Kobe Steel admits falsifying data on 20,000 tonnes of metal
It is the latest in a long list of scandals to have befallen corporate Japan
THE port city of Kobe, on the southern side of Japan’s main island, is known for luxury beef from pampered cattle, fine sake and precision engineering. Its reputation for the last of those products took a blow on October 8th when one of its oldest industrial firms, Kobe Steel, admitted that that it had falsified data on many of its aluminium, copper and steel products. By October 11th, the company’s shares had fallen by a third, reducing its market value by ¥180bn ($1.6bn).
This article appeared in the Business section of the print edition under the headline “Base metal”
Business October 14th 2017
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- American factories could prosper if they find enough skilled workers
- Why McKinsey is under attack in South Africa
- Kobe Steel admits falsifying data on 20,000 tonnes of metal
- An epic but inconsequential proxy vote at Procter & Gamble
- Crafty app developers are ripping off big-name brands
- American efforts to control Chinese firms abroad are dangerous
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