Consolidated】

Consolidated Income Statement
⁻ Net sales decreased by 4.4% year-on-year, due mainly to decreased production in steel industry of our main
customer and delay in recovery of electronic components industry.
⁻ Ordinary profit decreased by 20.9% year-on-year, due mainly to raw material prices remained at high levels
and reduced production efficiency due to reduced production volume.
⁻ In the engineering division, net sales increased by 12.6% year-on-year due to an increase in new projects forenvironmental equipment and steady construction progress, and segment profit decreased by 6.8% due tohigher labor costs and profit pressure on new projects.
FY 2019

FY 2020

Net Sales

27,87526,654

Operating Profit

5,134

4,017

（Operating Profit Margin）(18.4％)(15.1％)

Ordinary Profit

5,224

4,134

（Ordinary Profit Margin）(18.7％)(15.5％)

Profit attributable to ownersof parent

3,610

2,794

(13.0％)（Net Profit Margin）

 Net Sales
30,00025,00020,00021,465(10.5％)

 Ordinary Profit（ millions of yen）
22,23627,87526,6546,000

15,0003,000

10,000

2,000

5,000

1,000

0
'16.3

'17.3

'18.3

'19.3

'20.3

Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

1,396▲21.7%▲1,090▲20.9%▲815▲22.6%

1,000

'17.3

'18.3

'19.3

3,610

'20.3

2,794

2,625

3,000
2,000

2,013

0
'16.3

▲1,116

4,000

4,134

3,663

4,000

▲4.4%

（ millions of yen）

5,224

5,000

▲1,220 Profit attributable to ownersof parent（ millions of yen）
24,217（ millions of yen）

Change

936

1,374

0
'16.3

'17.3

'18.3

'19.3

'20.3

19

Change in Operating Profit【Consolidated】

5,134(millions of yen)

3,000

2,000

Decreased insales volume
▲971

1,000

Price
revision＋163
Rise of raw
material
costs in
China
▲478

Cost
reduction＋280

Decreased
engineeringprofit
▲43

SG&A
etc.
＋80

4,017

Decreased insales volume
at subsidiaryby stagnationin Chinese
economy▲148▲1,117 millions of yen
0

FY 2019

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FY 2020

20

Refractories
Net sales decreased by 7.1% to 22,260 million, segment profit decreased
by 18.3% to 4,787 million year-on-year.
Specific efforts

Net sales(millions of yen)
25,00020,00018,105 18,313

20,02923,972
22,26015,00010,0005,000
0'16.3 '17.3 '18.3 '19.3 '20.3

Segment profit(millions of yen)

5,857

6,000
5,000

4,787

4,208

4,000
3,000

2,115

2,671

2,000

 Revamping and new installation of pressmachines to improve quality and production
efficiency.
 Addition of shuttle kiln to prepare for futureorders.
 Production and sales of large-odd-shaped
products used for special purposes and parts,and special quality.
 Development and sales of repairing
materials linked to spray machines for small
repairs.
 Expand sales of bend-resistant setter andwarp correction setter to various fields.

1,000
0
'16.3

'17.3

'18.3

'19.3

'20.3

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21

Engineering
Net sales increased by 12.6% to 4,394 million, segment profit decreased
by 6.8% to 591 million from the same period last year.
Specific efforts

Net sales(millions of yen)
5,000
4,000

3,923

4,188

3,902

4,394

3,360

 Development of construction technology. (DMI
method, mechanization, labor saving, etc.)

3,000
2,000
1,000
0
'16.3

'17.3

'18.3

'19.3

'20.3

Segment profit(millions of yen)
700
600
500

 Establish a design and construction organization
focusing on the environment and recycling fields.

477

631

634

541

591

400
300
200
100

 Improve competitiveness by shortening construction
time by using newly developed monolithic
refractories.
 Participation in the environmental business (EPC)
through materials and construction.
 Promote work style reforms to realize an attractive
work environment where not only employees but also
contractors work vigorously and the people who leadthem develop.
 Gain customer trust with safety and high quality.

0
'16.3

'17.3

'18.3

'19.3

'20.3

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22

Consolidated Balance Sheet(millions of yen)

FY 2019

FY 2020

ChangeIncrease/Decrease Factors

Current assets

26,63427,448＋814

Cash & Deposits ＋3,794
Receivables ▲1,472
Raw materials & Supplies ▲1,336

Fixed assets

7,552

6,994

▲557

Investment securities ▲563

Total assets

34,18634,443＋257

Current liabilities

7,641

5,875

▲1,766

Fixed liabilities

1,440

1,334

▲105

Total liabilities

9,081

7,209

▲1,872

Total net assets

25,104

27,234＋2,129Total liabilities &net assets

34,18634,443＋257

Equity Ratio

73.4％

79.1%

+5.7pts

ROE（Return on Equity）

15.3%

10.7%

▲4.6pts

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Accounts payable ▲712
Accrued expenses ▲433
Income taxes payable ▲605
Net defined benefit liability ▲101

Retained earnings ＋2,421
Valuation difference on available-for-salesecurities ▲35123

Consolidated
Statements of Cash Flows(millions of yen)

FY 2019

FY 2020

Cash flows fromoperating activities

3,048

5,413

Cash flows frominvesting activities▲943▲1,111

Cash flows fromfinancing activities

▲317

▲398

Effect of exchange ratechange on cash and cash
equivalents

▲18

▲8

Change incash and cash equivalents

1,769

3,894

Cash & cash equivalents
at end of the year

4,311

8,206

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Increase/Decrease Factors
Income before income taxes ＋4,066
Depreciation ＋860
Increase or decrease in working capital ＋2,224
Income taxes paid ▲1,842
Purchase of property, plant and equipment▲1,221

Cash dividends paid

▲372

24

COVID-19 Impacts & Risk
The projects that we received will not be significantly affected, andwe are normally operating, depending on stagnation of future
economic activity, the demand for refractories are expected todecrease.
Sales

 There is no significant impact on the projects that have been ordered.
 Because the stagnation of economic activity, demand for refractories are
expected to decrease both in domestic and overseas.

Production

 Domestic plants are operating and producing as usually.
 Chinese subsidiary is in operation and production without major confusion.
 Regarding the procurement of raw materials, although there was a delay inthe delivery schedule in February to March, there is no major impact.
 Logistics was confused but now it's over.

Others Employees at head office, Tokyo branch and Kyushu branch work from home atleast part of the time.
 No infected person of employees including bases in Japan and overseas.
 Prohibition of overseas business trips, avoidance the three Cs and infection
prevention measures such as washing hands and gargles.

Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

25

FY2021 Financial Forecast【Consolidated】

Financial Forecast 【Consolidated】
⁻ Net sales are expected to decrease by 11.8% year-on-year, due to a decline in sales volume tomain customers and a drop in sales prices, by mean of the decline in the domestic economy.
⁻ Ordinary profit is expected to decrease by 25% year-on-year, due to we have not been able tokeep up with the decline in sales prices although we will work to reduce raw material purchaseprices and fixed costs.
(millions of yen)⁻ If COVID-19 is prolonged, business performance may decline.
FY 2020
Net Sales
Operating Profit（Operating Profit Margin）

Ordinary Profit（Ordinary Profit Margin）
Profit attributable to owners of parent（Net Profit Margin）

 Net Sales(millions of yen)

Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

26,654
4,017(15.1％)

4,134(15.5％)

2,794(10.5％)FY 2021
Forecast

23,5003,000（12.8％）

3,100（13.2％）

2,150（9.1％）

 Ordinary Profit(millions of yen)

Change▲ 3,154▲11.8%▲ 1,017▲25.3%▲ 1,034▲25.0%▲ 644▲23.1%

 Profit attributable to ownersof parent(millions of yen)27

FY 2021 Specific Efforts
 Improving production efficiency by reorganizing production
items between plants.
 Joint development of cement refractories with customers,
leading to actual furnace test, evaluation and sales
expansion.
 Responding to recovery of orders for electronic parts
refractories.
 Development of monolithic refractories in cooperation withthe engineering division(construction section).
 Orders for non-ferrous refractories from overseas.
 Enhance customer service mobility and strengthen ordering
activities by expanding personnel of overseas agents.
Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

28

Return to Shareholders
Based on the continuation of stable dividends,
we will strive to strengthen our corporate financial positionand enhance internal reserves while paying dividends
according to profits, and strive for solid management.

 Annual Dividend per Share(Yen) Notice regarding Resolution of Share
Repurchase
１．Purpose of the Share Repurchase
To exercise agile management of capital policy corresponding to any changesof business environment
２．Details of the Share Repurchase（1）Class of shares to be repurchased（2）Total number of repurchase shares

Common stock of YOTAI
220,000（maximum）(1.00% of outstanding shares excluding treasury stock)（3）Total repurchase amountJPY 130,000,000（maximum）（4）Repurchase period
From March 17,2020 to June 30,2020（5）Method of repurchaseMarket purchase at the Tokyo Stock Exchange
3. Cumulative total of treasury stock acquired by April（1）Number of shares acquired
22,000shares（2）Value of shares acquired
JPY 13,743,800※The interim dividend for the FY 2020 includes a commemorative
dividend of 2 yen for the 70th anniversary of listing.
Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

29

CSR
We will sincerely fulfill our social responsibility and develop
together with the local community.
 Cleaning Activities

 Donated a total of 20,000 masks to
Kaizuka City and Bizen City for
COVID-19

 Donation of SHURI Castle
Reconstruction Fund

 Donated two table-tennis tables tothe ECEC Hinase Bizen City.

 "DEZOMESHIKI" of the Hinase-cho
volunteer fire department

Our Hinase plant helps to clean
up national roads in Bizen City
and raise awareness for drivers
through once-a-year reminders
in cooperation with companies in
the Toubi area as registered as
members of the Traffic Safe
Driving Council.

We participate in the New Year’s parade of fire
department brigades of Hinase-cho Bizen City every
February to promote the development of vitalcommunities. In this event, approximately 100 firebrigade members, who are divided into the Minamoto
and Taira families under red and white flags, fight awater-discharge battle from boats by releasing water
toward the opposing team’s members. Finally, fivecolored seawater is released toward the sky as a prayer
for peace for the coming year.

In addition, we are carrying out various activities to contribute to regional development, such as donating donations for
Typhoon Hagibis.
Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

30

Appendix

Business Locations▎YINGKOU NEW YOTAIREFRACTORIES CO., LTD.
（Liaoning, China）

TOKYO Branch
KYUSHU Branch▎Head Office▎YOSHINAGA Plant▎The second branch of
Yoshinaga Plant▎ OKAYAMA Branch▎NAGOYA Branch
HINASE Plant
MIZUNAMI Plant
Technical Research Laboratory
Engineering Division

Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

▎KAIZUKA Plant▎Advanced Materials
Laboratory

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Classification of refractoryClassification

Refractory
bricksAmong refractories with a wide variety ofshapes, such as block and plate. Refractory
bricks are used in the various industries
including the electronic parts industry, which
is a growing field.

BrandsMainapplications

SpinelCementMagnesia-carbon

Steel

Alumina-magnesia-carbon Steel
Fire-clay

General purpose

High alumina

General purpose

other

General purpose

Refractory bricks

Monolithic
refractories

Powder-type and rammed earth-type
Refractories Powder-type products are
poured after being mixed with water on-siteor sprayed for use. Rammed clay-type
products are pressed or patted for use.

Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

Castable

Environmental equipment,

othersteel, general purpose

Monolithic
refractories

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Disclaimer
Information in this document includes forward looking statements. These forward looking
statements do not guarantee the financial performance in the future, and contain risks
and uncertainties. Please kindly note that actual results could differ from these forward
looking statements.

Copyright ©YOTAI REFRACTORIES CO., LTD. All Rights Reserved.

34