Blythefan, it is never clear with a quarterly report, a company...

Blythefan, it is never clear with a quarterly report, a company can spend on producing tons of IO but it may not be shipped till the next quarter. Normally, they will not be paid for those tons until they are shipped.
Even when the tons are shipped there is no guarrantee that those dollars will show up in a current report. I note that Andrew Simpson tried in the report to explain this to shareholders.
The fact is, TTY is making a profit on the IO produced and shipped.
Yes, they have a problem with the currency hedging but they are working their way through this problem the best they can.
I'd say that TTY management are starting to feel pretty confident by now that they will get through this with no problems.
Andrew Simpson has been involved in marketing commodities into China for a long time, as head of marketing for ConsMin.