Europe’s largest copper producer reports hundreds of millions of euros worth of products stolen

The German concern Aurubis, Europe’s largest copper producer, informed on the evening of Thursday, August 31, about a “significant shortage” of metal in warehouses.

“This led Aurubis to the conclusion that (concern.— “b”) has been the victim of ongoing criminal activity.” Previously, the concern reported about the theft of metal in July. According to the company, the exact amount of losses incurred by it can be determined after the end of the inventory, which will last until the end of this month. “It cannot be ruled out that the losses will amount to (hundreds.— “b”) million euros,” Aurubis said in a statement. The statement also indicates that German law enforcement agencies have already become involved in the case.

This is not the first time that Aurubis has announced a stock shortage. This has already happened at the beginning of the summer. At auction in Frankfurt, the group’s shares fell by 17% after reports of the theft and the recognition of Aurubis that profit targets of €450-550 million may not be achieved.

The Aurubis story is new in a series of scandals in the steel industry. Earlier this year, one of the largest metals traders, Trafigura, reported being the victim of a $590 million scam in a nickel deal. And in March, the London Metal Exchange reportedthat in a cargo of nickel from Rotterdam found stones (non-precious) instead of metal.

Viktor Buk