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Japan's Kobe Steel considering withdrawing its full year earnings forecast - Kyodo

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Japan's Kobe Steel considering withdrawing its full year earnings forecast - Kyodo

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TOKYO (Reuters) – Kobe Steel Ltd <5406.T> is considering withdrawing its earnings forecast for this fiscal year as it struggles to quantify the impact of its data falsification scandal, Kyodo reported on Monday. 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. On Friday the company admitted that it has lost some customers to competitors as it revealed widespread data falsification has extended to its mainstream steel sheet business. A Kobe Steel spokesman said the report did not come from the company. “We are making preparations for our earnings announcement and can’t make any further comment,”  he said. The steelmaker is due to report its first-half results on Oct. 30.

(Reporting by Sam Nussey and Yuka Obayashi; Editing by Christian Schmollinger)
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