refinery margin to shrink. In this quarter, even though the crude oil price situation continues to improve constantly from December 2018, the cost of a proportion of crude oil that was refined within this

market, where the oil business is in on a downward trajectory following slowing global economy due to the trade war between the US and China. The Dubai crude price in 2019 averaged at 63.51 $/BBL, a

policy for export Crude Palm Oil, combined with the gap between the price of Thai and Malaysian Crude Palm Oil widening once again. This resulted in the biodiesel business gross profit to improve, due to

39.00 million Baht or 1,270%. Although the Company will continue to manage controlling of inventories turnover to be less than 45 days. The Crude Palm Oil (“CPO”) price was fluctuated in the 1st quarter

from overseas. The Company expects that the trend hot rolled steel import decreased and to have confidence in domestic market which will have a direction to improve in the future. In addition, the

affected by the year round global oil price fluctuation, especially in the last quarter which oil price plunged drastically. Moreover, the refinery recorded lower crude run due to its 45 days turnaround

affected by the decline in most of the finished product and crude oil crack spreads, as a result of the oversupply situation in finished oil products, and the anxieties over the trade war between the US and

Rule”). Currently, the Company focus on the business expansion of the crude palm oil (CPOA) trading business for biodiesel as there is a high potential growth and will partially conducting a trading CPOA

196,019 387,611 3 G J Steel Public Limited Management’s Discussion and Analysis (MD&A) Q1/2019 Post the production disruptions in Q1, the plant is returning to normal operations and is expected to improve

to the cycle of the market which lowering the demand of steel products. The Company has exported its products as according to the marketing plan in order to expand marketing strategy, improve standard