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ISSUANCE OF DOMESTIC UNSECURED YEN BONDS

October 23, 2007

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 27 October 2017
1. Name: Kobe Steel, Ltd.
Series 46 Unsecured Bonds
(Limited Inter-Bond Pari Passu Clause)
2. Total Amount of Issue: 20 Billion Yen
3. Denomination of Bond: 100,000,000 Yen each
4. Interest Rate: 1.97% 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 27 October 2017
8. Offering Period: 23 October 2007
9. Closing Date: 29 October 2007
10. Method of Issue: Public offering in the domestic market
11. Date of Payment of Interest on the Bonds: Semiannually on 29 April and 29 October
12. Status of the Bonds: Unsecured by assets or guarantees
13. Fiscal Agent: Sumitomo Mitsui Banking Corporation
14. Underwriters: Nomura Securities Co., Ltd.


Use of Proceeds:

To be applied toward redemption of bonds