How often we are told “We’re a conservative business. We don’t have metal price risk here.” But “conservative” does not equal “risk managed” and every metals-based company has price risk in one form or another, yet this is a common claim. The chain of buying and selling, when coupled with a conversion process in between, is especially complex. Hmmm…something smells. Frequent translation: “We don’t really know about our risk, and we don’t track it”. But this isn’t the only “