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OUTOKUMPU BOARD APPROVES MANAGEMENT STOC

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OUTOKUMPU OYJ  STOCK EXCHANGE RELEASE February 10, 2004 at 1.30 pm


OUTOKUMPU BOARD APPROVES MANAGEMENT STOCK OPTIONS 2003A

Board of Directors of Outokumpu Oyj has today confirmed the number
of stock options 2003A to be distributed to Outokumpu’s management
in accordance with the proposal by the Board’s Nomination and
Compensation Committee. Altogether 742 988 stock options 2003A
will be distributed to 116 persons.

The members of the Group Executive Committee will receive 62.00%
and other key persons 45.25% of the maximum number of stock
options 2003A approved in June 2003.

The number of stock options 2003A to be distributed was decided
based on the Group’s earnings per share (EPS) and share price
development that were set as earnings criteria for the options in
June 2003. The additional earnings criterion for the Group
Executive Committee members was the Group’s gearing.

Altogether 742 988 Outokumpu Oyj shares can be subscribed for with
the 2003A stock options between September 1, 2006 and March 1,
2009. Subscription price for a stock option will be the trading
volume weighted average of the Outokumpu share on the Helsinki
Exchanges between December 1, 2003 and February 29, 2004.


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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