Kobe Steel rose as much as 9.4% to 1 254 yen in Friday
Shares in Kobe Steel, Japan’s third-largest steelmaker, rose as much as 9.4% to 1 254 yen in Friday, its highest level since October 2017. The company reiterated its forecast of recorded a profit for the full year. This is the first time in three years that the company recorded a profit for the year. The company determined that data fraud did not affect product safety. Kobe Steel forecast a profit of 45 billion yen (4.1133 billion U.S. dollars) for the fiscal year to March and raised its revenue forecast to show that the client did not abandon the company after the scandal. Before withdrawing last year’s financial report in October 2017, the company had expected a full-year profit of 35 billion yen.