The Scandal with the Fraudulent Data for Metals by "Kobe Steel" is Growing

Business » INDUSTRY | October 11, 2017, Wednesday // 16:43| Views: | Comments: 0
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Bulgaria: The Scandal with the Fraudulent Data for Metals by "Kobe Steel" is Growing

The scandal about fake metal data produced by Kobe Steel is growing bigger, the world's third-largest metal producer and supplier of raw materials for the automotive, aviation and trains industry, reports Mediapool.

After few days ago, it became clear that the company was tampering with data on aluminium and copper products, it is now clear that this was also the case with the iron powder specifications, Japanese newspaper Nikkei wrote, quoted by Mediapool.

As a result, the shares of Kobe Steel on the Tokyo Stock Exchange on Wednesday declined by another 17.8 per cent after they collapsed 22 per cent on the previous day. The company has admitted over the weekend that it has tampered with the characteristics of its production to meet customer requirements.

Iron powder is an important material for the production of automotive parts, as it can easily be shaped in various forms. Leading Japanese automakers announced today that they have difficulty assessing the safety of cars manufactured with Kobe Steel products, the France press reported.

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Tags: scandal, Kobe Steel, metal powder, Japan
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