“Scrap metal processor” means any person who:
1. Engages in the business of purchasing, trading, bartering or otherwise receiving scrap metal, used utility wire or used catalytic converters; or
2. Uses machinery and equipment for processing and manufacturing iron, steel or nonferrous scrap into prepared grades, and whose principal product is scrap iron, scrap steel or nonferrous metallic scrap, not including precious metals, for sale for remelting purposes.