Economy
October 26, 2017
Justice Seeks Records on Kobe Case
Written by Tim Triplett
The U.S. Justice Department wants to know if Americans are at risk as a result of the Kobe Steel quality scandal. The Japanese metal producer’s subsidiary, Kobe Steel USA, Inc., received a request from the Justice Department on Oct. 16 seeking related documents. Kobe officials said they plan to cooperate with the Justice investigation.
Kobe Steel’s stock price has plummeted by more than 40 percent following its admission Oct. 8 that it had falsified quality data and sold potentially substandard aluminum, copper and steel products to customers around the world, including American companies Boeing, Ford and General Motors. Some 500 companies may have received metal products with falsified test records dating back to 2007.
