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THINK ALUMINIUM THINK AL CIRCLE
Japanese steel and aluminium product manufacturer Kobe Steel’s admission of presenting falsified data on aluminium and copper product shipments boost the shares of Japanese aluminium companies.
Shares of Daiki Aluminium Industry, UACJ and Molitec Steel, rose by 9.3 per cent, 7.3 per cent and 16 per cent respectively. The company’s shares have fallen by 22 per cent.
On 8th October, Kobe Steel said that about 4 per cent of the aluminium and copper products shipped by the company from September 2016 to August 2017 were falsely labelled as meeting the specifications requested by customers.
The company admitted the data was about 20,000 tonnes of metals used in aircraft and automobiles. Falsified products included 19,300 tonnes of aluminium plate and extrusions; 2,200 tonnes of copper strip and pipe; and 19,400 cast and forged aluminium parts.
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