CNAM, yeah I agree. I think the 30% should be seen over the whole year and in Q4 they will be at 100% which will then count for 2011. At least that's how I understand it. The run rate will be by 50-60% then is my guess.
For 2011 they will probably have a 100% run rate on it then. Agree?
CNAM - To get a sense of profitability of their new business model we will need to see let's say Q3 and perhaps Q4 results: both to judge net margins and to get a sense if they can easily find enough scrap metal and ready buyers as well for the rapidly increasing volumes.
This could turn into a really exciting story longer term. If profits are solid I expect them to add to their single Texan steel eater in time.
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