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Kobe Steel
10-10-2017, 04:01 PM,
Post: #1
Kobe Steel
Steel Firm Faked Data for Metal Used in Planes and Cars

By Masumi Suga  and Chikako Mogi
October 10, 2017, 8:19 AM GMT+8 Updated on October 10, 2017, 2:31 PM GMT+8

Kobe Steel Ltd. unleashed an industrial scandal that reverberated across Asia’s second-largest economy after saying its staff falsified data related to strength and durability of some aluminum and copper products used in aircraft, cars and maybe even a space rocket.

The Japanese company’s stock ended 22 percent lower in Tokyo as customers including Toyota Motor Corp., Honda Motor Co. and Subaru Corp. said they had used materials from Kobe Steel that were subject to falsification. Boeing Co., which gets some parts from Subaru, said there’s nothing to date that raises any safety concerns. Rival aluminum makers gained.

Kobe Steel’s admission raises fresh concern about the integrity of Japanese manufacturers, and follows Takata Corp. misleading automakers about the safety of its air bags, and last week’s recall by Nissan Motor Co. of cars after regulators discovered unauthorized inspectors approved vehicle quality. Kobe Steel said on Sunday the products were delivered to more than 200 companies but didn’t disclose customer names, with the falsification intended to make the metals look as if they met client quality standards. Chief Executive Officer Hiroya Kawasaki is now leading a committee to probe quality issues.

More details in https://www.bloomberg.com/news/articles/...ta-scandal
Specuvestor: Asset - Business - Structure.

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