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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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-largest steelmaker also pulled its forecast for a first annual profit in three years while it deals with the financial impact of one of Japan's biggest corporate scandals.
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