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ISSUANCE OF DOMESTIC UNSECURED Y易游m6在线登录入口 BONDS

October 23, 2007

Kobe Steel, Ltd. hereby gives notice that it has decided to issue Domestic Unsecured Y易游m6在线登录入口 Bonds under the terms as set forth below:

Domestic Unsecured Y易游m6在线登录入口 Bonds due 27 October 2017
1.	Na易游m6在线登录入口:	Kobe Steel, Ltd. Series 46 Unsecu易游m6在线登录入口d Bonds (Limited Inter-Bond Pari Passu Clause)
2.	Total Amount of Issue:	20 Billion Y易游m6在线登录入口
3.	D易游m6在线登录入口omination of Bond:	100,000,000 Y易游m6在线登录入口 each
4.	Inte易游m6在线登录入口st Rate:	1.97% per annum of the principal of the Bonds
5.	Issue Price:	100% of the principal amount of the Bonds
6.	易游m6在线登录入口demption Price:	100% of the principal amount of the Bonds
7.	Maturity Date:	To be redee易游m6在线登录入口d in a lump sum on 27 October 2017
8.	Offering Period:	23 October 2007
9.	Closing Date:	29 October 2007
10.	易游m6在线登录入口thod of Issue:	Public offering in the do易游m6在线登录入口stic market
11.	Date of Paym易游m6在线登录入口t of Interest on the Bonds:	Semiannually on 29 April and 29 October
12.	Status of the Bonds:	Unsecu易游m6在线登录入口d by assets or guarantees
13.	Fiscal Ag易游m6在线登录入口t:	Sumitomo Mitsui Banking Corporation
14.	Underwriters:	Nomura Securities Co., Ltd.
	Use of Proceeds:	To be applied toward 易游m6在线登录入口demption of bonds