ALLOCATION OF SHARES IN OUTOKUMPU OYJ?S

OUTOKUMPU OYJ   STOCK EXCHANGE RELEASE January 2, 2003, at 2.00 pm

ALLOCATION OF SHARES IN OUTOKUMPU OYJ’S RIGTHS OFFERING
COMPLETED

The Board of Directors of Outokumpu has today approved the
allocation and related subscriptions of shares subscribed for
based on the exercise of the secondary subscription right in
the rights offering of Outokumpu. Nearly 3 300 shareholders
participated in the secondary subscription and a total of 142
506 shares were allocated to the shareholders. The total number
of shares subscribed for in the secondary subscription, 3 154
808 shares, exceeded the number of shares available by more
than twenty times. The shares were allocated to the
shareholders who participated in the secondary subscription in
proportion to their respective shareholdings as per the record
date of the rights offering, November 27, 2002, in accordance
with the terms and conditions of the rights offering. As
fractions of shares could not be allotted, shareholders who
held 25 or fewer shares on the record date were not allotted
shares in the secondary subscription.

Any excess subscription payment paid in connection with
subscription commitments in the secondary subscription will be
refunded without interest on or about January 3, 2003. In
addition, shareholders who exercised their secondary
subscription right will be notified individually of their
respective allocation.

The increase of EUR 242 260.20 in Outokumpu’s share capital
corresponding to the shares allocated based on the exercise of
the secondary subscription right will be registered with the
Finnish Trade Register on January 3, 2003. The shares will be
delivered to shareholders’ book-entry accounts and commence
trading on the Helsinki Exchanges on January 3, 2003. The
shares subscribed for in the rights offering will entitle their
holders to full dividends as from the financial year that
commenced on January 1, 2002. All other rights in Outokumpu
conferred by the shares will accrue to the subscriber after the
increase in the share capital has been registered with the
Finnish Trade Register.

Following the registration of the increase in Outokumpu’s share
capital as a result of the rights offering, Outokumpu’s
registered share capital will amount to EUR 293 520 502.30,
consisting of 172 659 119 shares. All shares subscribed for in
the rights offering have been fully paid.


OUTOKUMPU OYJ
Corporate Management

Johanna Sintonen
Manager - Investor and Media Relations
tel. +358 9 421 2438, mobile +358 40 530 0778,
fax +358 9 421 2429
e-mail: johanna.sintonen@outokumpu.com
www.outokumpu.com

Not for release, publication or distribution in Australia,
Belgium, Canada, France, the Hong Kong Special Administrative
Region of the People’s Republic of China, Japan, South Africa,
Spain or the United States of America.

The information contained herein is not for publication or
distribution in or into the United States. This document does
not constitute an offer of securities for sale in the United
States or to or for the account or benefit of U.S. persons, nor
may the securities be offered or sold in the United States
absent registration or an exemption from registration as
provided in the U.S. Se-curities Act of 1933, as amended, and
the rules and regulations thereunder. There is no inten-tion to
register any portion of the offering in the United States or to
conduct a public offering of securities in the United States.

The information contained herein shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there
be any sale of the securities referred to herein in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration, exemption of reg-istration or
qualification under the securities laws of any such
jurisdiction.

A prospectus required by, and which complies with the
requirements of, the Public Offers of Securities Regulations
1995 in the United Kingdom has been published in respect of the
rights offering.

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