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ISSUANCE OF DOMESTIC UNSECURED YEN BONDS

October 19, 2006

Kobe Steel, Ltd. hereby gives notice that it has decided to issue Domestic Unsecured Yen Bonds under the terms as set forth below:
 

Domestic Unsecured Yen Bonds due 30 October, 2013
1.	Name:	Kobe Steel, Ltd. Series 43 Unsecured Bonds (Limited Inter-Bond Pari Passu Clause)
2.	Total Amount of Issue:	10 Billion Yen
3.	Denomination of Bond:	100,000,000 Yen each
4.	Interest Rate:	1.91% per annum of the principal of the Bonds
5.	Issue Price:	100% of the principal amount of the Bonds
6.	Redemption Price:	100% of the principal amount of the Bonds
7.	Maturity Date:	To be redeemed in a lump sum on 30 October 2013
8.	Offering Period:	19 October 2006
9.	Closing Date:	30 October 2006
10.	Method of Issue:	Public offering in the domestic market
11.	Date of Payment of Interest on the Bonds:	Semiannually on 30 April and 30 October
12.	Status of the Bonds:	Unsecured by assets or guarantees
13.	Fiscal Agent:	Mizuho Corporate Bank, Ltd.
14.	Underwriters:	Mitsubishi UFJ Securities Co.,Ltd.
	Use of Proceeds:	To be applied toward redemption of bonds