amalgamated companies at their book values, eliminated by significant inter-company transactions, and the goodwill from the Amalgamation will not be occurred. Operating Results - Translation - 2 Total Revenues

expiry of safeguard on alloy steel, and strengthening of Thai Baht, and the current out break of COVID-19 has led to continuous decline in domestic steel prices from second quarter of 2019 and impacted the

average selling price decreased considerably due to slowdown in Thai economy, strengthening of Thai Baht, and surge in imports of Alloy Steel and Galvanised HRC post expiry of safeguard duties. While total

impacted due to continued weakening of international market for flat products and increase in imports of Alloy Steel and Hot Dipped Galvanized HRC into Thailand due to strengthening of Thai Baht and removal

from the import of other-alloy steel hot-rolled flat products in coil and not in coil since February 2019. The imports constituted 60% of the total consumption in 2019 compared to 54% in 2018. The

Baht 4,520 million against Baht 8,678 million for same period last year. The Sales quantities and prices were severely impacted by continued weakness in global Steel Industry, significant increase in

facility. The production volume in Q1/19 hence reduce comparing to Q1/18. HRC price is quite stable in Q1/19 though the Safe Guard of Alloy HRC was terminated in February. This does not affect HRC price as

their capacity of the facility. The production volume in Q1/19 hence reduce comparing to Q1/18. HRC price is quite stable in Q1/19 though the Safe Guard of Alloy HRC was terminated in February. This does

quarter ending 31 March 2018 amounting to Baht 37.21 million, an increase of Baht 25.18 million or 209.38% over the same quarter last year, due to the following significant factors : 1. Profits from

quarter ending 30 June 2018, amounting to Baht 16.68 million, an decrease of Baht 47.93 million or 74.18% over the same quarter last year, due to the following significant factors : 1. Profit from