Just over a week out from revelations of a cheating scandal that plunged Kobe Steel Ltd in crisis and ensnared hundreds of firms, the embattled steelmaker's shares skidded to five-year lows on Monday as investors worried about the financial and legal fallout. Kobe Steel Chief Executive Hiroya Kawasaki on Friday said about 500 companies had received its falsely certified products, more than double its earlier count, confirming widespread wrongdoing at the steelmaker. Shares of Japan's third-biggest steelmaker hit 774.0 yen in the morning, the lowest since Dec. 11, 2012. ...
Kobe Steel shares hit near 5-yr lows; $1.8 bn of market value wiped out
500 companies had received its falsely certified products confirming widespread wrongdoing at the steelmaker, says Kobe Steel CEO Hiroya Kawasaki