and Analysis (MD&A) For Q2/2017 2 - HRC cash margin (excluding depreciation) in Q2-2017 was achieved at THB 1,033/ton, lower by 72% from last year quarter. - Sale volumes (Coil tons) and production

Steel Public Company Limited Management Discussion and Analysis Year Ending 31 December 2019 G J Steel Public Company Limited Page 13/14 Table: The production and the domestic demand of Finished Steel in

* Note Please find further information in the consolidated financial statements. 1 9th November 2017 Subject: Management Discussion & Analysis (MD&A) for the 3rd quarter of 2017 Attention: The

Analysis Quarter 3 Ending 30 September 2019 G J Steel Public Company Limited Page 13/13 Table: The production and the domestic demand of the Hot Roll Flat Steel for Jan - Sep 2018 and 2019 Total Hot Roll

and trust in supporting the Company’s business. 3. Management’s Message Management’s Discussion and Analysis (MD&A) for year 2017 4 Overview of World Steel Industry Chart of world crude steel production

Outlook Management’s Discussion and Analysis (MD&A) for year 2017 (Revised) 5 Source: World Steel Association Source: World Steel Association Such the situation showed that global crude steel production

first half of 2018. 4. Industry overview and outlook 10 G J Steel Public Limited Management Discussion and Analysis Quarter 2 Ending 30 June 2019 Chart of world crude steel production monthly, ending 30

- Translation - 11 May 2018 Subject: Management’s Discussion and Analysis for the Operating Results of the First Quarter of 2018 Attention: The President of the Stock Exchange of Thailand Exotic Food

manage production of the Company, the Company can generate cash margin by Baht 1,223 per ton for the 3rd quarter in 2017. Management’s Discussion and Analysis (MD&A) For Q3/2017 2 In this quarter, the

. Huaykwang, Bangkok  10310  F + 66 (2) 6452828,  + 66 (2) 6452829  VAT ID  0107538000151     Thailand W www.wiik‐hoeglund.com    No. LWH/ACC 19/05/LT057 May 10, 2019 Subject: Management discussion and analysis