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Kobe Steel Announces Share Buyback Program

Purchase of shares pursuant to the provisions of Article 459.1 of the Corporation Law and the Company's Articles of Incorporation

March 1, 2007

TOKYO, March 1, 2007 - Kobe Steel, Ltd. announced that its Board of Directors today approved the buyback of shares under Article 459.1 of the Corporation Law of Japan and the company's Articles of Incorporation.

1.	Reason for Share Buyback
	To implement a more flexible capital policy.
2.	Details of the Program
	(1) Class of shares to be purchased:	Common stock
	(2)Number of shares to be purchased:	Up to 120 million shares
		(3.85% of total issued shares)
	(3)Total purchase price:	Up to 50 billion yen
	(4)Purchase period:	From March 2, 2007 to April 18, 2007

	Note: Treasury shareholdings as of September 30, 2006
	Total number of issued shares(excluding treasury shares):	3,112,373,707 shares
	Total number of treasury shares:	2,687,393 shares