(Bloomberg) — 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 scam involving shipments of scrap metal that it uses in its recycling business.
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Shares in the company plunged as much as 18% after it announced it found a significant metal shortfall and said it no longer expects to meet its profit forecast for the year. Aurubis believes some of its suppliers have manipulated details about the scrap metal they provided and had been working with employees in the company’s sampling department to cover it up.
The global metals industry has been rocked in recent years by a series of scandals, including the shock revelation by commodities trader Trafigura Group that it was the victim of a massive alleged nickel fraud. The incident will raise concerns about Aurubis’s security controls, particularly after the company said in June that it had uncovered a theft ring targeting products…
2023-09-01 03:22:02
Article from finance.yahoo.com
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