To address the situation, Aurubis has initiated internal and external investigations and implemented measures to enhance its security concept. A comprehensive inventory of metal reserves is currently underway and is expected to be completed by the end of September. Although the exact extent of the damages remains uncertain, Aurubis anticipates losses in the range of hundreds of millions of euros. Consequently, the group’s projected operating earnings before taxes for the year, set between 450 million and 550 million euros ($488 million-$596.4 million), will likely not be reached.
The repercussions of Aurubis’s predicament have already affected other businesses. Salzgitter, a German steel producer with a 29.99% stake in Aurubis, has suspended its earnings guidance due to the impact of Aurubis’s performance on its own results. This development led to a 4.3% decrease in Salzgitter’s shares.
The matter is still under investigation by Germany’s Public Prosecutor’s Office and police. Meanwhile, investors will be awaiting the results of Aurubis’s metal reserve inventory as they assess the full extent of the losses incurred.
By Mauro Orru
