1

Overview of Consolidated Results of Operations(YoY Change)

Yodogawa Steel Works, Ltd.

(Billions of yen, rounded down to the nearest 10 million yen)

1H FY3/24

1H FY3/23

ChangeNet sales

101.28118.52(17.23)(Gross profit)

15.81

18.86

(3.04)(Selling, general and administrativeexpenses)

10.34

10.62

(0.28)

Operating profit

5.47

8.23

(2.76)(Non-operating income)

2.35

2.88

(0.53)(Non-operating expenses)

0.15

0.15

0.00

Ordinary profit

7.67

10.96

(3.28)(Extraordinary income)

0.95

0.00

0.95

(Extraordinary losses)

0.47

0.71(0.24)

Profit before income taxes

8.15

10.24(2.09)(Income taxes)

2.39

2.91(0.51)(Profit attributable to non-controllinginterests)

0.56

1.47(0.90)

Profit attributable to ownersof parent

5.18

5.85

(0.67)

179.56 yen

203.08 yen(23.5) yen

12.51

9.99

2.51

(EPS (Yen/Share)

Comprehensive income

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

Remarks

Change (%)(14.5)%Net sales
Japan: Decreased due to lower sales volumeof steel sheets
Overseas: Decreased because of declines insales volume and selling prices at SYSCO inTaiwan(33.6)%

Operating profit
Decreased because price revisions were offset
by lower sales volume
Non-operating income
Gain on sale of investment securities andother items(30.0)%

Extraordinary income
Gain on sale of non-current assets
Extraordinary losses
Loss on retirement of non-current assets(20.5)%(11.5)%

Comprehensive income
1H FY3/24䠖 Profit of 5.7 billion yen, valuationdifference on available-for-sale securities of3.0 billion yen, foreign currency translation
adjustment of 3.6 billion yen

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

12

Overview of Consolidated Results of Operations(vs. Forecasts)

Yodogawa Steel Works, Ltd.

(Billions of yen, rounded down to the nearest 10 million yen)

1H FY3/24

ResultsForecasts(Announced in August2023)

Differences

Net sales

101.28102.00(0.71)

Operating profit

5.47

4.50

0.97

Ordinary profit

7.67

5.60

2.07

Profit attributable toowners of parent

5.18

3.00

2.18

• Earnings: Higher than forecast because the forecast usedconservative estimates of the cost of energy and otheritems and earnings include gains on sales of investment
securities
Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved2

3

Consolidated Net Sales

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

220.31201.65205.00145.96118.52101.28

93.87
67.46

1H

Full year

1H

Full year

FY3/21

1H

Full year

FY3/22

1H

Full year
forecast

FY3/23

FY3/24

Breakdowneof the 17.2 billion yen decrease in net sales:•Yodogawa Steel Works: (11.2) billion yen (76.4→65.2)
Sales decreased because of sales volume declines for both specific high-demand customers and general distribution due toflat construction demand. For exterior products, garage sales were strong but the sales volume of storage sheds decreased.
•Taiwan subsidiary Sheng Yu Steel Co., Ltd. (SYSCO): (8.6) billion yen (33.1→24.4)
Sales down mainly because of a lower export volume as inflation and rising interest rates worldwide reduced demand forSYSCO’s products.
•Chinese subsidiary Yodogawa Shengyu (Hefei) High-Tech Steel Co., Ltd. (YSS): +1.1 billion yen (5.0→6.1)
Sales increased as steady sales of pre-painted steel sheets outweighed slow sales of galvanized steel sheets.
•Thai subsidiary PCM Processing (Thailand) Ltd. (PPT): +0.2 billion yen (2.5→2.7)
Sales increased because of steady sales of value-added products and activities to maintain the spread between expenses andselling prices.
Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

34

Consolidated Profit and Loss

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

Consolidated operating profit
Profit attributable to owners of parent

Consolidated ordinary profit

17.91

17.68

14.34

13.10

12.66
9.79
7.88
6.25
4.20
3.05 2.91

1H

Full year

FY3/21

10.96

9.78

8.23

7.13
5.65
4.11

1H

10.59

7.67
5.47
5.18

5.85

Full year

FY3/22

1H

Full year

FY3/2310.00

1H8.20Full year
forecast
FY3/24

Breakdown of the 2.7 billion yen decrease in operating profit:•Yodogawa Steel Works: (1.2) billion yen (5.7→4.5)
Although there were activities for raising selling prices, earnings were down mainly because of a lower sales volume in thesteel sheet business•
SYSCO: (1.8) billion yen (2.9→1.1)
Earnings declined mainly because of a lower sales volume caused by sluggish demand and intense price-based
competition•
YSS: +0.05 billion yen ((0.38)→(0.33))
Only a small earnings recovery because of intensifying competition to receive orders and price-based competition•PPT: +0.07 billion yen (0.20→0.27)
Higher earnings due to measures to maintain the spread and other activities
Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved4

5Segment Information

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

Net sales
1H FY3/24

1H FY3/23

Segment profitChange (%)

1H FY3/24

1H FY3/23

Change (%)

Steel Sheetrelated

96.17

114.04(15.7)%

5.38

8.52(36.9)%

Roll

1.71

1.32

29.5%

0.07(0.21)-Grating

1.71

1.68

2.3%

0.08

0.02

228.9%

Real Estate

0.62

0.61

1.2%

0.39

0.40(3.3)%

100.23117.66(14.8)%

5.94

8.74(32.1)%

Others

1.05

0.86

22.6%

0.18

0.19(6.0)%

Total

101.28118.52(14.5)%

6.13

8.94

(31.5)%(0.65)(0.71)

5.47

8.23

Total reportablesegments

Adjustment
Amounts shown on
the consolidated
statement ofincome

101.28118.52

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

(14.5)%(33.6)%

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

56

Consolidated Financial Position

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

As of Sep. 30,
2023

As of Mar. 31,
2023

Total assets

259.62251.05

8.56

3.4%

Current assets

154.53150.86

3.66

2.4%

Non-current assets

105.08100.184.89

4.9%

Liabilities

47.97

49.15

(1.17)(2.4)%

Current liabilities

32.65

35.09(2.44)(7.0)%

Non-current liabilities

15.32

14.05

1.26

9.0%

Net assets

211.64201.909.74

4.8%

Shareholders’ equity

158.86

155.65

3.20

2.1%

Accumulated othercomprehensive income

29.14

24.01

5.13

21.4%

Non-controlling interests

23.49

22.09

1.40

6.3%

BPS (Yen/Share)

6,508.7

6,223.2

285.5

Shareholders’ equity

188.01179.67

8.34

Equity ratio

72.4%

71.6%

0.8pt

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

ChangeChange (%)

Remarks
Assets(Current) Increase in cash anddeposits, decrease in securities, etc.
(Non-current) Increase in investment
securities, etc.
Liabilities(Current) Decrease in notes andaccounts payable-trade, etc.
(Non-current) Increase in deferred tax
liabilities, etc.
Shareholders’ equity
1H FY3/24䠖Profit attributable toowners of parent of 5.18 billion yen,dividends of (2.04) billion yen, etc.
Accumulated other comprehensive
incomeIncrease in valuation difference on
available-for-sale securities, increasein foreign currency translation
adjustment, etc.

4.6%

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

67Consolidated Cash Flows

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

1H
FY3/24

YoY

1H
FY3/23

ChangeChange (%)

Remarks(Amounts shown are approximate)

Cash flows fromoperating activities

7.64

4.68

2.96

-

Decrease in inventories

Cash flows frominvesting activities

0.10(1.05)

1.15-

Proceeds from sale of property, plantand equipment

Cash flows fromfinancing activities(3.29)(3.94)

0.64-

1H FY3/24: Dividends paid of (2.07)
billion yen, etc.

Cash and cashequivalents

46.61

32.52

14.08

43.3%

Cash and cash equivalents at end of period(Billions of yen)

46.61

43.11
32.31

34.65

2019ᖺ3᭶ᮇ
FY3/192020ᖺ3᭶ᮇ
FY3/202021ᖺ3᭶ᮇ
FY3/21

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

30.96

32.52

2022ᖺ3᭶ᮇ
FY3/222023ᖺ3᭶ᮇ
FY3/232024ᖺ3᭶ᮇ
1H FY3/24
ୖᮇᮎCopyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

78

Capital Expenditures and Depreciation

Yodogawa Steel Works, Ltd.

(Property, plant and equipment including construction in progress) (Billions of yen, rounded down to the nearest 10 million yen)

1H FY3/24
Capitalexpenditures(consolidated)
Depreciation(consolidated)
Capitalexpenditures(non-consolidated)
Depreciation(non-consolidated)(Billions of yen)YoY

1H FY3/23

ChangeRemarks(Amounts shown areapproximate)

Change (%)

1.37

3.14

(1.76)(56.3)%

No significant investment
projects

2.22

2.35(0.12)(5.5)%

No significant changes

0.84

0.82

0.02

3.2%

No significant investment
projects

1.05

1.07(0.02)(1.9)%

No significant changes

Capital expenditures (consolidated)

Depreciation (consolidated)

8.74
6.91
3.70

3.53

5.65
3.99

3.23
1.73

1.72
1H

Full year
FY3/21

1H

Full year
FY3/22

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

3.14

4.87

2.35

3.70
1.37

1H

Full year

4.60

2.22

1H

FY3/23Full year forecast
FY3/24

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

89Major Capital Expenditures

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)Companies

FY3/24

Projects

Completiondate

Totalinvestments(incl. scheduled
completion date)(based on bookvalue)

Yodogawa
Production of roof molding machine
Steel WorksMarch 2024

0.16

Yodogawa Update of the color coating inverter at the
Steel Works Osaka Plant

May 2023

0.16

October 2024

0.19

Yodogawa Update of the plating line computer
Steel Works system at the Ichikawa Plant
After
FY3/24

SYSCO

Update of no. 2 plating line electric
equipment

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

131.5 millionNTD

July 2024(About 0.58)

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

910 Consolidated Forecasts

Yodogawa Steel Works, Ltd.
(Billions of yen, rounded down to the nearest 10 million yen)

Consolidated
Nonconsolidated•(Reference)
2H
forecasts

FY3/24

Full yearforecasts

Net sales

205.00(7.0)%

101.28(14.5)%

103.71

1.9%

Operating profit

10.00(21.0)%

5.47(33.6)%

4.52

2.2%

Ordinary profit

13.10(25.9)%

7.67(30.0)%

5.42(19.3)%

Profitattributable toowners ofparent

8.20(22.6)%

5.18(11.5)%

3.01(36.3)%

130.00(10.6)%

65.26(14.7)%

64.73(6.0)%

Operating profit

7.40(32.9)%

4.51(21.3)%

2.88(45.5)%

Ordinary profit

10.40(38.9)%

7.14(29.5)%

3.25(52.7)%

Profit7.90(37.5)%

5.55(26.2)%

2.34(54.2)%

Net sales

YoY

1H results

YoY

YoY

Forecast lower sales and earnings in Japan mainly because of sluggish demand in the building
construction sector. Also forecast lower sales and earnings outside Japan due to the gap
between the supply and demand for steel caused by slow economic growth in China and otherreasons.

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved1011 Dividends

Yodogawa Steel Works, Ltd.

(Yen/Shares)

Interim dividend

Year-end dividend

EPS (consoliated)

365.99338.42(283)215.60211.08131.14111.00(110.00)

67.00

71.00

(55.00)102.00
70.00

75.00

70.00

40.00

40.00

40.00

30.00

30.00

35.00

35.00

40.00

55.00

FY3/19FY3/20FY3/21FY3/22

FY3/23

FY3/24• The interim dividend will be 55 yen• We plan to pay a dividend of 55 yen at the year’s end, making an annualdividend of 110 yen per share(Figures in parenthesis are estimates)

Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

11

12 Reference (1)Yodogawa Steel Works, Ltd.
(10,000 tons)

Yodogawa Steel Group Primary Sales Volume of Steel Sheet Products(before eliminations for consolidation)
10998

101

111958843PPTYSSSYSCOYSWTotal

FY3/19FY3/20FY3/21

FY3/22

FY3/23

1H FY3/24

37366310937335698

3103256101

3113662111

2829559514142343

FY3/24
forecast
29324588• Lower sales volume at Yodogawa Steel Works mainly because of sluggish
demand in the building construction sector• Low export sales at SYSCO and only a small improvement at YSS
Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved

1213 Reference (2)Yodogawa Steel Works, Ltd.

Yodogawa Steel Group Regional Primary Sales Volume(before eliminations for consolidation)
120

10910098

101(10,000 tons)

111
95

8060

4340200
OtherOceania
North / Central / South America
Other Asia
Other Asia
(excluding Middle East)
China / Hong Kong
TaiwanJapanTotal

FY3/19FY3/20FY3/21

FY3/22

FY3/23

1H FY3/24

21601211412
701700278774272561
109

62555
98

102455101102362111

72055954112343Yodogawa Steel Group Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024

Copyright (C) 2023 Yodogawa Steel Works, Ltd. All Rights Reserved13