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OUTOKUMPU BOARD APPROVES THE REMUNERATIO

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OUTOKUMPU OYJ STOCK EXCHANGE RELEASE February 10, 2004 at 12.15 pm


OUTOKUMPU BOARD APPROVES THE REMUNERATIONS OF THE 2001 SHARE
REMUNERATION SCHEME FOR MANAGEMENT

Outokumpu’s Board of Directors has today approved the
remunerations for the second remuneration period of the share
remuneration scheme for management in accordance with the maximum
remuneration. A total of 154 persons in the management or other
key positions participated in the 2001 share remuneration scheme.
Approximately 329 510 treasury shares that the Company currently
holds will be transferred to the assigned persons as share part of
the total remuneration on February 12, 2004. The shares will
entitle the receivers to full dividends announced for 2003.

In March 2000, the General Meeting of shareholders approved a
share remuneration scheme as part of the incentive program for the
Company’s management and other key personnel. There are three
separate remuneration periods, each with a term of three years.
The periods commenced, on January 1, 2000, January 1, 2001 and
January 1, 2002. The Board of Directors determined the persons
entitled to participate in the scheme for each remuneration
period.

Pursuant to the scheme, the remuneration is based on the relative
performance of the Company’s share price, subject to the condition
that the average change in Outokumpu’s share price equals or
exceeds the average trend in the reference index. Maximum
remuneration is subject to the condition that the average change
in the Company’s share price exceeds the average trend in the
reference index by a minimum of 15%. The reference index consists
of a combination of the Dow Jones World Mining (40%) and the Dow
Jones Europe Steel (60%) indices. The remunerations under the
remuneration schemes are to be paid 60% in cash and 40% in
Outokumpu shares. Under the terms of the remuneration scheme, the
shares received under the scheme must not be sold for at least one
year from their receipt.


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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