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ISSUANCE OF DOMESTIC UNSECURED YEN BONDS

April 21, 2008

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 24 April 2013
1.	Name:		Kobe Steel, Ltd.Series 49 Unsecured Bonds
			(Limited Inter-Bond Pari Passu Clause)
2.	Total Amount of Issue:		10 Billion Yen
3.	Denomination of Bond:		100,000,000 Yen each
4.	Interest Rate:		1.29% 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 April 2013
8.	Offering Period:		18 April 2008
9.	Closing Date:		24 April 2008
10.	Method of Issue:		Public offering in the domestic market
11.	Date of Payment of Interest on the Bonds:		Semiannually on 24 April and 24 October
12.	Status of the Bonds:		Unsecured by assets or guarantees
13.	Fiscal Agent:		Mizuho Corporate Bank, Ltd.
14.	Underwriters:		Mitsubishi UFJ Securities Co., Ltd. Mizuho 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

II .Domestic Unsecured Yen Bonds due 24 April 2018
1.	Name:		Kobe Steel, Ltd.Series 50 Unsecured Bonds
			(Limited Inter-Bond Pari Passu Clause)
2.	Total Amount of Issue:		10 Billion Yen
3.	Denomination of Bond:		100,000,000 Yen each
4.	Interest Rate:		1.84% 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 April 2018
8.	Offering Period:		18 April 2008
9.	Closing Date:		24 April 2008
10.	Method of Issue:		Public offering in the domestic market
11.	Date of Payment of Interest on the Bonds:		Semiannually on 24 April and 24 October
12.	Status of the Bonds:		Unsecured by assets or guarantees
13.	Fiscal Agent:		Sumitomo Mitsui Banking Corporation
14.	Underwriters:		Mitsubishi UFJ Securities Co., Ltd. Daiwa Securities SMBC Co.Ltd. as the "Joint Lead Managers"

Use of Proceeds:To be applied mainly toward the redemption of bonds and also repayment of loans