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ALTOGETHER 2 836 068 OUTOKUMPU OYJ SHARE

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OUTOKUMPU OYJ  STOCK EXCHANGE RELEASE April 7, 2004 at 3.05 pm


ALTOGETHER 2 836 068 OUTOKUMPU OYJ SHARES SUBSCRIBED WITH THE
1998 OPTION WARRANTS AND 1 797 919 SHARES WITH THE 1999
CONVERTIBLE BOND BY THE CLOSE OF THE SUBSCRIPTION PERIODS

Altogether 2 836 068 Outokumpu Oyj shares were subscribed for
under the 1998 option warrants that Outokumpu Oyj issued in March
1998 during the subscription period from May 2, 2001 to March 31,
2004. All 2 584 option warrants were exercised by the close of the
subscription period. Bonds relating to the convertible bond loan
of EUR 18 180 000, which was issued in April 1999 for the Group’s
personnel were converted into 1 797 919 shares in Outokumpu Oyj
during the subscription period from April 9, 2001 to April 5,
2004. EUR 2 092 000 of the total amount of the convertible bond
loan was prepaid in advance and repayment of non-converted bonds
of EUR 363 000 will take place on April 7, 2004 at the latest.

During the last conversion period, from March 17 to March 31,
2004, 1 647 423 shares have been subscribed for under the option
warrants and convertible bonds have been converted into 190 708
Outokumpu Oyj shares from March 15 to April 5, 2004. The
corresponding increase in Outokumpu’s share capital has been
entered into the Finnish trade register today. The registered
share capital of Outokumpu Oyj is therefore EUR 308 125 943.50 and
the number of shares issued 181 250 555. An application has been
submitted for listing the shares now subscribed together with the
old shares on the main list of the Helsinki Exchanges as of April
8, 2004. The shares subscribed earlier in 2004 with the option
warrants and convertible bonds that have been traded as a separate
class (OUT1VN0104), due to the fact that those shares did not
entitle holders thereof to dividends from 2003, will also commence
trading together with the old shares as of April 8, 2004.

The option warrants were issued in March 1998. Initially 2 600
option warrants were offered for subscription to employees in
management positions of the Outokumpu Group and they entitled
holders thereof to subscribe for an aggregate maximum number of 2
600 000 shares in Outokumpu Oyj. Sixteen option warrants were
returned to Outokumpu in accordance with the terms and conditions
of the option warrants and were annulled on October 30, 2001. The
subscription price for the shares to be subscribed with the option
warrants was based on the volume-weighted average price for the
Outokumpu Oyj share on the Helsinki Exchanges between October 1,
2000 and March 31, 2001, and at the beginning of the subscription
period it was EUR 10.45 per share. According to the terms and
conditions of the option warrants annual dividends have been
deducted from the subscription price. The subscription period for
the shares with the option warrants commenced on May 2, 2001 and
it ended on March 31, 2004. The option warrants were traded on the
Helsinki Exchanges from June 21, 2001 to March 24, 2004. Following
the dividend payout in the spring 2003, and in accordance with the
terms and conditions of the option warrants which were amended due
to the rights offering in 2002, each option warrant entitled
holders thereof to subscribe for 1 097.56 shares of Outokumpu Oyj
at a price of EUR 8.56 per share.

The convertible bond loan, which formed a part of the incentive
program for the Outokumpu Group personnel, was issued on April 7,
1999. A total of 742 Outokumpu employees subscribed for the
convertible bonds and the aggregate amount of the convertible bond
was confirmed at EUR 18 180 000. The loan period was five years
and the annual interest rate 3.75%. The conversion period
commenced on April 9, 2001 and ended April 5, 2004. In accordance
with the terms and conditions, which were amended due to the
rights offering in 2002, each convertible bond of EUR 1 000
entitled holders thereof to subscribe for 120.73 Outokumpu Oyj
shares at a conversion price of EUR 8.28 per share. The holders of
the convertible bond received a cash compensation for the fraction
of the share based on the average trading price of the Outokumpu
share on the Helsinki Exchanges on the last trading day preceding
the conversion.



OUTOKUMPU OYJ
Corporate Management

Johanna Sintonen
Vice President - Investor Relations
tel. +358 9 421 2438, mobile +358 40 530 0778, fax +358 9 421 2125
e-mail: johanna.sintonen@outokumpu.com
www.outokumpu.com

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