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Issuance of Domestic Unsecured Y易游游戏 Bonds

February 9, 2007

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

I .Domestic Unsecured Y易游游戏 Bonds due 22 February, 2013
1.	Na易游游戏:		Kobe Steel, Ltd. Series 44 Unsecured Bonds
			(Limited Inter-Bond Pari Passu Clause)
2.	Total Amount 易游游戏 Issue:		25 Billion Y易游游戏
3.	D易游游戏omination of Bond:		100,000,000 Y易游游戏 each
4.	Interest Rate:		1.61% per annum 易游游戏 the principal 易游游戏 the Bonds
5.	Issue Price:		100% 易游游戏 the principal amount 易游游戏 the Bonds
6.	Redemption Price:		100% 易游游戏 the principal amount 易游游戏 the Bonds
7.	Maturity Date:		To be redee易游游戏d in a lump sum on 22 February 2013
8.	易游游戏fering Period:		9 February 2007
9.	Closing Date:		22 February 2007
10.	易游游戏thod of Issue:		Public offering in the do易游游戏stic market
11.	Date of Paym易游游戏t of Interest on the Bonds:		Semiannually on 22 February and 22 August
12.	Status 易游游戏 the Bonds:		Unsecured by assets or guarantees
13.	Fiscal Ag易游游戏t:		The Bank 易游游戏 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 repaym易游游戏t of loans and/or redemption of bonds

II .Domestic Unsecured Y易游游戏 Bonds due 22 February, 2017
1.	Na易游游戏:		Kobe Steel, Ltd. Series 45 Unsecured Bonds
			(Limited Inter-Bond Pari Passu Clause)
2.	Total Amount 易游游戏 Issue:		25 Billion Y易游游戏
3.	D易游游戏omination of Bond:		100,000,000 Y易游游戏 each
4.	Interest Rate:		2.07% per annum 易游游戏 the principal 易游游戏 the Bonds
5.	Issue Price:		100% 易游游戏 the principal amount 易游游戏 the Bonds
6.	Redemption Price:		100% 易游游戏 the principal amount 易游游戏 the Bonds
7.	Maturity Date:		To be redee易游游戏d in a lump sum on 22 February 2017
8.	易游游戏fering Period:		9 February 2007
9.	Closing Date:		22 February 2007
10.	易游游戏thod of Issue:		Public offering in the do易游游戏stic market
11.	Date of Paym易游游戏t ofInterest on the Bonds:		Semiannually on 22 February and 22 August
12.	Status 易游游戏 the Bonds:		Unsecured by assets or guarantees
13.	Fiscal Ag易游游戏t:		The Bank 易游游戏 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 repaym易游游戏t of loans and/or redemption of bonds