Analysis (MD&A) For Q3/2018 3 Executive Summary The total apparent finished steel consumption of steel industry in Thailand in the third quarter of 2018 surged to 4.66 million tons, an increase of 11.1

Management Discussion and Analysis Year Ending 31 December 2019 G J Steel Public Company Limited Page 2/14 2. Business Outlook Total Hot Rolled Steel consumption for 2019 at 6.66 MT decreased by 8% compared to

law that going to protect steel industry. The good point of Anti- Circumvention law is no expiring date, unlike other measures i.e. Anti-Dumping, Safe Guard. The consumption of this quarter is

. This will be the first law that going to protect steel industry. The good point of Anti- Circumvention law is no expiring date, unlike other measures i.e. Anti-Dumping, Safe Guard. The consumption of

serve the increasing demand from customers while it was opposite with the plunge of overall steel consumption in Thailand in 2017. Moreover, the Company had successfully restructured its legacy debts

operated hours to on-peak period in order to serve the increasing demand from customers while it was opposite with the plunge of overall steel consumption in Thailand in 2017. Moreover, the Company had

market price worldwide and a stagnant of Thai economy in the first half of 2017 causes a lower demand of steel consumption. Management’s Discussion and Analysis (MD&A) For Q2/2017 GSteel 2 - HRC cash

level of household debt and conservative spending are continue to hinder domestic consumption by limiting consumption with only necessary items, decreasing in spending frequency and low- price. The

problem of purchasing power and incomes which have not yet recovered. Furthermore the liability stayed in high level and this was slightly speeded up the consumption. Therefore, it affected the expense

THB 18,079 per ton, increased 4% from the previous quarter, due to the increase in market price worldwide, especially in China and East Asia. Steel consumption in China had risen for 11.3% in the first