Kobe Steel says its data about iron ore powder may have been faked
Tokyo — The scandal engulfing Kobe Steel deepened on Wednesday as the steel maker said it may have falsified data about two more products, triggering a further collapse in its shares and intensifying concern that compromised material found its way into cars, trains and aircraft. After admitting Sunday that it provided false information about the strength and durability of some aluminium and copper, Japan’s third-largest steel producer said data about iron ore powder and another product may also have been faked. Shares plunged 18% in Tokyo, with $1.6bn wiped off the company’s market value since the revelations were made. As the affair reverberates across markets, it’s a further blow to the integrity of Japanese manufacturers after a string of industrial scandals that’s destroyed shareholder value, enraged consumers and incurred the wrath of regulators. Kobe Steel customers from Toyota to Subaru are scrambling to determine if they used the suspect materials and whether safety has been...
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