% and 75% of total capacity respectively. Water Volume (Million Cu.M) Chonburi Rayong Bangpra Nongkho Dokkrai Nongplalai Klongyai Prasae Water reserve 75.02 10.55 65.09 136.65 34.24 202.01 Percentage of

YoY QoQ 6M2017 6M2018 YoY Average Daily ProductionVolume(K.L./day) (Production Capacity 930 K.L./day) 669 788 675 1% -14% 621 731 18% B100 Sales Volume (Million litre) 61 73 68 12% -6% 114 141 24

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

against the US dollar and Euro in the period, which resulted in THB sales declining by Bt111 million (Table 1). The drop in revenue in 1Q19 was mainly pressured by a decrease in sales volume by 1% Q-o-Q and

price. The company terminated the Tolling Contract in January due to unfavorable market sentiment. From February onwards, the Company has to increase their production volume within their capacity of the

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

therefore will maximize our own capacity by producing up to 17hours per day in order to compensate the lower volume of Tolling. The market demand is not yet picking up to the same level as Q4/17 due to the

/2017 Q1/2018 YoY QoQ Average Daily Production Volume (K.L/day) (Production Capacity 810 K.L./day) 571 748 788 38% 5% B100 Sales Volume (Million litre) 53 72 73 38% 1% Revenue (Million Baht) 1,639 1,745

T=0 T=1 Bid Quantity Price Ask Quantity Bid Quantity Price Ask Quantity 3,000 ATO 40,500 3,000 ATO 40,500 8,800 179.50 91,400 8,800 179.5 91,400 177.00 54,000 177.0 54,000 60,100 176.50 36,500 60,100

utilization rate to available capacity, and eventually a higher cost of goods produced and low margin. To offset a slowdown in orders, the Company reduced costs by obtaining better sources of raw materials