Kobe Steel announced in the third quarter reversal of loss

Japanese steel maker Kobe Steel has announced the reversal in the third quarter ending December 31st 2012 of the loss on the write down of investments in securities reported in the first half ending September 30th 2012.

In the first half of the given financial year, Kobe Steel had posted a loss on write down of investments in securities of JPY 18 billion, resulting in a net loss of JPY 38.1 billion for the period. However, during the third quarter ending December 31 of the financial year 2012 - 2013, the value of some of these securities was recognized to have recovered.