Kobe Steel : Announcement on resignation of director who is Audit & Supervisory Committee member
March 01, 2023 at 09:17 am
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February 28, 2023
Kobe Steel, Ltd.
Kobe Steel, Ltd. announces today that it has discovered improper claims for reimbursement of travel expenses by a director who serves as an Audit and Supervisory Committee member of the Company and has accepted his resignation as director as of the same date.
1.Resigning directorYasushi Tsushima
Director, Audit & Supervisory Committee member
2.Date of resignationFebruary 28, 2023
3.Even after the resignation of the said member, the Company satisfies the required number of directors who are members of the Audit and Supervisory Committee as stipulated by laws and regulations and the Articles of Incorporation. It also complies with the Corporate Governance Code that requires independent outside directors account for at least one-third of all board members.
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Kobelco - Kobe Steel Ltd. published this content on 28 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2023 09:16:02 UTC.
Kobe Steel, Ltd. specializes in manufacturing and marketing of steel and metallurgical products. The group is also developing production of construction and industrial machines activity. Net sales break down by activity as follows:
- sale of steel and aluminum products (42.3%): special steel wires, stainless tubes, rolled steel products, steel strips, aluminum plates and sheets, aluminum alloy products, building materials, etc.;
- manufacturing of construction machines (17.8%): cranes, hydraulic excavators, mini excavators and wheeled loaders;
- sales of advanced materials (15.6%): copper foil for semiconductors, copper tubes for air conditioners, aluminum extrusions, aluminum alloy products, iron powder, etc.;
- manufacturing of industrial machines (7.8%): compressors, high pressure machines, heat pumps, nuclear plants equipments, etc.;
- engineering services (6.4%);
- electric power production (5.3%);
- sale of welding materials and equipments (3.6%);
- other (1.2%): primarily sale of electronic equipments and real estate development.