Kobe Steel scandal – Withdrawing its full year earnings forecast

Kobe Steel Ltd is considering withdrawing its earnings forecast for this fiscal year as it struggles to quantify the impact of its data falsification scandal.

Earlier Japan’s No. 3 steelmaker has forecast a profit for the year through March 2018 after two successive annual losses, but the outlook has been clouded by the potential fallout from the falsification scandal that has sent shockwaves along global supply chains.

A Kobe Steel spokesman said the report did not come from the company. He said that “We are making preparations for our earnings announcement and can’t make any further comment.” Source : REUTERS Pipe Industry Co., Limited (www.wilsonpipeline.com)

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