Major copper producer Aurubis says massive theft will cost it $197.5 million

By David Sachs

Aurubis shares rose Tuesday after the German metals supplier offered a new earnings outlook, adding clarity after a massive copper theft.

At 1117 GMT, shares in Aurubis were up 4.6% to EUR3.12.

The crime cost the company an estimated 185 million euros ($197.5 million) for fiscal 2023, it said. An insurance payout of EUR30 million and seized assets will partially compensate Aurubis, it said, and will be recorded in its full-year results.

Now that an inventory has been completed, Aurubis forecasts pretax earnings of between EUR310 million and EUR350 million for the year ending Sept. 30. The company previously guided for between EUR450 million and EUR550 million, but retracted that outlook on Sept. 1 and said its facilities were the target of a large-scale theft ring.

Write to David Sachs at david.sachs@wsj.com

-David Sachs

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09-19-23 0935ET

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