The sixth bi-annual board meeting of Jinan Ludong Refractory Materials Co., Ltd. was successfully held.

Published Time:

2024-08-13

On June 24th and 25th, 2024, the second meeting of the sixth board of directors of Jinan Ludong Refractory Materials Co., Ltd. was successfully held in the east meeting room on the second floor of the company. The meeting was presided over by Mr. Fang Qiang, chairman of the board. Ms. Yamada Tomonaga, Mr. Kinoshita Hito, all directors of the company, and attendees participated in the meeting. This meeting was the first meeting after the change to an indefinite-term joint venture among the three parties and received high attention from Jimei, Tokyo Trading, and Shinagawa Refractories.

Jinan Ludong Refractory Materials Co., Ltd.

The second meeting of the sixth board of directors was successfully held.

On June 24th and 25th, 2024, the second meeting of the sixth board of directors of Jinan Ludong Refractory Materials Co., Ltd. was successfully held in the east meeting room on the second floor of the company. The meeting was chaired by Mr. Fang Qiang, Chairman of the Board, and attended by Ms. Yamada Tomonao, Vice Chairman of the Board, Mr. Kinoshita Hitoshi, all directors of the company, and attendees. This meeting was the first meeting after the three-party change to an indefinite joint venture, and it received high attention from Jimei, Tokyo Trade, and Shinagawa Refractories.

The meeting deliberated and adopted 8 proposals, including "2023 Work Summary and 2024 Company Policy Objectives and Work Measures," "Japan Export Sales 2023 Performance and 2024 Plan," "Company 2023 Production and Operation Center Work Report," and "2024 Financial Budget Report." It also conducted in-depth discussions on the planning and construction of the Sino-Japanese New Materials Industrial Park, the company's development strategy and future direction, and the profit distribution plan for 2023.

Affected by international relations, the global economic situation, and the policy environment, China's refractory materials industry has encountered significant obstacles in exports, and refractory materials companies are facing a fierce competitive environment. The growth rate of domestic and global steel demand is slowing down, which has a significant impact on the production capacity planning of steel companies; as the problem of overcapacity in the domestic steel industry intensifies, competition within the refractory materials industry will become increasingly fierce. Japan's crude steel output decreased by 2.5% year-on-year in 2023, and the demand in 2024 is expected to remain roughly flat. The refractory materials industry is experiencing sales below cost, with mutual price pressure and dumping; this phenomenon is unlikely to change in the short term. To cope with the current market situation, companies need to strengthen product upgrades and technological innovation, improve product quality and production levels, and adjust and optimize product structure and industrial layout. The future construction and production of the Sino-Japanese New Materials Industrial Park means that the company will achieve a transformation towards high-end, intelligent, and green development. By introducing advanced production equipment and technologies, the company will improve production efficiency and product quality to cope with market competition and pressure and meet market demand. The future development trend of the Chinese refractory materials market is diversification, specialization, intelligence, green development, and internationalization. The company needs to strengthen technological research and development and innovation, optimize production processes and improve production efficiency, reduce production costs and operating risks, constantly monitor market and demand changes, strengthen communication and cooperation with customers, and focus on brand building and market promotion measures to cope with market challenges, seize market opportunities, achieve a long-term and stable market position, and promote the steady development of the company.

Although the global economic trend remains unclear, confidence is more important than gold, and action is more valuable than observation. The recent meeting on China's economic work pointed out that China's economy is recovering and improving, and the long-term positive trend remains unchanged. We must strengthen our confidence and determination, and take adhering to high-quality development as the hard truth of the new era. Yesterday's success brought today's joy, and today's efforts herald tomorrow's brilliance. In the new year, opportunities and challenges coexist, hope and difficulties are intertwined. With the concerted efforts of all employees of the company, our goals will surely be achieved, we will continue to grow and develop, strive towards higher goals, and continue to create a more brilliant tomorrow for Jimei and Ludong!