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KOBE STEEL ANNUAL REPORT 1999
Year Ended March 31,1999

Kobe Steel, Ltd. is one of Japan's leading steelmakers and producers of aluminum and copper products. Other major business segments are machinery, construction machinery and real estate.

Kobe Steel has numerous consolidated subsidiaries and equity-valued affiliates in Japan, the Americas, Asia, and Europe.

KOBELCO is the corporate mark used by Kobe Steel on a variety of products and in the names of a number of Kobe Steel Group companies. Behind the KOBELCO mark is Kobe Steel's commitment to excellence and quality.
Consolidated Financial Highlights
A Message from the President
Review of Operations
Iron and Steel Sector
Aluminum and Copper Sector
Machinery Sector
Electronics and Information Sector
Other Businesses Sector
Consolidated
Consolidated Five-Year Summary
Consolidated Financial Review
Consolidated Balance Sheets
Consolidated Statements of Operations
Consolidated Statements of Stockholders' Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
Report of Independent Certified Public Accountants
Non-Consolidated
Non-Consolidated Five-Year Summary
Non-Consolidated Financial Review
Non-Consolidated Balance Sheets
Non-Consolidated Statements of Operations
Non-Consolidated Statements of Stockholders' Equity
Non-Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
Report of Independent Certified Public Accountants
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