Europe’s top copper producer Aurubis AG warned it may face losses in the hundreds of millions of euros after being hit by a massive metal theft, and no longer expects to meet its profit forecast for the year.
The company doesn’t yet know the extent of the damages but has discovered significant discrepancies in inventories and shipments of metal associated with its recycling business, Aurubis said in a statement. It’s conducting a special inventory of metal reserves that should be completed by the end of September.
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