Carmakers investigate after metal supplier admits falsifying data

Carmakers investigate after metal supplier admits falsifying data

Carmakers investigate after metal supplier admits falsifying data

Kobe Steel shares closed at the limit low after being untraded for the whole session, diving 22 percent to 1068 yen.

Kobe Steel said late on Wednesday it found 70 cases of tampered data on materials used in optical disks and liquid crystal displays at its Kobelco Research Institute Inc, which makes and tests products for the company. "Data in inspection certificates had been improperly rewritten etc., and the products were shipped as having met the specifications concerned". "Kobe Steel's technology is not something easily substitutable by others, and existing customers have nowhere else to go", said Yasuo Sakuma, Chief Investment Officer at Libra Investments in Tokyo. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.

U.S. carmaker General Motors is the latest manufacturer to check whether its cars contain falsely certified parts or components sourced from the the firm, Japan's third-biggest steelmaker. Attorney advertising. Prior results do not guarantee similar outcomes. Kobe Steel is carrying out technical verifications with its customers on the impact of the non-conforming products and has so far not found any quality and safety issues that require any recalls, Tsuchida added.

Yesterday the company said it had found a case of falsified data for iron powder products that were shipped to...

The company has also commissioned an independent law firm to investigate the scandal. "In the event that doubts arise on the safety of the nonconforming products, the Company will quickly take appropriate action".

And Honda said that aluminium produced by Kobe Steel had been used in doors and bonnets of some of its cars. "However, on your question of models affected, we are now looking into that".

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JFE said it isn't actively considering purchasing Kobe Steel's steel business.

"There are suspicious cases in Japan and abroad" that could involve further wrongdoing, as the ongoing investigation has not been completed, Hiroya Kawasaki told reporters after meeting with a senior industry ministry official.

A Subaru spokesman wrote that they were investigating the issue and more details would be available later.

"I talked with management of JFE, and I think they are very happy to buy Kobe Steel's steel businesses", Pham said on Thursday on Bloomberg TV.

The government has asked the company to provide more information about the products supplied to more than 200 Kobe Steel customers, reportedly including some of the country's biggest manufacturers, including defense contractor Mitsubishi Heavy Industries and a number of automakers.

Continue to check Repairer Driven News for updates.

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