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Shelf Registration of Share Purchase Warrants

June 26, 2007

Kobe Steel, Ltd. announced on June 26, 2007 that its Board of Directors today resolved to file a shelf registration statement with the Japanese regulatory authorities for possible issues of share purchase warrants as follows:

1. Type of securities:   Share purchase warrants
2. Issuable period:   Two years from the effective date of the shelf registration of share purchase warrants (from July 5, 2007 to July 4, 2009)
3. Method of offering:   Rights offering to shareholders
4. Issuable amount:   6 billion yen (Issuable amount is the total amount to be paid upon exercise of all share purchase warrants. The issue price of a share purchase warrant is zero yen.)

Kobe Steel announced on April 26, 2007 that its Board of Directors decided to adopt the Policy on the Large-scale Purchasing of its Shares (Anti-takeover Measures) (hereinafter referred to as "this Policy"). Kobe Steel's defensive measure, on the basis of this Policy as Item 4 of matters to be resolved at the Company's 154th Ordinary General Meeting of Shareholders, was approved by the shareholders today.

In accordance with this Policy, if the Board of Directors decides to implement defensive measures against a large-scale purchase of the Company's shares, the Board of Directors will resolve to distribute share purchase warrants that do not require the consideration of current shareholders (shinkabu yoyakuken musho wariate). This shelf registration enables Kobe Steel to promptly issue share purchase warrants if it deems necessary.

For further details of this Policy, please see today's separate press release, "Approval of Kobe Steel to Implement Measures on the Basis of the Company's Policy on the Large-scale Purchasing of its Shares (Anti-takeover Measures) and Appointment of Members of the Independent Committee."