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school135perm Homepage > Equities > Tokyo > Kobe Steel, Ltd. 5406 JP3289800009

KOBE STEEL, LTD. (5406)
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Kobe Steel says senior executives knew about data tampering

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12/21/2017 | 11:56am CET
FILE PHOTO: The logo of Kobe Steel Kobelco is seen at the company headquarters in Kobe

Kobe Steel Ltd (>> Kobe Steel, Ltd.), at the centre of a data-falsification scandal that has shaken Japan's manufacturing industry, admitted for the first time that executives were aware of the cheating, and reassigned three senior officials.

Kobe Steel Ltd (>> Kobe Steel, Ltd.), at the centre of a data-falsification scandal that has shaken Japan's manufacturing industry, admitted for the first time that executives were aware of the cheating, and reassigned three senior officials.

Japan's No.3 steelmaker, which supplies the manufacturers of cars, planes and trains across the world, has said about 500 customers had received products with falsified specifications, throwing global supply chains into turmoil.

Outside investigators appointed by Kobe to look into the malpractice have found that senior officials in the company's copper and aluminium business knew of some of the cheating.

"Based on this information, as of today, we have reassigned these three executives," the company said, adding it would decide on any punishments after the probe was completed.

The three were senior officials in the company's aluminium and copper business, where most of the cheating occurred.

Kobe Steel "takes it very seriously that current executive officers were aware of this," Executive Vice President Naoto Umehara told reporters at a media briefing.

Kobe also said the investigation would be completed by around the end of February, two months later than expected.

The 112-year-old company has had Japanese government-sanctioned seals of quality revoked on many of its products and is also the subject of a U.S. Justice Department inquiry.

Kobe Steel has been in touch with the U.S. Justice Department multiple times since an initial contact through lawyers, Yoshitsugu Nishimura, a manager of public relations, said at the briefing. He declined to provide further details.

No safety issues have so far been identified from the data cheating, which mainly involves falsely certifying the strength and durability of products.

CEO Hiroya Kawasaki said in November that his "ultimate management responsibility" will be decided after the outside investigators complete their report on the case.

A series of compliance failings by Japanese companies have surfaced in the past few months.

Scandals have involved among others, Nissan Motor (>> Nissan Motor Co Ltd) and key product suppliers to global manufacturers, Mitsubishi Materials Corp (>> Mitsubishi Materials Corp) and Toray Industries (>> Toray Industries Inc).

(Reporting by Osamu Tsukimori; Additional reporting by Ritsuko Ando; Writing by Aaron Sheldrick; Editing by Himani Sarkar and Tom Hogue)

By Osamu Tsukimori

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Financials ( JPY)
Sales 2018 1 871 B
EBIT 2018 -
Net income 2018 31 617 M
Debt 2018 696 B
Yield 2018 1,16%
P/E ratio 2018 10,36
P/E ratio 2019 9,66
EV / Sales 2018 0,58x
EV / Sales 2019 0,59x
Capitalization 392 B
Chart KOBE STEEL, LTD.
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Kobe Steel, Ltd. Technical Analysis Chart | 5406 | JP3289800009 | school135perm
Technical analysis trends KOBE STEEL, LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Average target price 1 158 JPY
Spread / Average Target 7,6%
EPS Revisions
Managers
NameTitle
Hiroya Kawasaki Chairman, President & Chief Executive Officer
Naoto Umehara Representative Director, SVP, Head-Audit & Finance
Kimio Hashimoto Executive Technical Officer
Akira Kaneko Representative Director & Senior Vice President
Yoshinori Onoe Representative Director, EVP, Head-Iron & Steel
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