December 10, 2018
Kobe Steel, Ltd.
As announced in the "Civil Complaint Filed Against Kobe Steel, Ltd. and A Few Other Kobe Group Companies" dated December 8, 2017, civil complaints have been filed against Kobe Steel, Ltd., Shinko Metal Products Co., Ltd. (90% of its equity held by Kobe Steel), Shinko Aluminum Wire Co., Ltd. (98.75% of its equity held by Kobe Steel), Kobelco & Materials Copper Tube, Co., Ltd. (55% of its equity held by Kobe Steel), and Nippon Koshuha Steel Co., Ltd. (51.6% of its equity held by Kobe Steel), all of which are the subsidiaries of Kobe Steel, and Shinko Wire Stainless Company, Ltd., (wholly owned subsidiary of Shinko Wire Company, Ltd., 35.9% of its equity held by Kobe Steel) (hereinafter referred to collectively as the "Kobe Steel Group") on November 21, 2017 in the Supreme Court of British Columbia, and on November 22, 2017 in the Ontario Superior Court of Justice (hereinafter referred to collectively as the "Lawsuits"). To date, a Notice of Discontinuance has been filed with the Supreme Court of British Columbia with respect to the lawsuits against Shinko Metal Products Co., Ltd. and Kobelco & Materials Copper Tube, Co., Ltd. and, therefore, the lawsuits against the two subsidiaries in the Supreme Court of British Columbia have ended.
After the complaints were filed, the Kobe Steel Group launched a vigorous defense against the Lawsuits. As of December 3, 2018 (local time), the plaintiffs have filed the Notice of Discontinuance with the Supreme Court of British Columbia with respect to the lawsuits against Shinko Metal Products Co., Ltd. and Kobelco & Materials Copper Tube, Co., Ltd. and, therefore, the lawsuits against the two subsidiaries in the Supreme Court of British Columbia have ended.The plaintiffs brought these Lawsuits, alleging that they are the purchasers of the metal products produced for automobiles by the Kobe Steel Group (hereinafter referred to as "Products") or the vehicles manufactured with the Products and were overcharged for the Products or the vehicles and suffered economic harm because the Products, which the customers paid for, did not satisfy the applicable standards specified by the customers.
We do not believe the end of the lawsuits against the two subsidiaries will affect the business performance of the Kobe Steel Group. We will continue to take appropriate measures to vigorously defend ourselves against the remaining lawsuits and, in the future, will promptly make a public statement when matters for disclosure arise.
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