-TRANSLATION- 15 May 2018 Subject : Management Discussion and Analysis for Q1/2018 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance in

) loss on confirmed purchase orders for undelivered raw material 0 37 (100%) Other income 13 38 (66%) Total income 2,709 3,573 (24%) Expenses Cost of sale - Cost of goods sold 2,796 3,605 22% Cost of sale

mainly caused by the increasing price of graphite electrode and higher repair and maintenance cost and the proportionate of an increased in raw material cost is greater than an increased in HRC market

last year which are mainly caused by the increasing price of graphite electrode and higher repair and maintenance cost and the proportionate of an increased in raw material cost is greater than an

Company for fully subscribing the Right-Offering of THB 1,502.67 million. This funding amount will help in reducing financial costs and providing additional working capital for production. Overview of World

, raw materials, were also increased in the same trend of HRC price, nevertheless, the Company was able to maintain growth in metal spread in this quarter rose to THB 8,093 per ton, increasing from the

Q2/2018 4 Overview of World Steel Industry With reference to World Steel Association’s report on world crude steel production was 454.9 million tons in the second-quarter of 2018 and accumulated world

revenue, lower production costs so that the bottom line could be achieved and better than the previous year. 3. Management’s Message Management’s Discussion and Analysis (MD&A) for year 2017 4 Overview of

(MD&A) for year 2017 (Revised) 4 Overview of World Steel Industry Chart of world crude steel production monthly, ending 31 December 2017 Source: World Steel Association According to the World Steel

follow; Financial Overview Items Q1.2018 Q4.2017 + / (-) % Q1.2017 + / (-) % Sales 1,146.9 970.9 18.1 986.9 16.2 Cost of Goods Sold 894.7 778.8 14.9 799.5 11.9 Selling and Administration Expenses 49.8 43.5