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Europe’s top copper producer Aurubis AG said a massive scam involving shipments of scrap metal cost it €185 million.

Aurubis said last month that it had discovered a significant metal shortfall, adding that it believed some of its suppliers had 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 an alleged nickel fraud.

Aurubis said it expects insurance payments to cover about €30 million and it will also recoup some loses from seized assets.

The company said it now expects operating earnings before taxes of €310 million to €350 million compared to its earlier forecast of €450 million to €550 million for the 2022-23 financial year.

Photograph: Recycled metal; Photo credit: Luke Sharrett/Bloomberg

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