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ISSUANCE OF DOMESTIC UNSECURED YEN BONDS

July 17, 2008

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

Domestic Unsecured Yen Bonds due 24 July 2014
1.	Name:	Kobe Steel, Ltd. Series51UnsecuredBonds (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