October 10, 2017 / 12:04 AM / a year ago

Kobe Steel shares untraded, set to drop on data falsification

TOKYO, Oct 10 (Reuters) - Shares of Kobe Steel Ltd were untraded on Tuesday morning as sell orders dwarfed buy orders after Japan’s third-biggest steelmaker revealed it had fabricated data to falsely show that its products met customer specifications.

Kobe Steel said on Sunday that about 4 percent of the aluminium and copper products that it shipped from September 2016 to August 2017 was falsely labelled as meeting the specifications requested by customers. The products were shipped to about 200 companies, a spokesman said.

Sell orders outpaced bids by a factor of roughly 60 to one in early trade. The Tokyo bourse was closed for a national holiday on Monday.

Kobe Steel has said the impact of the data falsification on its earnings is still unknown. (Reporting by Chang-Ran Kim; Editing by Stephen Coates)

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