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Issuance of Domestic Unsecured Yen Bonds

February 9, 2007

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

I .Domestic Unsecured Yen Bonds due 22 February, 2013
1.	Name:		Kobe Steel, Ltd. Series 44 Unsecured Bonds
			(Limited Inter-Bond Pari Passu Clause)
2.	Total Amount of Issue:		25 Billion Yen
3.	Denomination of Bond:		100,000,000 Yen each
4.	Interest Rate:		1.61% 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 22 February 2013
8.	Offering Period:		9 February 2007
9.	Closing Date:		22 February 2007
10.	Method of Issue:		Public offering in the domestic market
11.	Date of Payment of Interest on the Bonds:		Semiannually on 22 February and 22 August
12.	Status of the Bonds:		Unsecured by assets or guarantees
13.	Fiscal Agent:		The Bank of Tokyo-Mitsubishi UFJ, Ltd.
14.	Underwriters:		Nomura Securities Co., Ltd. and Mizuho Securities Co., Ltd. as the "Joint Lead Managers"

Use of Proceeds:To be applied toward repayment of loans and/or redemption of bonds

II .Domestic Unsecured Yen Bonds due 22 February, 2017
1.	Name:		Kobe Steel, Ltd. Series 45 Unsecured Bonds
			(Limited Inter-Bond Pari Passu Clause)
2.	Total Amount of Issue:		25 Billion Yen
3.	Denomination of Bond:		100,000,000 Yen each
4.	Interest Rate:		2.07% 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 22 February 2017
8.	Offering Period:		9 February 2007
9.	Closing Date:		22 February 2007
10.	Method of Issue:		Public offering in the domestic market
11.	Date of Payment ofInterest on the Bonds:		Semiannually on 22 February and 22 August
12.	Status of the Bonds:		Unsecured by assets or guarantees
13.	Fiscal Agent:		The Bank of Tokyo-Mitsubishi UFJ, Ltd.
14.	Underwriters:		Nomura Securities Co., Ltd. and Mizuho Securities Co., Ltd. as the "Joint Lead Managers"

Use of Proceeds:To be applied toward repayment of loans and/or redemption of bonds