OUTOKUMPU BOARD APPROVES THE REMUNERATIO

OUTOKUMPU OYJ  STOCK EXCHANGE RELEASE February 17, 2003 at 2.15 pm

OUTOKUMPU BOARD APPROVES THE REMUNERATIONS OF THE 2000 SHARE
REMUNERATION SCHEME FOR MANAGEMENT

Outokumpu’s Board of Directors has today approved the
remunerations for the first remuneration period of the share
remuneration scheme for management in accordance with the
maximum remuneration. A total of 149 persons in the management
or other key positions participated in the 2000 share
remuneration scheme. Approximately 280 390 treasury shares that
the Company currently holds will be transferred to the assigned
persons as share part of the total remuneration on February 19,
2003. The shares will entitle the receivers to full dividends
announced for 2002.

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
Manager - Investor and Media 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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