According to SMM, Aurubis AG, the largest copper producer in Europe, warned that the company may face losses of up to hundreds of millions of euros due to its involvement in a large-scale fraud involving the transportation of scrap metal used in its metal recycling business. In a statement, the company said it is not yet clear how much the losses will be, but it has found significant differences between the metal stocks and actual shipments related to its recycling business. The company is conducting a special audit of its metal reserves, which will be completed by the end of this month.
The company announced the discovery of serious metal shortages and said it can no longer expect to meet its profit expectations for this year, after which its stock price plummeted by about 18% in the European stock market. Aurubis believes that some of its suppliers manipulated the details of the scrap metal they provided and have been working with employees of its sampling department to cover up the fact.

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