Scrap dealer GLJ Recycling in Caerphilly has been subject to an armed robbery.
Gwent Police said that two men with shotguns and wearing balaclavas forced staff at the yard to handover money.
A spokesman said: “At approximately 8:45am, two men holding shotguns arrived at the facility in a grey Vauxhall Astra before demanding money from the employees present.
“They stole a significant amount of cash and made off out of the industrial estate in a grey Vauxhall Astra.”
No one was injured in the incident and following the raid, police forensic staff began investigations at the site looking for clues. CCTV and inquiries with local businesses have also begun.