FRANKLIN RESOURCES INC.?S HOLDING OF OUT

OUTOKUMPU OYJ  STOCK EXCHANGE ANNOUNCEMENT December 4, 2003 at 11.30 am

FRANKLIN RESOURCES INC.’S HOLDING OF OUTOKUMPU HAS DECREASED
TO 4.97 PERCENT

Outokumpu Oyj has been informed that the holding by the mutual
funds and separate accounts managed by affiliated investment
advisers of Franklin Resources Inc. (part of Franklin Templeton
Group) in Outokumpu Oyj has decreased from 5.01 percent to 4.97
percent of the total voting rights of the Company on December
4, 2003.

With the reference to Section 2, paragraph 10 of the Finnish
Market Securities Act and the relevant decision of the Finnish
Ministry of Finance, Outokumpu Oyj is reporting that the mutual
funds and separate accounts managed by affiliated investment
advisers of Franklin Resources Inc. (trade registration number
13-2670991) owned Outokumpu Oyj shares with the following
proportions of the share capital and voting rights on December
4, 2003:

Holdings by mutual funds of Franklin Resources Inc.
                                                              
                                        Proportion Proportion
                              Number of   of share  of voting
Fund                             shares capital, %  rights, %
Franklin Templeton                                           
Investments Corp.             5 355 649       3.10       3.10
Franklin Advisers, Inc.          37 675       0.02       0.02
Franklin Templeton                                  
Investment Management Ltd.      869 104       0.50       0.50
Total                         6 262 428       3.63       3.63
                                                              
Holdings of voting rights by affiliated                      
advisers of Franklin Resources Inc. under                    
account management agreements                                 
                                                              
                                        Proportion Proportion
                              Number of   of share  of voting
Adviser                          shares capital, %  rights, %
Franklin Templeton                                           
Investment Corp.              2 258 023          -       1.31
Franklin Templeton                                           
Investment Management Ltd.       20 800          -       0.01
Franklin Advisers, Inc.          43 311          -       0.03
Total                         2 322 134          -       1.34



OUTOKUMPU OYJ
Corporate Management

Johanna Sintonen
Vice President – Investor 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

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