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4-Traders Homepage  >  Equities  >  KOREA EXCHANGE  >  Kia Motors Corporation    000270   KR7000270009

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Kobe Steel's data fabrication leaves manufacturers scrambling

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10/19/2017 | 12:55pm CEST

Kobe Steel Ltd's (>> Kobe Steel, Ltd.) admission that it fabricated specifications on some of its aluminum, copper and other products has left about 500 affected companies scrambling to pin down the potential impact.

Kobe Steel Ltd's (>> Kobe Steel, Ltd.) admission that it fabricated specifications on some of its aluminum, copper and other products has left about 500 affected companies scrambling to pin down the potential impact.

No safety issues have surfaced as Kobe Steel attempts to confirm the extent of the data tampering.

The following lists companies that have received falsely certified parts or are checking whether they have received them.

TOYOTA, HONDA, NISSAN, MAZDA

Toyota Motor Corp (>> Toyota Motor Corp), Honda Motor Co (>> Honda Motor Co Ltd), Nissan Motor Co (>> Nissan Motor Co Ltd) and Mazda Motor Co (>> Mazda Motor Corp) said there were no safety problems with affected aluminum parts sourced directly from Kobe Steel.

The automaker said they were still checking on other parts from their suppliers.

BOEING

Boeing Co (>> Boeing Company (The)), the world's biggest maker of passenger jets, has used affected Kobe Steel products, a source with knowledge of the matter told Reuters. <nL4N1MN3HF>

AIRBUS

Airbus SE (>> Airbus SE) does not buy products directly from Japan's Kobe Steel but is investigating whether any of its suppliers are affected by the cheating scandal, an Airbus spokesman said.

FORD

Ford Motor Co (>> Ford Motor Company) said its Ford Mondeo in China has an aluminum hood from Kobe Steel but that it had not confirmed whether this was an affected product.

GENERAL MOTORS

General Motors Co (>> General Motors Corporation) said it is was investigating whether any autos contained products sourced from Kobe Steel.

ROLLS ROYCE

Rolls-Royce Holdings (>> Rolls-Royce) said it received affected products but they have not been used.

KOREAN AIR

Korean Air Lines Co (>> Korean Air Lines Co Ltd) said it has supplied parts using Kobe Steel products to Boeing and was investigating.

HYUNDAI MOTOR

Hyundai Motor Co (>> Hyundai Motor Co) and sister car maker Kia Motors Corp (>> Kia Motors Corporation) said panels produced by Kobe Steel have been used in the IONIQ and Niro models.

SUBARU

Subaru Corp (>> Subaru Corp) said vehicles and aircraft were affected.

Japanese industry ministry officials said Kobe Steel materials were used in some defense equipment made by Subaru.

SUZUKI

Suzuki Motor Corp (>> Suzuki Motor Corp) says affected products were used in its motorcycles.

MITSUBISHI MOTORS

Mitsubishi Motors Corp (>> MITSUBISHI MOTORS CORPORATION) confirmed affected products were used.

DENSO

Denso Corp (>> Denso Corp), the Toyota-affiliated parts manufacturer, said affected parts were used in heat exchangers.

MITSUBISHI HEAVY

Mitsubishi Heavy Industries Ltd (>> Mitsubishi Heavy Industries Ltd) said Kobe Steel products were used on its Mitsubishi Regional Jet and rockets, including the H-2A rocket launched on Oct. 10 to put a navigation satellite into orbit. The rocket cleared all safety checks before launch, the company said.

Japanese industry ministry officials said Kobe Steel materials were used in some defense equipment made by Mitsubishi Heavy.

IHI

Heavy machinery maker IHI Corp (>> IHI Corp) said affected products were used in its jet engines.

IHI is a supplier for engines used on Boeing Co (>> Boeing Company (The)) aircraft and in Japan's defense and aerospace industries. The company did not say which engines used the affected products.

Japanese industry ministry officials said Kobe Steel materials were used in some defense equipment made by IHI.

HITACHI

Hitachi Ltd (>> Hitachi, Ltd.) said affected aluminum products were used in its trains in Japan and the U.K.

The company said it plans to exchange parts used in the undercarriage of bullet trains running on JR Tokai and JR West lines.

It was not possible to switch out components used in train bodies, such as on JR East bullet trains and in its U.K. trains, the company said, adding it is considering whether to seek compensation from the steelmaker.

JR TOKAI

Central Japan Railway Company Co (>> Central Japan Railway Company), which operates the bullet train line between Tokyo and Osaka, said affected products were used in train undercarriages and would be replaced during routine maintenance.

Affected products were also used in trains running on the test track for its high-speed, magnetically levitated "maglev" railway line currently under construction.

JR WEST

West Japan Railway Co (>> West Japan Railway Company) said affected parts were used and that it will seek compensation from the steelmaker.

JR EAST

East Japan Railway Co (>> East Japan Railway Company) said affected parts were used in bullet train bodies.

TOKYO METRO, HANKYU HANSHIN

Railway line operators Tokyo Metro Co and Hankyu Hanshin Holdings Inc (>> Hankyu Hanshin Holdings, Inc.) said affected parts were used in trains.

KAWASAKI HEAVY

Kawasaki Heavy Industries Ltd (>> Kawasaki Heavy Industries Ltd) said affected materials were used in aircraft parts and in engine components while it was still investigating to see if there were any other products including trains that used affected materials.

Japanese industry ministry officials said Kobe Steel materials were used in some defense equipment made by Kawasaki Heavy.

MITSUBISHI ELECTRIC

Mitsubishi Electric Corp (>> Mitsubishi Electric Corporation) said affected copper was used in air conditioners produced domestically.

TEPCO

Fukushima nuclear operator Tokyo Electric Power Holdings Inc (Tepco) (>> Tokyo Electric Power Company Holding Inc) said it had taken delivery of pipes from Kobe Steel that were not checked properly. The pipes were delivered to its Fukushima Daiichi station, located near the destroyed Fukushima Daiichi plant, but have not been used, Tepco said. Tepco was checking all its facilities.

TOSHIBA

Toshiba Corp (>> Toshiba Corp) said affected products were used in cooling equipment.

VOLKSWAGEN

Volkswagen AG (>> Volkswagen) said Kobe Steel is not a direct supplier and that it was checking the situation with its own suppliers.

PANASONIC

Panasonic Corp (>> Panasonic Corporation) said affected products were used in Blu-ray discs and had also received affected copper and copper alloy pipes from Kobe Steel.

DAIMLER

Daimler AG (>> Daimler) said that Kobe Steel is not a supplier after the Nikkei said it had received products from the steelmaker with falsified specifications.

PSA GROUP

PSA Group (>> Peugeot) also said that Kobe Steel is not a supplier after the Nikkei said it had also received products from the steelmaker with falsified specifications.

NEC

NEC Corp (>> NEC Corp) said it was waiting to hear from Kobe Steel whether it had received affected products.

FUJITSU

Fujitsu Ltd (>> Fujitsu Ltd) said Kobe Steel is not a direct supplier and that it was checking the situation with its own suppliers.

The Nikkei also said the following companies have been supplied with affected products from Kobe Steel.

Sumitomo Wiring Systems, Takata Corp, Yazaki Corp, Shimadzu Corp (>> Shimadzu Corporation), Mitsui Engineering & Shipbuilding Co Ltd (>> Mitsui Engineering & Shipbuilding Co Ltd), Yokohama Rubber Co Ltd (>> Yokohama Rubber Co Ltd), Komatsu Ltd (>> Komatsu Ltd), Daikin Industries Ltd (>> Daikin Industries, Ltd.), Horiba Ltd (>> Horiba Ltd), Nidec Corp (>> NIDEC CORPORATION).

Tesla Inc (>> Tesla), Renault SA (>> Renault), Daimler AG (>> Daimler), Valeo SA (>> Valeo) and Volvo AB (>> Volvo), General Electric Co (>> General Electric Company), Intel Corp (>> Intel Corporation).

(Reporting by Sam Nussey, Yuka Obayashi, Osamu Tsukimori, Joe White, Hyunjoo Jin; Editing by Aaron Sheldrick, Shri Navaratnam and Sherry Jacob-Phillips)

Stocks treated in this article : Airbus SE, Peugeot, Renault, Boeing Company (The), General Electric Company, Intel Corporation, Ford Motor Company, Daimler, Volkswagen, Rolls-Royce, Tesla, Shimadzu Corporation, Suzuki Motor Corp, Daikin Industries, Ltd., Denso Corp, Tokyo Electric Power Company Holding Inc, Mitsubishi Heavy Industries Ltd, IHI Corp, Mazda Motor Corp, Mitsubishi Electric Corporation, Subaru Corp, MITSUBISHI MOTORS CORPORATION, East Japan Railway Company, Mitsui Engineering & Shipbuilding Co Ltd, Komatsu Ltd, Yamaha Motor Co., Ltd., NIDEC CORPORATION, Horiba Ltd, Yokohama Rubber Co Ltd, Volvo, Hyundai Motor Co, Kia Motors Corporation, Honda Motor Co Ltd, Hitachi, Ltd., Fujitsu Ltd, Kawasaki Heavy Industries Ltd, Kobe Steel, Ltd., Panasonic Corporation, NEC Corp, Nissan Motor Co Ltd, Toyota Motor Corp, Central Japan Railway Company, West Japan Railway Company, Korean Air Lines Co Ltd, Toshiba Corp, Hankyu Hanshin Holdings, Inc., General Motors Corporation, Valeo
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EBIT 2017 1 210 B
Net income 2017 1 479 B
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