Outokumpu continues to streamline its operations, plans job reductions in General Stainless

STOCK EXCHANGE RELEASE
27 April 2012 at 8.50 am EET

Outokumpu continues to improve the efficiency of its operations to reach sustainable profitability. The measures announced today are expected to result in the reduction of 150–200 jobs in General Stainless and certain functions in Tornio as well as the Group’s Terneuzen unit in The Netherlands. Outokumpu expects the majority of the planned job reductions to take place in Finland.

CEO Mika Seitovirta: “Plans affecting the personnel are always difficult, but we need to continue our decisive actions to increase efficiency and reduce costs until we reach sustainable profitability.”

The statutory negotiations with employee representatives are estimated to start in June, and the planned job reductions are expected to take place by the end of September.

For further information:

Kari Tuutti, Communications, IR and Marketing
tel. +358 9 421 2432, mobile +358 40 717 0830
kari.tuutti@outokumpu.com

OUTOKUMPU OYJ

Outokumpu is a global leader in stainless steel with the vision to be the undisputed number one. Customers in a wide range of industries use our stainless steel and services worldwide. Being fully recyclable, maintenance-free, as well as very strong and durable material, stainless steel is one of the key building blocks for sustainable future. Outokumpu employs some 8 000 people in more than 30 countries. The Group’s head office is located in Espoo, Finland. Outokumpu is listed on the NASDAQ OMX Helsinki. www.outokumpu.com