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EARNINGS CRITERIA FOR THE OUTOKUMPU STOCK OPTIONS SET FOR 2005

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OUTOKUMPU OYJ  STOCK EXCHANGE RELEASE  MARCH 22, 2005 AT 2.00 PM


EARNINGS CRITERIA FOR THE OUTOKUMPU STOCK OPTIONS SET FOR 2005

The Board of Directors of Outokumpu Oyj has decided the earnings
criteria on the basis of which stock options 2003C will be
distributed to 158 key persons of the Outokumpu Group in spring
2006. The earnings criteria comprise the development of the Group’s
total shareholder return (TSR) compared to a peer group, operating
profit (EBIT), and additionally gearing for the Group Executive
Committee members.

Based on EBIT in 2005 no more than 25% of the maximum number of
stock options can be distributed for the Group Executive Committee
members. For other key persons, no more than 50% of the maximum
number of stock options can be distributed based on EBIT. 50% of the
maximum number of stock options can be distributed based on TSR. In
addition, the number of stock options to be distributed to the Group
Executive Committee member is linked to the Group’s gearing. No more
than 25% of the maximum number of stock options can be distributed
based on gearing.

A total maximum of 1 700 000 Outokumpu Oyj shares can be subscribed
for with the 2003C stock options between September 1, 2008 and 
March 1, 2011. The current maximum number of stock options to be
distributed to the 158 key persons represent 1 445 000 shares.
Subscription price for a stock option will be the trading volume
weighted average of the Outokumpu share on the Helsinki Exchanges
between December 1, 2005 and February 28, 2006.

The Annual General Meeting of shareholders approved the issue of
stock options on April 3, 2003. The terms and conditions of the
stock options were published in a stock exchange release on that
date. The stock options are intended to form a part of the incentive
and commitment program for the key personnel with a purpose to
encourage them to work on a long-term basis to increase shareholder
value.

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

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