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Itochu CFO says no impact on earnings from Kobe Steel scandal
November 2, 2017 / 5:28 AM / 18 days ago

Itochu CFO says no impact on earnings from Kobe Steel scandal

TOKYO (Reuters) - Itochu Corp sees no impact on its earnings from the Kobe Steel Ltd scandal though its metal units deal with some products from the embattled firm, Itochu chief financial officer said on Thursday.

The logo of Itochu Corp is seen outside the company's headquarters in Tokyo, Japan, November 7, 2016. REUTERS/Toru Hanai

“Our subsidiary Marubeni-Itochu Steel Inc deals with Kobe Steel’s products, but the portion is not that big compared with those coming from other steelmakers,” CFO Tsuyoshi Hachimura told an earnings news conference.

Another metal unit of the Japanese trading firm sells some aluminum products of Kobe Steel, he added.

Kobe Steel’s admission last month that it had found widespread tampering in specifications has sent companies in global supply chains scrambling to check whether the safety or performance of their products has been compromised.

Reporting by Yuka Obayashi; Editing by Gopakumar Warrier

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