March 13, 2019
Kobe Steel, Ltd.
Kobe Steel, Ltd. was indicted on July 19, 2018 on charges by the Tokyo District Prosecutors Office for violating the Unfair Competition Prevention Act over the misconduct concerning its products. The Tachikawa Summary Court today has handed down a decision to subject Kobe Steel to a fine of 100 million yen.
We once again deeply apologize for the considerable trouble and concern we have caused to our customers, suppliers, shareholders and many others concerning the quality misconduct at Kobe Steel, Ltd. and its group companies (collectively, "the Kobe Steel Group").
We will take this court decision seriously. The Kobe Steel Group is continuing to carry out measures sincerely and honestly to prevent recurrence, as outlined in the "Report on Misconduct in Kobe Steel Group" announced on March 6, 2018. To restore the trust of our customers, suppliers, shareholders and many others, we are pushing forward with fundamental reforms to our organizational structure and corporate culture.
For updates on the progress of measures to prevent recurrence of misconduct in the Kobe Steel Group, please see the link below.