Daido Steel Falls After Police Probe Waste Management PracticesBy
Japanese specialty steel maker Daido Steel Co. said its headquarters in Nagoya was searched by police investigating a possible breach of waste management laws. Its shares fell as much as 6.5 percent, the most in over a year.
Daido, which supplies the auto and electronics industries, said police in Gunma prefecture, northwest of Tokyo, lodged a criminal complaint against the company related to its management of steel slag, a byproduct of steel making.
Police have searched Daido’s Gunma plant and another facility owned by a unit in the central prefecture of Aichi, the company said in a statement to the Tokyo Stock Exchange.
Daido is cooperating with the investigation, the statement said. Shares closed down 6 percent at 408 yen, their lowest level since December.
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