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Copper September 01, 2023 09:30:52 PM

Copper Giant Aurubis Hit by Massive Metal Theft

Paul Ploumis
ScrapMonster Author
According to the company, it has discovered significant discrepancies in inventories and shipments of metal associated with its recycling business.

Copper Giant Aurubis Hit by Massive Metal Theft

SEATTLE (Scrap Monster): Leading European copper producer, Aurubis AG disclosed that it has been badly hit by a massive metal theft. Consequently, the company is feared to land in losses amounting to several millions of euros. Also, it stated that the profit forecast for 2023 is unlikely to be met.

According to the company, it has discovered significant discrepancies in inventories and shipments of metal associated with its recycling business. However, the extent of the damages are yet to be finalized. A thorough inventory of metal reserves is currently under process, which it expects to complete before end-September this year.

The statement issued by the company stated that considerable discrepancies were identified in target inventory as well as individual samples from specific shipments during the scheduled review of inventories.

Earlier in June this year, Aurubis had said that a suspected theft ring targeting Aurubis’ intermediate products was being investigated by the police. Also, search was conducted at employee workspaces as well as contractor’s on-site offices at the company’s Hamburg site, as part of the investigation.

Recently, commodities trader Trafigura Group had revealed that it has lost millions of dollars due to alleged nickel fraud, after finding that cargoes of nickel didn’t actually had nickel in them.

 

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