G J Steel Public Limited Management’s Discussion and Analysis (MD&A) for year 2018 (Revised) Unit: million Baht Year 2018 Year 2017 Pe rf or m an ce Revenues 29,910 15,178 Sales Volume (k tons) 1,447

6,299 Group EBITDA 1,223 2,635 Group Net Profit (Loss) 495 1,963 HRC Sales (k tons) 389 333 HRC Production Volume (k tons) 382 361 HRC Average Selling Price (Bht/Ton) 20,939 18,907 HRC Cash Margin (Bht

sales and services amounted to Baht 8,678 million, increased by Baht 863 million or 11% QoQ. Revenue increase came from sale volume increase but still had net loss because raw material cost increase

ich mainly result from the increase in sale volume compare to the year 2017. In term of cost, the Company and subsidiary’s cost of sale per ton increase compare to the previous year due to the increase

2017 Pe rfo rm an ce Revenues 8,666 3,292 Sales Volume (k tons) 418 182 EBITDA 27 213 Net Profit (Loss) (311) 65 HR C HRC Sales (k tons) 418 182 HRC Production Volume (k tons) 418 190 HRC Average Selling

Discussion and Analysis Quarter 3 Ending 30 September 2019 1. Highlights Unit: million Baht 3 rd Quarter 2019 3 rd Quarter 2018 P er fo rm a n ce Revenues 3,803 8,666 Sales Volume (k tons) 172,117 418,365

of long-term loans from bank, payment for the construction of the headquarter, training and distribution center and the expansion of the factory and new branches. Page 4/5 Short-term Investment As at

, training and distribution center and the expansion of the factory and new branches. Short-term Investment As at 30 September 2017, the Group had short-term investment of THB 462.41 million which consisted of

from the main repeat customer who requested the company to prepare the training courses, uniforms and all security equipment for the hired employees. Therefore, the company had all those expenses in Q3

[!%* +.S. 2542 ̀*!*"P%\L)K$"P%.'* 20 7 c!" '.`$ d !4 '$ +]+M$` Financial center ,"* financial network .' SP"'* +M$*'(/ #S %.'+]'#()* #[/+ ()% .' (.% '#$ \$" \R !"/, #$$" *'# .'+] P.' #) • * Training