European largest copper smelter and producer, as well as the world's largest copper recycler and leading global supplier of non-ferrous metals, Aurubis AG, announced on Thursday evening that it may have suffered a massive theft resulting in hundreds of millions of euros in losses.
This will prevent it from achieving its performance guidance of pre-tax operating profit of €450 million to €550 million for the current financial year, with its shares in Europe falling 18% to near 10-month lows in Friday's session, erasing around €500 million in market capitalization and closing down 6% to three-month lows.
Salzgitter, Germany's second-largest steelmaker, which holds around 30% of the group's shares, has also suspended its full-year performance guidance pending the investigation report to be released by Aurubis AG at the end of September, with its shares in Europe falling more than 7% on Friday.

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