It was however an unsourced report by Nikkei Asian Review that claimed the data cheating at the firm went on for decades over the 10 years at Kobe Steel. Yet taking into account the need to idle and repair any affected cars and planes, the overall cost could soar.
Japanese workers are ethical, he says, but tend to hide wrongdoing rather than confront management. A report on its investigation into the problem cited a slew of abuses, including outright swapping and falsification of data. Shinzo Abe, the prime minister (who worked at the steel group before going into politics) has introduced a new stewardship code but “has not really had the stomach for a more serious fight over things like holding management more accountable,” says Tobias Harris of Teneo Intelligence, a risk consultancy. Like the rest of its industry in the rich world, Kobe Steel has been hit by a flood of cheap aluminium and steel imports. Here are three key things I think led to the firm's problems.
In order to compete, mills will have to produce the sort of high-tech steel for cars, planes and trains that still commands premium prices, says Wolfgang Eder of Voestalpine, one of the few steel firms in Europe that is still profitable. Suzuki Motor Corp. and Mitsubishi Motors Corp. all said they are checking whether their vehicles are affected.“With a string of negative surprises at Kobe Steel lately, we believe investors are likely to distrust management even more due to this latest incident, despite emerging signs of earnings improvement in the steel and construction machinery segments,” JPMorgan’s Mori wrote.Kobe Steel’s admission raises fresh concern about the integrity of Japanese manufacturers. 1) Greed In 2016 it lost ¥23bn. Kobe Steel has admitted to having falsified inspection data for aluminum and copper products, which have been supplied to over 600 companies at home and abroad.Police referred Kobe Steel Ltd. and four of its plant officials to prosecutors Tuesday over a scandal that involved fabricating data related to the quality of its products, investigative sources said.Japanese automakers eye e-fuel as alternative to EVsProsecutors, who investigated jointly with police, are likely to indict the company itself but exempt the four, apparently taking into consideration the extent to which they were aware of the violation when they altered data to meet clients’ specifications, according to the sources.Mystery in the mountains: Piecing together the fate of a downed American aircrew in rural JapanDirectory of who’s who in the world of business in JapanSponsored contents planned and edited by JT Media Enterprise Division.Just for kicks: Japan’s sneaker obsession reboundsThe U.S. Justice Department has launched a probe into the case and asked the company to submit related documents.The four plant officials are suspected of being involved in data falsification at the company’s plants in Tochigi, Yamaguchi and Mie prefectures, and in shipping the products to clients, according to the sources.The police and the special squad of the Tokyo District Public Prosecutor’s Office searched Kobe Steel headquarters in Tokyo and Kobe last month as well as other locations for evidence.The company and the officials from three of its domestic plants allegedly violated a law preventing unfair competition by systemically misrepresenting products that were used in the manufacture of cars, aircraft, space rockets and defense equipment.The conduct by one of the country’s leading steel-makers has rocked the domestic manufacturing industry while also triggering an investigation and class-action lawsuits overseas — including the United States where lawsuits were filed against Kobe Steel, its subsidiaries, and Toyota Motor Corp., which used the products in question.“At this point, it’s difficult to predict the value of (a potential) fine,” Kobe Steel President Mitsugu Yamaguchi said last month at a general meeting of shareholders, referring to the investigation by U.S. The Ministry of Economy, Trade and Industry said on Tuesday it was tracking the case. Kobe Steel CEO to Resign Over Data Fraud Scandal as Report Finds More Cases Kobe Steel Admits 3 Senior Executives Knew About Data Falsification Japan … Its units include Kobelco Construction Machinery Co., which produces diggers.Honda said it used falsified material from Kobe Steel in car doors and hoods while Mazda Motor Corp. confirmed it uses aluminum from the company. Kawasaki is stepping down over a scandal that surfaced last year involving massive falsification of inspections data of the company’s products. More revelations may be on the way, for Kobe Steel admits that its current problems stretch back at least a decade.Kobe Steel has admitted to falsification over the past year relating to large quantities of four types of material; 19,300 tonnes of aluminium sheets and poles; 19,400 aluminium components; 2,200 tonnes of copper products and an unspecified amount of iron powder that was supplied to over 200 customers.
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