Toyota fire probe

Toyota fire probe

DETROIT

The government has expanded an investigation into fires that can start in the doors of several Toyota models, adding 600,000 Camrys and other vehicles to the probe.

The investigation now includes 1.4 million cars and SUVs from the 2007 to 2009 model years. When the probe began in February, it involved more than 800,000 Camrys and RAV4 SUVs from the 2007 model year.

Federal safety regulators also are investigating a similar problem in 2006 and 2007 Chevrolet TrailBlazer SUVs made by General Motors Co.

Certain Camrys from the 2008 and 2009 model years, as well as some 2007 to 2009 Yaris subcompacts and all 2008 Highlander Hybrid SUVs, have been added to the investigation, the National Highway Traffic Safety Administration said on its website Monday. The vehicles were built from September of 2006 through August of 2008, the safety agency said.

So far, Toyota Motor Corp. and the government have received 161 complaints of fires involving the vehicles. Nine people have been hurt, according to government documents.

AK Steel projection

WEST CHESTER, Ohio

AK Steel Holding Corp. on Monday projected a profit for the current quarter below current Wall Street predictions.

The West Chester, Ohio-based steelmaker said it expects to post second-quarter net income of between 4 cents and 6 cents per share, while analysts polled by FactSet expect earnings of 11 cents per share.

AK Steel said its prediction is based on expectations that its steel shipments will total about 1.4 million tons for the quarter, which would mark a slight increase from first-quarter levels, and that its average per-ton selling price would be about equal to first-quarter levels.

Penney exec leaving

NEW YORK

In the latest sign of turbulent times at J.C. Penney Co., the midprice department store chain said Michael Francis, the former Target Corp. executive brought in to help redefine the brand, is leaving the company.

In a terse statement issued late Monday, the department store operator gave no reason for the immediate departure of Francis, who joined the company last October. Shares fell nearly 6 percent in after-hours trading.

“We thank Michael for his hard work at J.C. Penney and wish him the best in his future endeavors,” said Ron Johnson, Penney’s new CEO and a former Apple Inc. executive who has been trying to transform the chain from a retail has-been to retail darling.

Penney said that Johnson will assume direct responsibility and oversight of the company’s marketing and merchandising functions.

The surprise move comes as the department-store chain is scrambling to reverse a sharp drop in customer counts and sales after Johnson’s new pricing plan ended up turning off its customers, who are accustomed to seeing markdowns. The pricing plan, implemented Feb. 1, eliminated hundreds of sales events.

Associated Press