1 G J Steel Public Limited Management’s Discussion and Analysis (MD&A) for year 2018 Unit: million Baht Year 2018 Year 2017 Pe rfo rm an ce Revenues 29,910 15,178 Sales Volume (k tons) 1,447 812

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

Analysis For the Operating Results ended December 31, 2019 In 2019, the amount of aviation fuel services volume at BKK and DMK totaling up to 6,139 million liters, which have the growth rate of 2.3%(y-o-y

to same period of year 2016 of 50.86 million baht due to more sales volume in term of electricity - The other income in quarter 2-2017 in the amount of 10.63 million baht or 3.50 percent of total

competition in the market became less intense because of higher demand and sales volume of agrochemicals. Cost of sales increased at a lower rate of increase than that of the sales volume resulting in the