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Notice of Intention to Exercise Call Option on JPY30 billion Zero Coupon Convertible Bonds due 2006
October 20, 2005

TOKYO, 20 October, 2005 - Kobe Steel, Ltd. (the "Company") is exercising a 130% call option to redeem all the JPY30 billion Zero Coupon Convertible Bonds currently outstanding. The company announced on 17 October, 2005 that the right to redeem the bonds became effective on 17 October, 2005. The bonds will be redeemed at their principal amount of 29.695 billion on 21 November, 2005. The last date on which the Conversion Right may be exercised by bondholders will be on 16 November, 2005.

The bonds are listed on the London Stock Exchange.
In summary
1) Bond to be redeemed: ¥30,000,000,000 Zero Coupon Convertible Bonds due 2006
2) Outstanding amount: ¥29,695,000,000 (as of 19 October,2005)
3) Redemption date: 21 November, 2005 (Monday)
4) Redemption price: 100% of principal amount (¥1,000,000 each)
5) Last date for conversion: 16 November, 2005 (Wednesday)

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