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Scandal-hit Kobe Steel seeks 50b yen in loans; pulls profit forecast

Bigger rival Nippon Steel - with 2.95% stake - says it's ready to provide support

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Kobe Steel is losing customers and said on Friday it had its government- sanctioned seal of quality revoked on some of its products.

Tokyo

EMBATTLED Kobe Steel Ltd is seeking 50 billion yen (S$599 million) in loans from banks, a banking source said on Monday, while a shareholder said it was ready to offer assistance as the company grapples with a scandal over falsified product specifications.

Japan's third-

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