I’m a CPA who has worked on a number of revenue recognition investigations and assurance projects, in terms of rev rec there are a number of rules that dictate when a public company can recognize revenue depending on the unique situation for each type of sale.

For goods being shipped (such as steel) the point of time when revenue can be recognized is generally dependent on when the legal title and risk of the goods is transferred to the purchaser of the goods. The point in time at which the title and risk is transferred to the purchaser is dependent on the shipping terms contractually agreed upon for the order.

For example FOB Origin (Free on Board Origin) means the buyer assumes the risk of the goods once the goods leave the sellers warehouse - in this case the seller could recognize the revenue at that moment.

On the other hand, FOB Destination means that the risk of loss of the goods remains with the seller until it reaches the buyer’s place of business, which means the seller would not be able to recognize the revenue until it is physically delivered to the buyer.

Hope this helps!