UPDATE 3-Kobe Steel's cheating engulfs more divisions; shares resume slide [Reuters]
KOBE STEEL SPON ADR (KBSTY)
NASDAQ:AMEX Investor Relations:
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Source: Reuters
Kobe Steel's cheating engulfs more divisions; shares resume slide | Reuters 6 Min Read TOKYO (Reuters) - Crisis-hit Kobe Steel Ltd ( 5406.T ) said on Friday its steel division has also falsely labeled products, the latest in a string of revelations confirming widespread cheating at the firm that has engulfed its global customers. The bombshell admissions by Japan’s third-largest steel maker sent its shares plummeting again, with the scale of the misconduct dealing a body blow to the nation’s reputation as a high-quality manufacturing destination. Investors, worried about the financial impact and legal fallout, have wiped out about $1.8 billion off Kobe Steel’s market value this week after the firm said about 200 companies were affected by its cheating. On Friday, the company said it found data tampering in its steel wire products. Customers have said there are no problems with the safety or function of the products, the spokesman said. Chief Executive Hiroya Kawasaki will brief medi
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