Saturday, 21 October, 2017

Japan's Kobe Steel under fire for fudging data on metals

Image Zoom             
                                                            |By Yuka Obayashi Image Zoom |By Yuka Obayashi
Preston Stone | 12 October, 2017, 10:08

Aluminum castings, forgings and flat-rolled items, along with copper strips and tubes were among the products affected, the company said in a statement.

Japan's Kobe Steel Ltd 5406.T plunged deeper into crisis on Wednesday as fresh revelations showed data fabrication at the steelmaker was more widespread than initially thought, heightening a safety scare along the global supply chain.

Attorney Advertising - Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Kobe Steel, Ltd. ("Kobe" or the "Company") (OTC: KBSTY).

"I deeply apologize for causing concern to many people, including all users and consumers", Kobe Steel Chief Executive Officer Hiroya Kawasaki said at a meeting with a senior official from the Ministry of Economy, Trade and Industry on Thursday.

Concern has spread across a range of industries - including vehicle, train and aircraft manufacturers - that source materials from Kobe Steel.

Figures were systematically fabricated at all four of Kobe Steel's local aluminum plants, with the practice dating back as long as 10 years for some products, the company said Sunday.

Seth MacFarlane's 2013 joke about Weinstein makes sense now
MacFarlane added,"There is nothing more abhorrent and indefensible than abuse of power such as this". MacFarlane praised Barth for coming forward to publicly tell her story.

Toshiba is still working to recover from an accounting scandal that began in 2015.

"The scandal looks similar to that of Toyo Tire, and not as massive (or) devastating as Takata's".

If you purchased or otherwise acquired Kobe Steel ADRs and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form.

Auto giant Toyota has already said Kobe Steel supplied materials to one of its Japanese factories, which used them in hoods, rear doors and surrounding areas of certain vehicles.

The data tampering at its aluminum unit could also hit plans to expand the business as carmakers increasingly turn to the material, which is lighter than steel, to meet tighter environmental rules. Kobe Steel customers from Toyota Motor Corp.to Subaru Corp. are scrambling to determine if they used the suspect materials and whether safety has been compromised. "Data in inspection certificates had been improperly rewritten etc., and the products were shipped as having met the specifications concerned". They were produced by Kobe Steel over the past five years, he said. The government has urged Kobe Steel to clarify the extent of the misconduct.

Iron ore powder is mainly used in making automobile components, according to Kobe Steel. Kobe's steel business would fetch roughly 200 billion yen (US$1.78 billion), he said.

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