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Oct 11, 2017 01:29 PM IST | Source: Moneycontrol.com

Toyota, Nissan, Boeing affected as Japan's third largest steelmaker admits falsifying steel quality data

Kobe Steel falsified data for roughly 19,300 tons of flat-rolled and extruded aluminium products, 19,400 units of aluminium casting and forgings, and 2,200 tons of copper products

Toyota, Nissan, Boeing affected as Japan's third largest steelmaker admits falsifying steel quality data

Moneycontrol News

Japanese manufacturers of metallic products for industries, Kobe Steel Ltd on Wednesday confirmed media reports that it falsified data related to metal powders used by companies like Toyota and Nissan.

Kobe Steel falsely labelled some of its aluminium and copper powder to appear that they met desired specification. It affected about 4 percent of the company’s total output of these products from September 2016 to August this years.

According to The New York Times, Kobe Steel falsified data for roughly 19,300 tons of flat-rolled and extruded aluminium products, 19,400 units of aluminium casting and forgings, and 2,200 tons of copper products.

The company is currently investigating the issue and checking if this has also been done in the past, informed its executives. Other companies which receive supplies from the steelmaker are also investigating into if this scandal could pose any safety hazard.

Some major multinationals affected from it, as per the New York Times report, include Toyota Motor, General Motors and Ford, as well as aircraft manufacturers like Boeing and Mitsubishi Heavy Industries.

Kobe Steel has lost one-third of its value since the scandal came out in the open. Its shares slumped 17 percent on Wednesday morning following a 22 percent fall the previous day.
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