Shipment volumes for this year were lower as compared to last year due to due to termination of Tolling activities since February 2019. GJS บริษัท จ ีเจ สตีล จํากดั (มหาชน) G J Steel Public Company Limited

GJS บริษัท จี เจ สตีล จ ำกัด (มหำชน) G J Steel Public Company Limited Management Discussion and Analysis Quarter 3 Ending 30 September 2019 G J Steel Public Company Limited Page 1/13 Management

8 บริษัท จี สตีล จ ำกัด (มหำชน) G Steel Public Company Limited Management Discussion and Analysis Yearly ending 31 December 2019 G Steel Public Company Limited Page 1/1 Management Discussion and

Imports of Alloy Steel and Galvanized HRC into Thailand due to strengthening of Thai Baht and removal of Safeguard duties on Alloy Steel in February 2019. The total shipment volume dropped by 40% and

1 G J Steel Public Limited Management’s Discussion and Analysis (MD&A) Q1/2019 Unit: million Baht 1st Quarter 2019 1st Quarter 2018 Pe rfo rm an ce Revenues 3,398 8,117 Sales Volume (k tons) 177 388

, steel and other lime dependent industries. Along with the supportive external factors our Golden Lime Public Company Limited 3 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 DECEMBER 2018

85.76% from Q1 year 2017. The reason was the delay on the shipment to customers in the first two months of year 2018. The main raw materials’ crop, which is sweet corn, was delayed due to the weather. The

8 บริษัท จี สตีล จ ำกัด (มหำชน) G Steel Public Company Limited Management Discussion and Analysis Quarter 1 Ending 31 March 2020 G Steel Public Company Limited Page 1/7 Management Discussion and

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