RNS Number:3737K
Kobe Steel Ld
25 April 2003



25 April 2003                                  Contact:  Communication Center
Koshi Mizukoshi                                          Kobe Steel, Ltd.
President, Chief Executive Officer &
Representative Director                             Tel:  Tokyo  03-5739-6010
Kobe Steel, Ltd.                                          Kobe   078-261-4040
(Tokyo Stock Exchange Code No. 5406)



                    ISSUANCE OF DOMESTIC UNSECURED YEN BONDS

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 12 May 2006



1.   Name:                   Kobe Steel, Ltd.

Series 36 Unsecured Bonds

(Limited Inter-Bond Pari Passu Clause)


2.   Total Amount of Issue:    20 Billion Yen


3.   Denomination of Bond:    100,000,000 Yen each


4.   Interest Rate:            1.37% 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 12 May 2006


8.   Offering Period:          25 April 2003


9.   Closing Date:             12 May 2003


10.  Method of Issue:          Public offering in the domestic market


11.  Date of Payment of

     Interest on the Bonds:    Semiannually on 12 May and 12 November


12.  Status of the Bonds:      Unsecured by assets or guarantees


13.  Fiscal Agent:             Mizuho Corporate Bank, Limited


14.  Underwriters:            Mizuho Securities Co., Limited


Use of Proceeds:              To be applied toward repayment of loans



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