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Kobe Steel's cheating engulfs more divisions; shares resume slide

Reuters  |  TOKYO 

By Yuka ObayashiTOKYO (Reuters) - Crisis-hit Kobe Steel Ltd said on Friday its steel division has also falsely labelled products, the latest in a string of revelations confirming widespread cheating at the firm that has engulfed its global customers. The bombshell admissions by Japan's third-largest steel maker sent its shares plummeting again, with the scale of the misconduct dealing a body blow to the nation's reputation as a high-quality manufacturing destination. Investors, worried about the financial impact and legal fallout, have wiped out about $1.8 billion off Kobe Steel's market ...

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First Published: Fri, October 13 2017. 21:28 IST