by MSCI (with country GPR data availability) between 1985 and 2019, from Refinitiv Datastream. ❑ Dependent variable used to measure firm value is Tobin’s Q. ❑ To ensure the results are robust, we

100,000 tons per month. HRC and scrap price is stable for this quarter comparing to Q3/17 while the market demand is also stable so far. We are positive to record the growth of production volume by 6

year 2018 amounted to THB 836 million which loss higher than last year mainly due to HRC selling price is stable whilst the cost for import scraps is continuous increase. However, for the year 2018, the

the year 2018 amounted to THB 836 million which loss higher than last year mainly due to HRC selling price is stable whilst the cost for import scraps is continuous increase. However, for the year 2018

stable whilst the cost for import scraps is continuous increase. However, in the third quarter of 2018, the Company had the sale revenues and sale volumes increased in significantly, which can summarized

2019, the price of pig iron remained stable at the same level while the price of scrap started to fall continuously. Thus it will become more challenging for the global steel industry participants in all

countries in June 2017 was 73%, increased by 1.4% compared to the same period of previous year, and increased from May 2017 by 1.3%. This shows that the world steel industry remained stable and likely to grow

hours per day in this quarter in order to test our production line and prepare to produce up to 100,000 tons per month in 2Q/18. The average sale price in this quarter is stable and will moving in the

stable and will moving in the same trend as in Q4/17. We strongly believe that we can increase production capacity and also maintain the metal spread to strengthen the Company business. 2. Business Outlook

to full production levels. The HRC prices have seen improvement over last the Quarter and are stable until now. The recently approved Anti-Circumvention law is still be approved by the Parliament and