good to know, I also suspected something of that nature. For Q1 I have a similar question re. the "delivery" of 150,000 tons of iron ores by Usiminas. The mention of this in the recent 10K is somewhat ambiguous, in one section it's said they received the delivery in March, in another section it's said they (CNAM) delivered the 150 KT valued at $19.8MM. So did they receive the $19.8MM in Q1? Same ambiguity re. the 25,000MT of scrap steel "produced" in Q1? Were these sold in Q1? I sent IR an email about this, they said they will check with company on that and get back to me later.
From 10K:
"In January 2011, we entered into a contract with a Brazilian company, Mineracao Usiminas S.A., pursuant to which we agreed to purchase 150,000 MT of iron ore for distribution in the PRC. In March 2011, we received delivery of the 150,000 MT of iron ore".
"Through March, 2011 our metal ore trading business has completed and delivered two orders for iron and chrome ore with existing customers in China that include a combined volume of 8,000 tons with an aggregate value of approximately of $14.4 million. In addition, we delivered our first shipment of 150,000 MT of iron ore, valued at $19.8 million from one of Latin America's largest producer of steel based in Brazil".
"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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