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  HOME | Oil & Energy (Click here for more)

Kobe Steel Shares Fall 9% Following Steel Wire Revelations

TOKYO – Shares in Japan’s Kobe Steel fell almost 9 percent on Friday on the Tokyo Stock Exchange after its admission that its steel wire was also involved in a false technical data scandal.

The steel manufacturer’s shares closed at 805 yen ($7.19), 8.73 percent below Thursday’s closing value.

Company sources at Japan’s third-largest steel firm have revealed that, in addition to aluminum, copper and iron products, it distributed steel wire, used in the production of tires, despite knowing it was of sub-standard quality, Kyodo news agency reported.

The company will hold a press conference late Friday when its president Hiroya Kawasaki will report on the ongoing investigation.

Since the company admitted on Sunday to systematically falsifying data to meet specifications, shares in Kobe Steel have accumulated a total fall of 41 percent.

The scandal involves materials for the automotive, aeronautical, rail and military sectors.

In 2016 alone, the company admitted to having shipped more than 20,000 tons of aluminum and copper products, as well as 140 tons of iron filings linked with the scandal.

Among the major Japanese companies that received the materials are Nissan, Honda and Mitsubishi Heavy Industries along with more than 30 foreign companies, the Japanese business daily Nikkei reported.

 

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