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KOBE (Kyodo) Kobe Steel Ltd. said Tuesday its chairman and president will resign over inappropriate donations totaling about ¥27 million to local assembly candidates.

Executive Vice President Hiroshi Sato, 63, will replace Yasuo Inubushi, 65, as president April 1, the steelmaker said. Inubushi and current Chairman Koshi Mizukoshi, 70, will become advisers.

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