I couldn't find any mention in the 10K that the large scrap contract has expired nor continued. I am waiting for a response from IR in this matter. I am hoping that the same customer may replace/renew his orders this year (it was 10 equal deliveries of 23K tons) as all other scrap suppliers had probably the same power restrictions last year but demand is certainly there as inventories are being replenished this year.
As far as Q1 forecast, there was mention in the 10K of 25,000 tons of ercycled scrap produced in Q1. Not sure if all revenue will be recognized to Q1 or not. If yes, then we may see about $12.5MM rev from scrap. Add the $34.2MM from trading (14.4MM and 19.8MM), that's 46.7MM rev anticipated from Q1. At this point that's all we know. But again, the fact that they spent more money buying 6 more cutters this year in addition to the 12 they already had last year is very positive I would think. Btw, the 10K mentioned in this context 1MM metric tons scrap production annual capacity.
From 10K: To date in 2011, we have received eight orders for recycled scrap steel from five customers, and we have produced approximately 25,000 MT of recycled scrap steel. In addition, we have entered into verbal agreements with two suppliers to supply us up to 50,000 MT of recycled scrap steel per month.
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