capacity to the full capacity level in 2019. 2. Business Outlook on Q3/2018 Management’s Discussion and Analysis (MD&A) For Q2/2018 3 Executive Summary The steel industry in Thailand shrunk in the second

company is still positive to see an improving of metal spread comparing to Q4/18. 2. Business Outlook on Q4/2018 Own production Tolling Total Own production Tolling Total HRC Sales (k tons) 226 192 418 182

Steel Public Company Limited Management Discussion and Analysis Quarter 3 Ending 30 September 2019 G J Steel Public Company Limited Page 2/13 2. Business Outlook The Domestic HRC prices were severely

Analysis Q1/2020 G J Steel Public Company Limited Page 2/13 2. Business Outlook Total Hot Rolled Steel consumption for the 1st Quarter of 2020 stood 1.56 million MT and decreased by 3.4% compared to same

power and increased price competitiveness. For the business outlook for Q3/2020, the trend of the Thai economy is expected to contract compared to the same period of 2019 from the COVID-19 pandemic

complete the first franchisee contract by this year Outlook on business opportunities from lift of curfew measures With the government measures to control the spread of COVID-19 pandemic, especially the

with continued growth in card spending. However, although the overall economic growth rate of the country has a better outlook, it is lower than the situation prior to the Covid-19 pandemic, especially

rate of the country has a better outlook, it is lower than the situation prior to the Covid-19 pandemic, especially the government investment and consumption, although it has a better outlook since the

clearing house makes investment or deposits assets with a commercial bank, either in Thailand or in another country, the derivatives clearing house shall evaluate potential risks from the use of the

considered a transaction to a potential controlling person of the Company. Furthermore, the investor will have the rights to nominate three persons from the current seven persons to be a director for the