Kobe Steel says also fabricated data in steel wire products
Kobe Steel says also fabricated data in steel wire products
Kobe Steel Group's logo is seen in Tokyo Wednesday Oct. 11 2017
13 October, 2017, 12:51
"We will make efforts to regain trust as soon as possible", Kawasaki, 63, told reporters after meeting government officials.
As per the writing of this article giants from the auto industry have stated that they have used some of Kobe Steel's products as components for some of their builds.
He said he was not expecting to see recalls of cars or airplanes for now and none of the company's customers have canceled orders.
Shares in Kobe fell nearly 40 per cent this week, wiping more than $1.6 billion off its value, after the company announced at the weekend that data on standards and quality control had been fabricated.
The shares were up 0.9 percent by around 0424 GMT, compared with an 0.5 percent gain in the Nikkei 225.
Will Kobe Steel become the next "Takata airbag" scandal to hit Japan?
A growing number of auto makers including Toyota and General Motors are investigating whether aluminium with falsified and strength and durability data has been used in their cars, after supplier Kobe Steel admitted to tampering with its product standards.
Kobe announced that the affected materials included aluminum flat-rolled products, aluminum extrusions, copper tubes, copper strips, and aluminum castings and forgings.
GM joins automakers including Toyota Motor Corp (TM) and as many as 200 other companies that have received parts sourced from Kobe Steel. These steel products are regularly used in cars, aircrafts, and space rockets, which highlights the potential safety risks if low grade materials were used indeed.
"Boeing has been working closely and continuously with our suppliers since being notified of the issue to ensure timely and appropriate action, including comprehensive inspections and analysis throughout our supply chain", the company said in an email. A total of 310 tested parts were found tobe substandard.
The Tokyo-listed firm fell nearly nine percent to end the morning at 805 yen ($7.20), down about 40 percent since the start of the week after it admitted falsifying strength and quality data for an array of products, a practice that may have started a decade ago.
The corrosive business practices have raised broader questions over corporate governance in Japan, and cast doubt on the integrity of a manufacturing industry once the envy of the world. He criticized the apparently widespread falsification of data as "inappropriate".
In 2015, it was revealed that Toyo Tire & Rubber fabricated data to secure government approval for materials to absorb shocks from earthquakes.
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