Kobelco takes US$ 340 million hit on Chinese woes
05 February 2016
Kobelco’s parent company Kobe Steel has booked a JPY 39.8 billion (US$ 340 million) extraordinary loss in its accounts for the third quarter of the fiscal year against bad debts and write-downs in its Chinese construction equipment business, which focuses on excavators.
A statement from the company said, “Kobe Steel…