RNS Number:5406K
Kobe Steel Ld
30 April 2003

30 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 13 May 2008

1.   Name:                            Kobe Steel, Ltd.
                                      Series 37 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:                   1.77% 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 
                                      13 May 2008

8.   Offering Period:                 30 April 2003

9.   Closing Date:                    13 May 2003

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

11.  Date of Payment of
     Interest on the Bonds:           Semiannually on 13 May and 13 November

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

13.  Fiscal Agent:                    UFJ Bank Limited

14.  Underwriters:                    Mizuho Securities Co., Limited

Use of Proceeds:                      To be applied toward repayment of loans



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