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Kobe Steel Ld (KOB)

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Thursday 18 May, 2000

Kobe Steel Ld

Issue of Debt

Kobe Steel Ld
18 May 2000


Contact:  Publicity Group, Kobe Steel, Ltd
   Tel :  Tokyo   03-5739-6010
          Osaka   06-6206-6093
          Kobe    078-261-4040


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:

I.   Domestic Unsecured Yen Bonds due 1 June, 2006

  1.  Name:                   Kobe Steel, Ltd.
                              Series 30 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:          2.15% per annum of the principal amount 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 1 June, 2006
  8.  Offering Period:        18 May, 2000
  9.  Closing Date:           1 June, 2000
 10.  Method of Issue:        Public offering in the domestic market
 11.  Date of Payment of
      Interest on the Bonds:  Semiannually on 1 June and 1 December
 12.  Status of the Bonds:    Unsecured by assets or guarantees
 13.  Fiscal Agent:           The Industrial Bank of Japan, Limited
 14.  Underwriters:           IBJ Securities Co., Ltd.

 Use of Proceeds:             To be applied toward redemption of Bonds

II.  Domestic Unsecured Yen Bonds due 1 June, 2010

  1.  Name:                   Kobe Steel Ltd.
                              Series 31 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:          2.94% per annum of the principal amount 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 1 June, 2010
  8.  Offering Period:        18 May, 2000
  9.  Closing Date:           1 June, 2000
 10.  Method of Issue:        Public offering in the domestic market
 11.  Date of Payment of
      Interest on the Bonds:  Semiannually on 1 June and 1 December
 12.  Status of the Bonds:    Unsecured by assets or guarantees
 13.  Fiscal Agent:           The Industrial Bank of Japan, Limited
 14.  Underwriters:           IBJ Securities Co., Ltd
 
 Use of Proceeds:             To be applied toward redemption of Bonds.