This morning in metals news, senior executives at Kobe Steel were aware of the company’s data tampering, copper drops from its two-month and a subsidiary of ArcelorMittal is paying $1.5 million to settle a lawsuit regarding pollution from its western Pennsylvania coke plant.
Kobe Admits Executives Knew Abut Data Cheating
Kobe Steel admitted for the first time that senior level executives were aware of the data falsification going on at the company, Reuters reported.
As a result, three executives were “reassigned,” according to the report — in other words, demoted.
According to the steelmaker, about 500 customers received products with falsified specifications.
Copper Falls Off Two-Month High
After approaching a two-month high in the previous session, copper dropped Thursday, Reuters reported.
LME copper closed at $6,924 per ton on Wednesday.
ArcelorMittal Subsidiary Pays $1.5M in Pollution Suit
A subsidiary of ArcelorMittal is paying $1.5 million to settle a suit that its western Pennsylvania coke plant “showered the area with soot and other pollutants almost daily,” the Associated Press reported.
PennEnvironment, the environmental advocacy group behind the suit, said it believes the penalty is the largest secured by a citizen lawsuit in Pennsylvania history under the federal Clean Air Act, according to the Associated Press report.