The effective properties of the fiber-reinforced composite materials with fibers of circular cross section are investigated. The novel estimation for the effective coefficient of thermal conductivity refining the classical Maxwell formula is derived. The method of asymptotic homogenization is used. For analytical solution of the periodically repeated cell problem, the Schwarz alternating process is employed. The principal term of the refined formula coincides with the classical Maxwell formula. On the other hand, the refined formula can be used far beyond the area of applicability of the Maxwell formula. It can be used for dilute and non-dilute composites. It is confirmed by comparison with known numerical and asymptotic results.