Outokumpu cuts 200 jobs in Finland after finalised statutory negotiations

PRESS RELEASE
14 December 2011 at 9.00 am EET

On 20 October 2011, Outokumpu announced plans to streamline its organization in its transition towards sustainable profitability, improved cash flow and building a solid platform for future growth. The employee negotiations initiated in Finland in October have been concluded, resulting in some 200 job reductions. Outokumpu plans additional cost efficiency improvement measures in support functions during 2012 as part of the on-going cost cutting programme of EUR 100 million. Negotiations in other countries are on-going and are expected to be finalised during the first quarter of 2012.

For further information please contact:

Kari Tuutti, SVP - Communications & IR, tel. +358 9 421 2432, mobile +358 40 717 0830

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