Ore-Tech is an ore processing company that produces steal sheets. The companys pre-hedge profit is given by P(ST) = 30ST 10,250, where ST is the price of ore. The current spot price of ore is $425 per ton. The continuously compounded risk-free rate is 6%. To minimize its exposure in six months, the company is considering hedging with one of the following instruments: i) Sell 30 short forward contracts priced at 450 ii) Buy 30 long put options with strike of 410 and cost of 32.35

does the company hold a long or short position?