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|ISSUANCE OF DOMESTIC UNSECURED YEN BONDS|
|Domestic Unsecured Yen Bonds due 24 July 2014|
|1.||Name:||Kobe Steel, Ltd.
(Limited Inter-Bond Pari Passu Clause)
|2.||Total Amount of Issue:||10Billion Yen|
|3.||Denomination of Bond:||10,000,000,000Yen each|
|4.||Interest Rate:||1.63% 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 24 July 2014|
|8.||Offering Period:||17 July 2008|
|9.||Closing Date:||24 July 2008|
|10.||Method of Issue:||Public offering in the domestic market|
|11.||Date of Payment of Interest on the Bonds:||Semiannually on 24 January and 24 July|
|12.||Status of the Bonds:||Unsecured by assets or guarantees|
|13.||Fiscal Agent:||Mizuho Corporate Bank, Ltd.|
|14.||Underwriters:||Mizuho Securities Co., Ltd.
Merrill Lynch Japan Securities Co., Ltd. as the "Joint Lead Managers"
|Use of Proceeds:||To be applied mainly toward the redemption of bonds and also repayment of loans|