Kobe Steel's Data-Fabrication Stuns Japanese Manufacturers
12 October, 2017, 09:20 | Author: Regina Silva
Toyota, Nissan, Honda, Mitsubishi Motor, Subaru and Mazda joined aviation firms and defence contractors Mitsubishi Heavy Industries, Kawasaki Heavy Industries and IHI that have used the steel maker's products.
Shares in Kobe Steel fell by almost 40% in two days, wiping more than $1.5bn (£1.1bn) off its market value after the firm admitted fabricating data about the strength and durability of products it delivered to more than 200 companies.
Japan's government sought on Tuesday to contain the fallout from the disclosure by the nation's third-biggest steel maker, Kobe Steel Ltd, that it had fabricated data on components used in cars, aircraft and space rockets, sending shock waves through the Japanese manufacturing sector.
If you are aware of any facts relating to this investigation, or purchased Kobe Steel shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/kbsty.
There was a single case of data tampering of iron powder products the company said, along with 70 cases of data tampering at its research unit Kobelco Research Institute Inc.
Akihiro Tada, director of the ministry's Manufacturing Industries Bureau, urged the company to move quickly in resolving the problems, which are thought to have affected numerous country's largest manufacturers. Deputy chief cabinet secretary Kotaro Nogami said the faked data undermined the basis of fair trade, calling it "inappropriate". The government has urged Kobe Steel to clarify the extent of the misconduct.
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Hitachi said its new trains in Britain used Kobe Steel but had all passed rigorous tests.
Kobe Steel's president, Hiroya Kawasaki, said his company would do the utmost to investigate the reason for the data fabrication and take prevention measures. It was not clear whether the scandal affected the safety of their products. "As hoods are related to pedestrian safety, we are working to quickly assess any potential impact on vehicle functionality".
Mr Tsuchida insisted that Kobe Steel was taking all necessary steps to investigate how this happened. Toyota said it uses materials from Kobe in bonnets, rear doors and other auto parts.
"Nothing in our review to date leads us to conclude that this issue presents a safety concern", it said.
Product quality scandals have posed a challenge to the image of top Japan's manufacturers in recent years.
Kobe Steel said it was contacting its customers and working to verify the safety of the products it supplied. At this point, we don't see a critical problem as we have our own safety inspection on materials we use.
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The company was maintained on Tuesday, January 26 by Deutsche Bank. 9/25/2017-Royal Bank Of Canada Reiterated Rating of Hold. A number of institutional investors and hedge funds have recently made changes to their positions in the business.
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