Analyst Meeting

Third Quarter 2015

17 November 2015

Sahaviriya Steel Industries PLC

1

The information contained in this presentation is intended solely for your personal reference only. If you

are not an intended recipient, you must not read, disclose, copy, circulate, retain, distribute or take any

action in reliance upon this material.

This presentation is not intended to substitute your own analysis and investigation, and should not be

considered a recommendation to any recipient of this presentation. Some statements contained herein

are forward-looking statements identified by the use of forward-looking terminology such as “may”, “will”,

“expect”, “anticipate”, “intend”, “estimate”, “continue”, “plan” or other similar words, which are subject to

various risks and uncertainties. These statements include statements with respect to Sahaviriya Steel

Industries Public Company Limited (the “Company” or “SSI”)’s, Sahaviriya Steel Industries UK Limited

(“SSI UK”)’s and their subsidiaries (collectively referred to as “SSI Group”) corporate plans, strategies and

beliefs and other statements that are not historical facts.

This presentation is prepared based on the assumptions and beliefs of SSI Group’s management in light

of the information currently available to the Company involving risks and uncertainties which may cause

the actual results, performance or achievements to be materially different from any future results,

performance or achievements expressed or implied by such forward-looking statements. Nothing in this

presentation is, or shall be relied on as promise or representation of the Company as to the future.

Disclaimer

2

1) dwt = Deadweight ton 2) mtpa = million tons per annum 3) Exchange rate used for translation = 32.46 THB/USD

ASEAN’s Largest Flat Steel Producer

Cold-rolled steel

1.2 mtpa 2)

43%

Thai Cold Rolled

Steel Sheet Plc.

35.19%

Electro-galvanised

0.24 mtpa 2)

45%

Thai Coated Steel Sheet

Co., Ltd.

3.7%

Support:

Port

100,000 dwt 1),

14 mmt throughput

N/A

Prachuap Port Co., Ltd.

51.0%

Hot-rolled coils

(pickled and oiled)

HotCoil

4 mtpa 2)

55%

Sahaviriya Steel Industries

Plc.

CleanStrip®

1 mtpa 2)

Parent Company

63%

Finished products

out-bound

Raw materials

in-bound

Coated

Steel Sheet

Cold Rolled

Coil

Hot Rolled

Coil Port

51% 3.7% 35.19%

99.99%

Engineering

Capacity

Domestic Capacity Share

Product Range

Legal Entity

SSI Ownership

Total Sales in 2014 3) 9 MUSD 379 MUSD 85 MUSD

Innovate Premium Value Products

Long-term

Strategies

998 MUSD

2.6 1.0

3.6 MT

0.8 0.7

1.6 MT

2.3 2.4

4.7 MT

5.7 4.1

9.8 MT

3

Thailand Flat Steel Demand: the biggest and most sophisticated in ASEAN

Application Midstream & Downstream Upstream (Iron & Steel Making)

Checkered

HRC P/O

Hot Rolling

4.7 MT

Cold Rolling

CRC

1.5 MT

Coating

Coated

Local (MT)

Import (MT)

9.8 MT

Total Flat

Products

(excl.plate)

Slab

ASEAN’s industrialisation and urbanisation has driven and will drive consistent high growth.

LONG: CAGR 98-14

7.4%

FLAT: CAGR 98-14

8.7%

Apparent Steel Consumption High-grade Flat Steel Products Consumption

ASEAN steel consumption decelerated its growth rate to 3.5% in 2014.

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012P 2013 2014

47% 51%

53% 49%

1998 2014

Long

Flat

3.6 MT

43.5 46.2 42.0 48.6 52.4

58.8 63.5 65.7

2007 2008 2009 2010 2011 2012 2013 2014

Million Tons

Source : WSA, ISIT, SEASI, Federation of Thai Industry Source : SEAISI

Thailand Flat Steel Consumption: largest and most sophisticated in ASEAN, approximately net 5.7 mtpa or 58% served by import.

2014 Domestic

Flat Steel Demand

ASEAN’s steel consumption continued to grow at 3.5% in 2014, but mainly served by imports especially from China. Vietnam registered highest growth rate, followed by Philippines and Malaysia.

ASEAN’s steel consumption is projected to maintain a steady growth of around 4%-5% and surpass 80 million tons in 2018.

1.46 1.89

2.64 2.83

4.09 4.72

Q2/15 Q3/15

Flat

Long

0.2

1.1

0.3

1.0

0.1

1.3

0.3

1.0

HR Plate

HR Sheet

CR Sheet

Coated

Inner Chart = Q2/15

Outer Chart= Q3/15 Source : ISIT

Unit: Million MT

Flat Product Finished Steel Consumption

4

Q3/2015 Highlights

Total steel consumption grew 15.2% QoQ supported

by an increase in long steel consumption of 29.7%

QoQ and flat steel consumption of 7.2% QoQ.

Car production rose 21% QoQ as a result of an

increase in export. Conversely, fridge production and

A/C production fell 6% and 20% QoQ respectively

after the end of summer season.

Thai Steel Market

Source : ISIT

Unit: Million MT

Total Apparent Finished Steel Consumption

Car and HA/EA Production

-

1,000

2,000

3,000

4,000

Cars Fridge A/C

Cars and HA/EA Production

(Thousand Units)

Source: ISIT and The Federation of Thai Industries

Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15

5

Thailand urban population increased from 26.4%

in 1980 to 44.1% in 2010, and 46.7% in 2014E;

whist number of stores’ regional branches

increasingly expanded during 2008-2014.

Potential in capturing growth in automobiles,

electrical appliances, and food packaging

as a center of ASEAN production

Opportunities in Thailand Urbanization

AEC-Opportunities towards ASEAN Construction and Infrastructure

Rising GDP Driven by Middle-Income

Production Growth in ASEAN’s Selective Sectors

'02 '14

Car

'02 '14

White Goods

'02 '14

Canned Fruit & Canned Seafood

Source : Thailand Automotive Institute , FTI, and ISIT

CAGR 08-14 = +13.6% +28.8% +11.8% +9.8%

HomePro Siam Global Robinson Makro

House

Thailand Steel Consumption (k tons)

Growing ASEAN Steel Consumption

Expansion of Stores’ Regional Branches (2008-2014)

ASEAN Steel Market & Key Growth Drivers

1 2

3

4

33

7

20

44

71

32 39

77

Packaging 5%

Auto 19%

Construction

53%

M/C & Ind.

13%

Appliance

11%

Source: ISIT

43.2%

20.4%

32.7%

27.1%

30.2%

22.0%

29.8%

Source: Fiscal Policy Office

Unit: % of GDP

2014 Domestic Steel Demand Breakdown

GDI/GDP Ratio

’08 ’14 ’08 ’14 ’08 ’14 ’08 ‘14

Growth in ASEAN’s GDP driven by middle-class income,

whose consumption is likely to fuel sales of HA/EA and

automobiles.

Source: IMF, SEAISI, and Worldmeters Remark: ASEAN data includes Thailand, Indonesia, Vietnam, Malaysia, Philippines and Singapore

Stages of Steel Use Per Capita

1. Very low level before economic take-off

2. Rapid rise

3. Leveling off

4. Decline

5. Stabilization

Above figures were calculated by SSI from (1) World Bank’s

forecasted population (2) 8.23% CAGR of ASEAN GDP’s

growth (forecasted by Economy Watch) and (3) WSA’s

relationship between GDP per Capita and ASU per Capita.

ASEAN Steel Consumption (k tons)

2.8% 8.8% 6.6% 8.9% 8.7%

Growth in GDP per Capita from 2014-2020

7.2%

Source : IMF Estimate

12.6% 10.2% 4.0% 5.1% 9.0%

0

10,000

20,000

30,000

40,000

0

50,000

100,000

150,000

200,000

6

Highlights

Agenda

Recent Update and Ongoing Projects

Q3/2015 Performance Results

Q3/2015 Financial Results

Outlook and Guidance

Q & A

Supplementary Appendix

7

Group CEO’s Message

“Global steel over-capacity and demand imbalance since late 2014 and the

continuous decline in steel price resulted in a huge operating loss for the Group

this year, particularly in the Upstream Business. However, in Q3/2015 such

situation remained unchanged and, on the other hand, further deteriorated and

resulted in bigger losses at the Upstream Business. Consequently, SSI UK was

required to temporarily suspend its steelmaking operation on 18 September 2015

and subsequently applied to the court for liquidation on 2 October 2015. At

present, the Company on a conservative basis expects zero recovery after the

completion of SSI UK liquidation. As SSI UK’s main asset is a large iron and steel

making plant, controlled under the Control of Major Accident Hazards regulation,

there are uncertain external factors which are beyond the Company’s control, for

instance the validity of the environmental permit, access and ability to safeguard

the assets, etc. The legal and liquidation proceeding in this case is unprecedented

and unclear to the Company at this stage. In the meantime, the Company is in

discussion with legal advisors and the Major Creditors to determine further steps.”

“Nevertheless, the Company had been discussing with the Major Creditors the

solution for the HRC Business to carry on operations as normal, including to

maintain business value of the Company. The Company decided to submit an

application for Business Rehabilitation to the court on 1 October 2015. The court

has accepted the application, and the preliminary hearing of such application is

scheduled on 21 December 2015.“

innovate strength

8

Chronology of Group Restructuring

On 18 September 2015, SSI UK notified the temporary suspension of slab production.

On 21 September 2015, the Major Creditors demanded SSI UK to pay its obligations under the loan conditions

amounting to USD 790 million or approximately Baht 28 million, and also requested the Company to be jointly

responsible as a guarantor of SSI UK for the obligation

On 1 October 2015, the Major Creditors demanded the Company to pay its obligation under the loan conditions

amounting to Baht 23.9 billion.

On 1 October 2015, the Central Bankruptcy Court accepted an application for Business Rehabilitation of the

Company, and the preliminary hearing was scheduled on 21 December 2015.

On 2 October 2015, the court accepted an application for SSI UK’s liquidation.

9

Impact from Liquidation of SSI UK

Impacted Item SSI UK The Company Consolidated

Statement of Financial

Position Q3/2015

Assets = 0

Liabilities = 0

Equity = 0

Assets:

• Investment in subsidiaries decreased 27,482

MB

• Other accounts receivable decreased 6,313

MB

Liabilities:

• Provision made for loss on guarantee given

by the Company and others 30,267 MB

consisting of:

• Loans from SSI UK 29,708 MB

• Provision for loss on pledged

TCRSS ordinary shares of the

Company to a trade payable of SSI

UK 503 MB

• Bank guarantee 56 MB

Equity:

• Cumulative loss increased from provision of

interests in SSI UK 64,062 MB

Assets:

• Subsidiary’s assets increased 42,925

MB

Liabilities:

• Subsidiary’s liabilities increased 44,315

MB

• Provision made for loss on guarantee

given by the Company and others 30,267

MB consisting of:

• Loans from SSI UK 29,708 MB

• Provision for loss on pledged

TCRSS ordinary shares of the

Company to a trade payable of

SSI UK 503 MB

• Bank guarantee 56 MB

Equity:

• Cumulative loss increased from provision

of interests in SSI UK 28,877 MB

Statement of Income Q3/2015

Expected loss on liquidation

29,579 MB

Loss from expected loss on liquidation of

subsidiary 64,062 MB resulted from:

• Impairment on investment in subsidiary

27,482 MB.

• Allowance for doubtful receivable from SSI

UK 5,958 MB.

• Provision made for loss on guarantee and

others from SSI UK 30,267 MB

• Provision made for goods-in-transit from SSI

UK 355 MB

Loss from expected loss on liquidation of

subsidiary 28,877 MB resulted from:

• Provision made for loss on guarantee

and others from SSI UK 30,267 MB

• Other reversal 1,390 MB

Estimated recoverable

amount after the

completion of liquidation

of SSI UK

-None- -None- -None-

1. When the court has appointed the Planner, the power to manage the business, assets and the shareholder’s rights of the debtor falls within the duty of the Planner, with restrictions on the right to receive the dividends.

2. From the day on which the debtor acknowledges the order for Business Rehabilitation, the director of the debtor company must entrust all assets, the company seal, accounts books and other important documents of the

debtor to the Planner as soon as possible. Moreover, within the period of 7 days from acknowledging the order appointing the Planner, the debtor must submit a report detailing the matters relating to the business and

assets of the debtor. The Planner may extend the time period in which the debtor must submit such report provided that the period of extension does not exceed 30 days.

3. The Official Receiver shall advertise the order for Business Rehabilitation and the appointment of the Planner in the Royal Gazette (the dates of advertising such orders shall be determined by the Official Receiver) . The

Official Receiver shall also notify the Shareholding Company’s registrar of such orders so that such orders can be entered into the Company’s records.

4. The creditor must file a request of debt repayment within 1 month from the date on which the appointment of the Planner has been advertised in the Royal Gazette.

5. The creditor, the debtor and the Planner are entitled to examine and oppose the request for debt repayment within 14 days from the date on which the period given to file such request has expired.

6. In the event where the request for debt repayment is opposed, the Official Receiver may proceed to investigate such request and the opposing statement and may give an order relating to the number of votes the creditor

is entitled to cast in the Creditors’ Meeting and give an order relating to the rights of repayment. In the event that there is no opposition to the request for debt repayment, the creditor who files such request is entitled to

cast his/her vote according to the debt he/she is owed.

7. The Planner shall submit the Business Rehabilitation Plan, and copies thereof, to the Official Receiver within 3 months. The court may extend the time period not more than twice, and for not exceeding 1 month each

time.

8. Upon receiving a copy of the Business Rehabilitation Plan, the Official Planner must set the date convening the meeting for the creditors who are entitled to cast their votes, as soon as possible, to consider the Plan. The

copies of the Plan, notice of the meeting and the agenda of the meeting must be sent to the creditors with the right to vote, the debtor and the Planner. The announcement for the Creditors’ Meeting must be made in local

newspaper not less than 10 days prior to the day of the meeting.

9. The creditor, the debtor and the Planner may file a request for the Plan to be revised to the Official Receiver not less than 3 days prior to the day of the meeting.

10. The Creditors’ Meeting will consider the Business Rehabilitation Plan; and (a) the meeting will give an approval for such Plan by a special resolution of the Creditors’ Meeting, and the Creditors’ Meeting may resolve to

appoint a committee comprising not less than 3 persons and not exceeding 7 persons to supervise the actions of the Plan Administrator; or (b) the Creditors’ Meeting may resolve to dismiss the Plan and may resolve to

change the Planner to create a new Plan, as the case may be. However, in the event that the Plan is dismissed, the court may give an order for cancelling the order for Business Rehabilitation, or the court may give an

order to proceed with the pending Bankruptcy Case.

11. The Official Receiver shall notify the creditors, the debtors and the Planner of the court appointment to consider the Plan not less than 3 days in advance.

12. The court shall consider and give an approval to the Plan and shall notify the Plan Administrator and the Planner of such order. The rights, power and duty of the Planner shall be transferred to the Plan Administrator from

the day on which the Plan Administrator acknowledges such order. In the event where the court dismisses the Plan, if, prior to this, the debtor has been sued in the Bankruptcy case, the court may give an order to

proceed with the Bankruptcy case.

13. The Planner must entrust all assets, the company seal, accounts books and important documents concerning the assets, liabilities and business of the debtor to the Plan Administrator without delay. The Plan

Administrator reserves the right to deny access to the assets of the debtor or the rights arising out of the contract which lay more burden than benefits which may emerge within 2 months from the date on which the order

giving an approval of the Plan has been acknowledged.

14. Proceed with the Plan. 10

Duration and Process of the Business Rehabilitation The Court

orders Business Rehabilitation and appoint the Planner

7 Days 1 Months 14 Days 2 Months

3

7

5 4

6

9

8

11 13

14

12

Advertise the appeal in the Royal Gazette

3 Months

The Official Receiver make appointment for the Creditor's

Meeting

3 Days

Creditor’s Meeting

Approx. 30- 45 Days

3 Days

The Court considers and grant an approval

of the Plan Proceed with the Plan

Prior to the appointment of the Creditor's Meeting to consider the Plan

File an appeal

to the Court for

Business

Rehabilitation

1 Oct 15

Advertise the

appeal in

daily newspaper 2

10 1

The Planner submits the Business Rehabilitation Plan

Total Duration – Approx. 8-9 months, without opposition

– Approx. 16-20 months, with oppositions

Up

str

ea

m

Q3/2015 Highlights: Business Results

11

1) HRC Rolling Margin = HRC Spread / HRC Average Selling Price; Slab Margin = Slab Spread / Slab Average Selling Price. 2) HRC EBITDA includes net stock loss provision and other provisions (reversal) USD 32.3/ton in Q3/2015, USD (51.3)/ton in Q2/2015, USD 0.2/ton in

Q3/2014, 1.7/ton in 9M/2015, and USD (0.7)/ton in 9M/2014, but excludes the expected loss on liquidation of subsidiary USD 5,956.2/ton in Q3/2015 and

1,997.2 USD/ton in 9M/2015.

* Group EBITDA and Group Net Profit included loss from expected loss on liquidation of subsidiary

Q3/15 Q2/15 %QoQ Q3/14 %YoY 9M/15 9M/14 %YoY

Group LTIFR 2.02 1.61 +26% 0.91 +124% 1.92 1.94 -1%

Group Revenues (MB) 10,543 11,867 -11% 14,014 -25% 51,076 33,432 -35%

Group Sales Volume

(k tons)

785 871 -10% 711 +10% 2,373 2,561 -7%

Group EBITDA (MB) (31,644) (1,777) N.A. 866 N.A. (35,075) 942 N.A.

Group Net Profit

( Loss) (MB)

(33,122) (3,236) N.A.

(547) N.A.

(39,384)

(3,351) N.A.

HRC Production Volume

(k tons)

254 320 -21% 388 -34% 795 1,167 -32%

HRC Sales Volume

(k tons)

295 307 -4% 355 -17% 880 1,201 -27%

HRC Selling Price

(USD/ton) 496 532 -7% 701 -29% 544 681 -20%

HRC Spread (USD/ton) 89 34 +158% 133 -33% 62 125 -50%

HRC Rolling Margin 1) 17.9% 6.5% 18.9% 11.4% 18.4%

HRC EBITDA 2) (USD/ton) 2.3 32.3 -93% 51.0 -95% 1.7 54.6 -97%

Slab Production Volume

(k tons) 533 696 -23% 705 -24% 1,950 2,071 -6%

Slab Sales Volume

(k tons) 580 679 -15% 688 -16% 1,975 2,051 -4%

Slab Sales Volume to 3rd

parties (k tons)

(% of Slab Sales Volume)

490

(84%)

564

(83%)

-13% 356

(52%)

+38% 1,494

(76%)

1,359

(66%)

+10%

Slab Selling Price

(USD/ton)

308 337 -8% 507 -39% 340 517 -34%

Slab Spread (USD/ton) 89 103 -14% 193 -54% 104 175 -40%

Slab Margin 1) 28.7% 30.6% 38.1% 30.6% 33.8%

Group Sales Volume and Revenues

GR

OU

P

HR

C

Highlights in Q3/2015

On 1 October 2015, the Central Bankruptcy Court

accepted an application for Business Rehabilitation of

the Company, and the preliminary hearing was

scheduled on 21 December 2015.

On 2 October 2015, the court accepted an application

for SSI UK’s liquidation. Accordingly, SSI UK has

been in liquidation proceeding; the Board of Directors

of SSI UK ceased to have any control of SSI UK’s

affairs.

The Group recorded consolidated losses of 33,122

MB included expected loss on liquidation of

subsidiary of 28,877MB.

The financial statements of SSI UK for the period of

three-month and nine-month ended 31 September

2015 have been prepared on a break-up basis. Due

to the scope limitation of preparing the financial

information, management of the Company has put

best efforts to prepare the financial information of SSI

UK based on management accounts and related

reports made up to 31 August 2015 and estimate for

the month of September 2015. Management has also

made estimates and adjustments resulted from SSI

UK’s liquidation, using all relevant information

available to the Group to date.

425 462 384 355 267 278 307 295

371 486 517

356 490 440 564 490

796 948 902

711 757 718 871

785

16,100

19,011 18,051

14,014 14,200

11,023 11,867 10,543

-

5,000

10,000

15,000

20,000

-

500

1,000

1,500

2,000

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15

HRC Sales Volume (k tons) Slab Sales Volume to 3rd Pty (k tons) Group Sales Volume Group Revenues (million Baht)

Q2/2015 – Q3/2015 EBITDA Bridge

12

Unit: MB

-1,777 +385 +269 -1,032

-37 -425

-224

-31,644 -28,877

+74

Q2/15 EBITDA Sales Volume Metal Spread Conversion Cost

SG&A Stock Loss Provision

Expected Loss on Liquidation of Subsidiary

Net Foreign Exchange

Gain (Loss)

Others Q3/15 EBITDA

Q3/2015 Highlights: Safety and Awards

Lost Time Injury Frequency Rate (LTIFR) worsened from

1.61 in Q2/15 to 2.02 in Q3/15.

Lost Time Injury

Frequency Rate

(LTIFR)*

2015 2014 2015 2014

Q3 Q2 Q3 Jan-Sep Jan-Sep

SSI 1.50 0.00 0.00 1.08 0.97

TCRSS 0.00 0.00 0.00 0.91 0.00

WCE 2.04 2.27 2.27 2.81 3.03

PPC 0.00 0.00 0.00 0.00 3.91

SSI UK 2.73 2.57 1.26 2.36 2.54

SSI Group 2.02 1.61 0.91 1.92 1.94

* LTIFR = Number of lost time injuries per 1,000,000 man hours worked (Number of LTI’s x 1,000,000/Man hours worked)

13

3.35

3.96

0.94 0.91

2.16 2.15

1.61

2.02 1.94 1.92

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 9M/14 9M/15

SSI Group’s LTIFR

14

Highlights

Agenda

Recent Update and Ongoing Projects

Q3/2015 Performance Results

Q3/2015 Financial Results

Outlook and Guidance

Q & A

Supplementary Appendix

15

SSI UK

SSI UK

SSI UK

Innovate Premium Value Products – Grow and Accelerate PVP

SSI-UK Slab to High-Grade Market Accreditation

Automobile

HRC for Re-rolled

Thin Gauge

IVPs

Focus on 4 key growth products

10.7% 20%

5.6% 20%

160kt 360kt

1,100kt 1,350kt

1,550kt 1,750kt

2014 2016

At least 5 car

models expected to be launched

Hi-end applications

expected to be launched

Expand to

AEC and export market

Increase IVP to all segments

SSI

SSI

220kt

520kt

Checker

PVPs

PVPs

38%

62%

2014

Commercial

Grade

PVPs 48%

2016

Commercial

Grade

52%

PVPs

34%

38%

42%

34%

39% 37%

31%

39%

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15

Unique High-Grade

Innovated Value Product Innovated Value Product (High-Grade)

Subtotal: Premium Value

2013

(Actual)

2014

(Actual)

2015

(Actual as Sep)

2015

(Target)

Total Hi-Grade 0.36 MMT 0.30 MMT 0.20 MMT 0.55 MMT

SSI-UK 0.17 MMT 0.18 MMT 0.14 MMT 0.44 MMT

46% 61% 70% 80%

Important development in Q3/15

Auto application:

7 OEM started process of approved material

(JFE Slab, High strength steel grade).

Structural application:

Launched product SS400X (Extra Strength Steel)

and started mass trial with scaffolding, rack and

storage market

Note: %PVPs of Q1/15 and Q2/15 revised from 41% and 44% respectively.

Premium Value Products Pipeline

16

2014 2015 2016

Auto -

Xtra Forming Steel

Auto – Hi-Ten Steel

Auto – Auto HR for CR Steel

CRC for Coated –

Xtra Surface Coated Steel

HA/EA – EA Forming Steel

Structural – Xtra Strength Steel

Steel for Machinery

& Agricultural

Purpose – Wear Resistant Hi-C Steel

Structural Steel

Parts – Advanced

Forming Hi-Ten Steel

6 Groups of PVPs are being developed throughout Y2015-2016 for 5 segments

Auto

Auto

Machinery

Auto

HA/EA

Structural

Structural

Re-rolled

Structural

Automotive

HA/EA

Re rolling

Machinery

PVPs 48%

2016

Commercial

Grade

52%

PVPs 38%

2014

Commercial

Grade

62%

17

Highlights

Agenda

Recent Update and Ongoing Projects

Q3/2015 Performance Results

Q3/2015 Financial Results

Outlook and Guidance

Q & A

Supplementary Appendix

HRC Sales Volume increased 4% QoQ to 295k tons due to a continuing sharp drop in steel prices and the unrest situation in Bangkok.

HRC Production Volume decreased 21% QoQ to 254k tons following lower HRC Sales Volume.

HRC Average Selling Prices decreased 7% QoQ to USD 496/ton, contributing to HRC Rolling Margin of 17.9%.

Thailand’s HRC sales volume increased 14% QoQ to 1,641k tons from 1,443k tons in Q2/15 due to flooding of cheap imports, especially from countries

outside the trade remedy measures i.e. Iran, Brazil, Turkey, Australia. As a result, SSI’s HRC market share decreased QoQ to 17%.

18

HRC Business Performance

HSM

Yield

Loss

1.60% 1.67% 1.58% 1.79% 1.59% 1.69% 1.82% 1.86%

Import

Slab

Cost

515-525 530-540 545-555 535-545 520-530 515-525 455-465 360-370

25% 30% 27%

21%

33%

17% 17%

16%

17%

17%

16%

20% 18%

16%

18%

20% 18% 22%

27%

16% 22%

16% 18% 19% 17%

58%

66% 60%

54%

67%

Q3/14 Q4/14 Q1/15 Q2/15 Q3/15

Domestic HRC Market Shares

SSI

Other Local Supplies

Import - Other (Alloy steel)

Import - Carbon steels P&O

Import - Carbon steels

425 462

384 355 267 278 307 295

408 397 382 388

257 221

320 254

41% 40% 38% 39% 26% 22% 32% 25%

-100.00

100.00

300.00

500.00

700.00

900.00

1,100.00

1,300.00

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15

Tho

usa

nd

s

Sales Volume (k tons) Production (k tons) Utilisation Rate (%)

660 667 682 701 668 607

532 496

18.4% 19.0% 17.1% 18.9% 18.3% 10.8% 6.5% 17.9%

-3

-3

-2

-2

-1

-1

-

1

0 20 40 60 80

100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400 420 440 460 480 500 520 540 560 580 600 620 640 660 680 700 720 740 760 780 800 820 840 860 880 900 920 940 960 980

1000 1020 1040 1060 1080 1100 1120 1140 1160 1180 1200 1220 1240 1260 1280 1300 1320 1340 1360 1380 1400

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15

HRC Avg. Selling Price (USD/ton) HRC Rolling Margin (%)

363 389

369 391

285

188

283

237

-

50

100

150

200

250

300

350

400

450

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15

Imported Slabs (k tons)

19

Steel Pipe Import

13,502 9,952 8,633 9,081 16,300

37,742 37,919

24,940 31,749

42,724 19,770

7,694 15,175

39,742 27,831

21,275

7,355

4,957

7,445

15,693

4,933

2,272

6,751

3,223 5,046

5,711

5,274

1,859

2,945

3,502

4,720

5,633

2,821

2,655 2,737

2,732

2,843

3,108

2,790

2,497

1,616

1,906

885

1,766 2,934

5,982

5,408

7,178

8,864

8,711

44,541

27,456

34,265

56,468 54,849

73,441

58,799

42,043

53,794

73,127

54,619

59,130

53,105

43,950 44,637

39,371 39,653

43,322

36,482

32,982

Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15

Vietnam

Taiwan

South Korea

Japan

China

Total Volume

Average Price (Baht/ton)

Import Volume (Tons)

Above steel pipe import includes: Carbon Steel Pipe, Alloy Steel Pipe, Square or Rectangular Pipe, and Other

Welded Pipes.

Steel pipe import volume has been increasing drastically since 2014, especially from China.

High level of steel pipe import volume has affected domestic pipe manufacturers and SSI.

Metal Tube Cold-forming Steel Association has filed a petition for Anti-dumping measure since Q3/15.

The investigation is expected to initiate in December 2015.

Slab Sales Volume decreased 15% QoQ to 580k tons, with 84% sold to 3rd parties.

Slab Production decreased 23% QoQ to 533k tons due to production suspension since 18 Sep 15.

Slab Average Selling Price dropped 8% QoQ to USD 308/ton, and Slab Margin decreased to 28.7% as steel prices in the

world market continued to decline resulting in lower Slab Spread.

Upstream Business

20

497 522 520 507 496

370 337 308

517

340

21.3%

27.5%

36.4% 38.1% 41.8%

32.0% 30.6% 28.7%

33.8% 30.6%

-20%

-10%

0%

10%

20%

30%

40%

50%

100

300

500

700

900

1,100

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 9M/14 9M/15

Avg. Selling Price (USD/ton) Slab Margin (%)

371 486 517 356 490 440 564 490

1,359 1,494 738 696 670 705 689 721 696 533

2,071 1,950 713 717 646 688 709 715 679

580

2,051 1,975

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 9M/14 9M/15

Slab Sales Volume to 3rd Parties (k tons)

Slab Total Sales Volume (k tons)

Slab Production (k tons)

21

Highlights

Agenda

Recent Update and Ongoing Projects

Q3/2015 Performance Results

Q3/2015 Financial Results

Outlook and Guidance

Q & A

Supplementary Appendix

-64,099

-32,363

-126 +7

+64,937

-31,644

EBITDA Q3/2015

-64,609

-33,286

-151 +1

+64,999

-75

-33,122

Net Profit Q3/2015

HRC 47%

Upstream 52%

Port 0.4%

Engineering 1.0%

Consolidated Performance

22

RE

VE

NU

E

EB

ITD

A

NE

T P

RO

FIT

% by Business Unit in Q3/2015

HRC

Upstream

Port Engineering

EBITDA

Q3/15

Related

transaction

Unit: MB

Note: EBITDA = Net Profit + Tax Expense + Depreciation & Amortisation + Interest Expenses

Port

Related

transaction

HRC

Upstream

Engineering

Net

Profit

Q3/15

Non-controlling

interest

16,100 19,011 18,051 14,014 14,200 11,023 11,867 10,543

51,076

33,432

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 9M/14 9M/15

HRC Upstream Port Engineering

(1,464)

75 0.3 866

(133) (1,654) (1,777)

(31,644)

942

(35,075)

(2,907) (1,397) (1,406) (547) (1,552) (3,026) (3,236)

(33,122)

(3,351)

(39,384)

-2,823

-31,644 +31,525

-670 -788 +56

-28,877

Core EBITDA Stock Loss Provision Expected Loss on Liquidation of

Subsidiary

EBITDA Change in Working Capital

Net Cash Provided by (used in) Investing

Activities

Free Cash Flow

Q3/2015 Core EBITDA to Free Cash Flow

-2,823

-31,644

-649

-32,293

+8 -829 +109 -192

-33,198

+76

-33,122

+56

-28,877

Core EBITDA Stock Loss Provision

Expected Loss on Liquidation of Subsidiary

EBITDA D&A Operating Income

Income from Equity

Net Interest Expense

Forex and Other Finance Costs

Others Pre-tax Income Taxes and Non-controlling

Interest

Net Income

Q3/2015 Core EBITDA to Net Profit

Q3/2015 EBITDA to Net Profit and EBITDA to Free Cash Flow

23

Unit: MB

Unit: MB

24

Revenues and EBITDA Margin by Business Unit

HRC Business

Port Business Engineering Business

Upstream Business

HRC Business recorded slightly negative EBITDA margin, mainly due to a decrease in HRC Sales Volume and HRC Spread. If including expected losses on liquidation of SSI

UK of 64,062 MB, EBITDA Margin in Q3/2015 and 9M/2015 would be -1307% and -411% respectively.

Upstream Business recorded bigger negative EBITDA margin. If including expected loss on liquidation 29,579 MB, EBITDA Margin in Q3/2015 and 9M/2015 would be -492%%

and -154% respectively.

Port Business recorded lower EBITDA margin due to a decrease in revenues. If including losses from provision for loan granted to SSI UK of 164 MB and the reversal of accrued

interest receivable on loan granted to SSI UK of 7 MB, EBITDA Margin in Q3/2015 and 9M/2015 would be -194% and -17% respectively

Engineering Business contributed higher EBITDA margin YoY in 9M/2015 as a result of an increase in revenue of profit-making business.

230 223 229 199 152 160 167 166

651

493 10%

5%

-11%

-42%

-11%

-2% 4% 4%

-15%

2%

-100%

-95%

-90%

-85%

-80%

-75%

-70%

-65%

-60%

-55%

-50%

-45%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

-550

-450

-350

-250

-150

-50

50

150

250

350

450

550

650

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 9M/14 9M/15

Revenues (MB) EBITDA Margin (%)

11,443 12,513 11,309 11,343 11,644 8,816 7,780 6,582

35,165

23,177

-16% -7% -5% 3% 0.2% -14% -28% -42%

-3% -27% -40%

60%

160%

260%

360%

460%

560%

660%

-10,000

-

10,000

20,000

30,000

40,000

50,000

60,000

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 9M/14 9M/15

Revenues (MB) EBITDA Margin (%)

8,995 10,170 8,602 7,845 5,765 5,446 5,252 4,904

26,616

15,601

8% 9% 7% 7%

-4% -6%

6%

-1%

8%

-0.3%

-20% -

10,000

20,000

30,000

40,000

50,000

60,000

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 9M/14 9M/15

Revenues (MB) EBITDA Margin (%)

Including expected losses on liquidation of SSI UK, EBITDA Margin in Q3/2015 and 9M/2015 would be -1307% and -411% respectively.

Including expected loss on liquidation, EBITDA Margin in Q3/2015 and 9M/2015 would be -492% and -154% respectively.

Including losses from provision for loan granted to SSI UK, EBITDA Margin in Q3/2015 and 9M/2015 would be -194% and -17% respectively.

81 67 59 78 79 61 67 65

204 192

77%

66% 61%

71% 72% 72% 75%

59% 66% 69%

0%

10%

20%

30%

40%

50%

60%

70%

80%

-

50

100

150

200

250

300

350

400

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 9M/14 9M/15

Revenues (MB) EBITDA Margin (%)

4.89 5.73 6.80 7.40

9.62

21.60

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15

25

Consolidated Financial Position

Current Ratio was down from 0.27x in Q2/15 to 0.17x in Q3/15 due to a decrease in inventories and trade accounts receivable.

In Q3/15, Interest-Bearing Debt/Equity was not available as a result of negative equity.

Consolidated Working Capital (MB) Total Assets and Liabilities (MB)

Interest-Bearing Debt/Equity (x) Current Ratio (x)

N.A. N.A.

0.64 0.59

0.53

0.41

0.33 0.32 0.27

0.17

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15

56,572

10,610

55,662

9,062

55,396

7,611

54,263

7,005

54,284

5,460

53,363

2,407

53,948

-990

20,033

-34,674

28,154

74,116

24,891

71,491

21,237

71,392

24,134

71,392

23,009

71,833

22,641

73,598

19,374

74,312

11,032

65,738

Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15

Non Current Assets Current Assets Equities Total Liabilities

21,889 22,062 21,564 22,148 22,638 22,269 22,506

23,666

17,388

14,517

11,947

13,456 13,629 12,788

10,093

5,498

Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15

S/T Loans Inventories

26

Highlights

Agenda

Recent Update and Ongoing Projects

Q3/2015 Performance Results

Q3/2015 Financial Results

Outlook and Guidance

Q & A

Supplementary Appendix

27

Market Summary: HRC, Slab and Raw Materials

0

200

400

600

800

Jun-1

1

Jul-11

Aug-1

1

Sep-1

1

Oct-

11

Nov-1

1

Dec-1

1

Jan-1

2

Feb-1

2

Mar-

12

Apr-

12

May-

12

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oct-

12

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-

13

Apr-

13

May-

13

Jun-1

3

Jul-13

Aug-1

3

Sep-1

3

Oct-

13

Nov-1

3

Dec-1

3

Jan-1

4

Feb-1

4

Mar-

14

Apr-

14

May-

14

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct-

14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

US

D/t

on

HRC

HRC (FOB China)

0

200

400

600

800

Jun-1

1

Jul-11

Aug-1

1

Sep-1

1

Oct-

11

Nov-1

1

Dec-1

1

Jan-1

2

Feb-1

2

Mar-

12

Apr-

12

May-1

2

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oct-

12

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-

13

Apr-

13

May-1

3

Jun-1

3

Jul-13

Aug-1

3

Sep-1

3

Oct-

13

Nov-1

3

Dec-1

3

Jan-1

4

Feb-1

4

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct-

14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-1

5

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

US

D/t

on

Slab & Scrap

Slab (CFR East Asia import) Scrap (FOB Netherland)

0

40

80

120

160

200

Jun-1

1

Jul-11

Aug-1

1

Sep-1

1

Oct-

11

Nov-1

1

Dec-1

1

Jan-1

2

Feb-1

2

Mar-

12

Apr-

12

May-

12

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oct-

12

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-

13

Apr-

13

May-

13

Jun-1

3

Jul-13

Aug-1

3

Sep-1

3

Oct-

13

Nov-1

3

Dec-1

3

Jan-1

4

Feb-1

4

Mar-

14

Apr-

14

May-

14

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct-

14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

US

D/t

on

Iron Ore

Iron Ore (CFR China)

89

0

100

200

300

400

Jul-11

Aug-1

1

Sep-1

1

Oct-

11

Nov-1

1

Dec-1

1

Jan-1

2

Feb-1

2

Mar-

12

Apr-

12

May-

12

Jun-1

2

Jul-12

Aug-1

2

Sep-1

2

Oct-

12

Nov-1

2

Dec-1

2

Jan-1

3

Feb-1

3

Mar-

13

Apr-

13

May-

13

Jun-1

3

Jul-13

Aug-1

3

Sep-1

3

Oct-

13

Nov-1

3

Dec-1

3

Jan-1

4

Feb-1

4

Mar-

14

Apr-

14

May-

14

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct-

14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

US

D/t

on

Coking Coal

Hard Coking Coal (FOB Australia)

Crude Steel Production by Geography

28

Crude steel production in Q3/15 dropped 3% QoQ, as a result of the overall decrease of most regions, led

by China, Europe, South America, and Others whose production decreased 4.3%, 10.9%, 1.3%, and 4.4%

QoQ respectively. However, crude steel production in North America and Asia (Others) improved 3.2% and

1.6% QoQ respectively.

42 44 44 40 42 43 44 39

30 29 30 31 30 28 28 29

11 11 11 12 11 11 11 11

188 201 209 205 199 200 208 199

71 71

72 71 72 71 72 73

48 47

49 47 47 45 47

45

391 403

415 405 401 399 410

396

-

100

200

300

400

Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15

(Millio

n T

on

s)

Others

Asia (Others)

China

South America

North America

Europe

Total

Source: Monthly Estimate from WSA website

2,913 2,552 2,573 2,578

2,276 2,193

4,113 4,438

3,896 3,738

31 24 28 25 10

5,075

6,642 6,984

6,449

6,003

6,558

-1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2011 2012 2013 2014 2015F

Domestic Production Import Export

HRC ASS Original Forecast

HRC Apparent Steel Supply (in ’000 tons)

Thailand HRC Outlook

29

Source: Iron and Steel Institution of Thailand for 2011-2014.

2015F is forecasted upon actual data and SSI’s estimate.

HRC Apparent Steel Supply is expected to drop 13% QoQ to 1,427k tons in Q4/15.

HRC Apparent Steel Supply in 2015 is re-forecasted to decrease 7% YoY to approx. 6,003k tons from 6,449k tons in

2014 due to a slower than expected recovery of domestic economy in 2015.

2014 2015F %YoY

2,578 2,276 -12%

3,896 3,738 -4%

25 10 -59%

6,449 6,003 -7%

Q1/15 Q2/15 Q3/15 Q4/15F

Domestic Production 545 644 557 530

Import 950 802 1,086 900

Export 3 2 1 3

Total Supply 1,492 1,443 1,641 1,427

586 545 644

557 530

1,093 950

802

1,086

900

2 3 2 1 3

1,676 1,492 1,443

1,641

1,427

-500

-

500

1,000

1,500

2,000

-

500

1,000

1,500

2,000

Q4/14 Q1/15 Q2/15 Q3/15 Q4/15F

Outlook and Guidance for Q4/2015

30

Up

str

eam

Guidance for Q3/15 Actual Q3/15 Guidance for Q4/15

HRC Sales Volume Increase 30-40% QoQ 295k tons;

Decrease 4% QoQ

Decrease 25-30% QoQ

HRC Average Selling Price Decrease 6-8% USD496 per ton;

Decrease 7% QoQ

Decrease 13-15%

Slab Cost Decrease 20-22% USD363 per ton;

Decrease 21% QoQ

Decrease 6-8%

HRC Rolling Margin 24-26% 17.9% 16-18%

Guidance for Q3/15 Actual Q3/15 Guidance for Q4/15

Slab Production Volume

Increase 6-8% QoQ 533k tons;

Decrease 23% QoQ

-

Slab Sales Volume Increase 12-14% QoQ 580k tons;

Decrease 15% QoQ

-

3rd Parties Sales Volume 65-70% 84% -

Slab Average Selling Price Decrease 10-12% QoQ USD308 per ton;

Decrease 8% QoQ

-

Raw Material Costs Decrease 5-7% QoQ US220 per ton;

Decrease 6% QoQ

-

Slab Margin 25-27% 28.7% -

HR

C

31

Highlights

Agenda

Recent Update and Ongoing Projects

Q3/2015 Performance Results

Q3/2015 Financial Results

Outlook and Guidance

Q & A

Supplementary Appendix

Hot-Rolled Coils Business

Cold-Rolled Coils Business

Coated Steel Sheet Business

Engineering Business

Port Business

32

SSI at a Glance

Basic Information Group Business

Company: SAHAVIRIYA STEEL

INDUSTRIES PLC.

Stock Symbol SSI

Foundation: 13 March 1990

First Day Trading: 8 September 1994

Website: www.ssi-steel.com

Group Employees: 4,430 (at the end of 2014)

Group CEO: Mr. Win Viriyaprapaikit

Shareholding Structure (As of 30 March 2015)

Share Information

Stock Code: SSI

No. of Listed Shares: 32,166,258,124 Shares

Registered Capital: THB 50,263,663,124

Paid-up Capital: THB 32,166,258,124

Par Value: THB 1.00

Foreign Limit: 49%

Foreign available: 19%

Dividend Policy: No less than 25% of the

Company's net profit each year

on a non-consolidated basis

Market Capitalization: 1,287 MB or 36 MUSD*

Free Float: 50.38%

SV Group includes Sahaviriya Group,

Sahaviriya Inter Steel Holdings, and

Viriyaprapaikit Family

* Share and FX information as of 11 November 2015

SV Group 29.7%

Vanomet Holding

AG 19.7% MISI

3.5%

JFE 3.5%

Others 43.6%

33

Commercial grade

General steel pipes

General steel structure

General steel cut-to-sheet

Unique grade

Steel pipes

Steel cut-to-sheet

Floor plate steel

High grade

Re-rolling (Cold-rolled Steel)

Gas cylinder & pressure vessels

Automotive OEM & auto parts

HA/EA parts

Shipbuilding & high strength

structure

Atmospheric resistant steel &

line pipe

Machinery &industrial tools

Sectors Products

HRC-P/O

HRC

Applications

SS

I T

H

Slab

Products

SS

I U

K

Pla

te M

ills

Billet*

Mills

*Currently not in operation by SSI UK.

Tube Round

Bars & Rods

Steel Plates Shipbuilding

Crude oil storage tanks

Bridge construction

Off-shore structures

Threaded bars for construction

Wire rods

Springs

Off-shore line pipes

Oil & gas casing & tubing line

pipes

SSI Group’s Steel Products and Applications

34

High-grade

Unique

IVPs

Premium Value Products (PVPs) are steel products with premium value added resulted from our

initiatives to innovate and develop higher-quality products and services to better serve customers’ need.

Our PVPs consist of High-grade Products, Unique Products and Innovated Value Products (IVPs).

Definitions Hot-rolled steel products with high quality

through various quality control processes

for specific qualifications i.e. chemical,

mechanical, surface, etc. Hot-rolled steels for re-rolling.

Hot-rolled steel products with specific

qualities uniquely designed by SSI.

For example, HRC Thin Gauge, specially

thin flat steels with thickness less than

1.2 mm used for small diameter pipes, and Checkered Plate.

Innovated steel products and services

specially designed to offer higher-quality

products and services beyond customers’

expectation and to provide value added

to customers in other aspects in the same time.

Gas cylinder

Chassis & Components

Applications

Compressor

Small Diameter pipe

Water Tube pipe

Checkered Plate

Roof Structure

SSI’s Premium Value Products (PVPs)

Products Country of Origin Measures Duty Rate Status1)

Effective Period

HRC China, Malaysia Anti-dumping 30.91% - 42.51% Final 12 Aug 11 – 11 Aug 16

HRC

(with Boron

added)

China Anti-dumping 14.28% - 19.47% Final 26 Dec 12 – 25 Dec 17

HRC Japan, South Africa,

Russia, Kazakhstan,

India, South Korea,

Taiwan, Venezuela,

Argentina, Ukraine,

Algeria, Indonesia,

Slovakia, Romania

Anti-dumping 0% - 128.11% Final 23 May 15 – 22 May 20

HRC (with other

elements added)

All

(UN developing countries

excluded, except Turkey)

Safeguard

44.20%

43.57%

42.95%

Final

15 Sep 13 – 26 Feb 14

27 Feb 14 – 26 Feb 15

27 Feb 15 – 26 Feb 16 (Submission for Extension

on 9 Jun 15)

HRC (without

other elements

added; thickness

0.9-50 mm and

width 600-3,048

mm)

All

(UN developing

countries excluded,

except Brazil)

Safeguard

21.92%

21.52%

21.13%

Final

24 Dec 14 – 6 Jun 15

7 Jun 15 – 6 Jun 16

7 Jun 16 – 6 Jun 17

CRC China, Vietnam, Taiwan Anti-dumping 4.22% - 20.11% Final 6 Feb 14 – 5 Feb 19

35

Current Status of Anti-dumping & Safeguard Measures

1) According to Thai regulations, the two stages of AD and Safeguard measure are Provisional and Final Measure. Provisional Measure may be

imposed if there is clear evidence and a preliminary determination that increased imports have caused or are threatening to cause serious injury.

After making the Final Determination that dumped imports are causing injury for AD or imports are causing serious injury for SG, the Final measures

will be applied.

36

Unit: USD/Ton 2015 2015 %QoQ 2014 %YoY 2015 2014 %YoY

Q3 Q2 Q3 Jan-Sep Jan-Sep

HRC Average Selling Price 496 532 -7% 701 -29% 544 681 -20%

HRC Spread 1) 89 34 +158% 133 -33% 62 125 -50%

HRC Rolling Margin (%) 2) 17.9% 6.5% 18.9% 11.4% 18.4%

HRC EBITDA 3) 2.3 32.3 -93% 51.0 -95% 1.7 54.6 -97%

HRC Sales Volume (k tons) 295 307 -4% 355 -17% 880 1,201 -27%

HRC Production Volume (k tons) 254 320 -21% 388 -34% 795 1,167 -32%

HRC Utilisation Rate (%) 25% 32% 39% 26% 39%

Slab Average Selling Price 308 337 -8% 507 -39% 340 517 -34%

Slab Spread 1) 89 103 -14% 193 -54% 104 175 -40%

Slab Margin (%) 2) 28.7% 30.6% 38.1% 30.6% 33.8%

Slab Sales Volume (k tons) 580 679 -15% 688 -16% 1,975 2,051 -4%

Portion Sold to 3rd Parties (%) 84% 83% 52% 76% 66%

Slab Production Volume (k tons) 533 696 -23% 705 -24% 1,950 2,071 -6%

Slab Utilisation Rate (%) 67% 77% 78% 75% 77%

1) HRC Spread & Slab Spread excludes the provision for loss on decline in value of inventories, or the reversal thereof. 2) HRC Rolling Margin = HRC Spread/Average Selling Price; Slab Margin = Slab Spread/Average Selling Price 3) HRC EBITDA includes net stock loss provision and other provisions (reversal) USD 20.9/ton in Q3/2015, USD (51.3)/ton in Q2/2015, USD 0.2/ton

in Q3/2014, (5.9)/ton in 9M/2015, and USD (0.7)/ton in 9M/2014, but excludes the expected loss on liquidation of subsidiary USD 5,956.2/ton in

Q3/2015 and 1,997.2 USD/ton in 9M/2015.

Key Operational Performances

37

Unit: MB 2015 2015 %QoQ 2014 %YoY 2015 2014 %YoY

Q3 Q2 Q3 Jan-Sep Jan-Sep

Sales and Service Revenue 10,543 11,867 -11% 14,014 -25% 33,432 51,076 -35%

COGS 13,681 13,770 -1% 13,800 -1% 40,355 51,694 -22%

Gross Profit (Loss) (3,138) (1,903) -65% 214 N.A. (6,945) (618) N.A.

SG&A 546 509 +7% 387 N.A. 1,439 1,113 +29%

Provision for Loss under

Onerous Contracts (Reversal) (13) 18 -174% (0.3) N.A. (62) (218) +72%%

Expected loss on liquidation of

subsidiary 28,877 - N.A. - N.A. 28,877 - N.A.

Gain on Sales of Investments - - - - - - - -

EBITDA 1) (31,644) (1,777) N.A. 866 N.A. (35,075) 942 N.A.

Interest Expenses 829 830 -0.04% 790 +5% 2,437 2,407 +1%

Depreciation and Amortisation 649 633 +3% 637 +2% 1,876 1,904 -1%

Income Tax Expense (Reversal) (0.2) (4) +96% (13) +99% (4) (18) +79%

Realised Gain (Loss) from FX 741 (159) +566% (182) +508% 478 (320) +249%

Unrealised Gain (Loss) from FX (622) 205 -403% 345 -280% (384) 380 -201%

Net Profit (Loss) (33,122) (3,236) -924% (547) N.A. (39,384) (3,351) N.A.

EPS (Baht per Share) (1.030) (0.101) -924% (0.017) N.A. (1.224) (0.104) N.A.

P&L Snapshot: Consolidated

1) EBITDA = Net Profit + Tax Expense + Depreciation & Amortisation + Interest Expenses

38

Unit: MB 2015 2015 %QoQ 2014 %YoY 2015 2014 %YoY

Q3 Q2 Q1 Jan-Sep Jan-Sep

Sales and Service Revenue 4,904 5,252 -7% 7,845 -37% 15,601 26,616 -41%

COGS 4,739 4,845 -0.5% 7,163 -33% 15,374 24,483 -37%

Gross Profit (Loss) 164 407 -60% 681 -76% 310 2,134 -85%

SG&A 413 382 +8% 226 +46% 1,057 683 +55%

Provision for Loss under

Onerous Contracts (Reversal) - - N.A. - N.A. (83) - N.A.

Expected loss on liquidation of

subsidiary 64,062 - N.A. - N.A. 64,062 - N.A.

Gain on Sales of Investments - - - - - - - -

EBITDA 1) (64,099) 334 N.A. 581 N.A. (64,116) 2,128 N.A.

Interest Expenses 404 430 -6% 397 +2% 1,248 1,279 -2%

Depreciation and Amortisation 108 127 -15% 147 -27% 332 439 -24%

Income Tax Expense (Reversal) (2) (1) -177% - N.A. 1 - N.A.

Realised Gain (Loss) from FX 288 (2) N.A. 1 N.A. 243 41 +486%

Unrealised Gain (Loss) from FX (214) 138 -255% (38) -460% (54) 60 -191%

Net Profit (Loss) (64,609) (222) N.A. 36 N.A. (65,697) 410 N.A.

EPS (Baht per Share) (2.009) (0.007) N.A. 0.001 N.A. (2.042) 0.013 N.A.

P&L Snapshot: SSI TH

1) EBITDA = Net Profit + Tax Expense + Depreciation & Amortisation + Interest Expenses

39

Unit: MB 2015 2015 %QoQ 2014 %YoY 2015 2014 %YoY

Q3 Q2 Q3 Jan-Sep Jan-Sep

Sales Revenue 6,582 7,780 -15% 11,343 -42% 23,177 35,165 -34%

Cost of Good Sold 9,965 10,107 -1% 11,816 -17% 30,026 38,026 -20%

Gross Profit (Loss) (3,384) (2,327) -45% (473) -615% (7,403) (2,861) -159%

SG&A 106 101 +5% 103 +3% 307 311 -1%

Provision for Loss under Onerous

Contracts (Reversal) (0.4) (1) +63% (0.3) -39% 21 (218) N.A.

Expected loss on liquidation 29,579 - N.A. - N.A. 29,579 - N.A.

EBITDA 1) (32,363) (2,177) N.A. 339 N.A. (35,793) (1,075) N.A.

Interest Expenses 419 392 +7% 387 +8% 1,167 1,114 +5%

Depreciation and Amortisation 504 475 +6% 456 +10% 1,444 1,365 +6%

Income Tax Expense (Reversal) - - - - - - - -

Gain (Loss) on FX 151 (186) +181% 202 -25% (30) (83) +64%

Gain (Loss) on Investments 2 10 -80% 85 -98% 94 313 -70%

Net Profit (Loss) (33,286) (3,045) N.A. (505) N.A. (38,404) (3,553) -981%

P&L Snapshot: SSI UK

1) EBITDA = Net Profit + Tax Expense + Depreciation & Amortisation + Interest Expenses