Kobe Steel scrap profit forecast

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In japan, Kobe Steel has withdrawn its full-year profit guidance due to uncertainty about the cost of the data falsification scandal.

Last month he admitted to fabricating data on the quality of some products, possibly for more than a decade.

Kobe Steel to supply this products to companies all over the world, but not the security problems have yet been reported.

The company, whose shares have plunged more than 30%, because of the scandal, cancels its dividend in the interim.

Kobe Steel had previously forecast a net profit of 35 billion yen ($308m; £234 million) for the year ended in March.

“It is difficult at this time to estimate the impact of the unlawful conduct relating to the products of Kobe Steel and its group on business performance,” the company said in a statement on Monday.

Japan is the third largest producer of steel supplies manufacturers of cars, planes, trains, and other products all over the world.

Manufacturers, such as General Motors, Boeing and Toyota, they investigated if they used one of the sub-standard materials from Japan is the third largest producer of steel.

Last week, Kobe Steel said 88 companies were yet to confirm if their products were safe, but, so far, no safety issues had been reported or recalls required.

The company has also lost a Japanese Industrial certification in one of its plants in addition to the tampering of the data.

Kobe is the last of a series of major Japanese companies to be mired in scandals.

They include cases of the falsification of data to the Motor Nissan, Subaru and Mitsubishi Motors, while air bag maker Takata has filed for bankruptcy in the month of June, more airbags and defective products which were blamed for several deaths and many injured.