OUTOKUMPU DENIES INVOLVEMENT OF ITS FORMER TOP MANAGEMENT IN THE COPPER TUBE CARTEL ACTIVITY
OUTOKUMPU OYJ STOCK EXCHANGE RELEASE JANUARY 25, 2005 AT 3.30 PM
OUTOKUMPU DENIES INVOLVEMENT OF ITS FORMER TOP MANAGEMENT IN THE COPPER TUBE CARTEL ACTIVITY The Taunus program on TV channel 1 of the Finnish Broadcasting Company aired on Monday January 24, 2005 and the subsequent news broadcasts discussed the participation of Outokumpu in a European copper tube cartel. It was alleged in the program that the top management of Outokumpu was actively involved in organizing a Europe-wide copper tube cartel. Outokumpu denies such allegations and states the following: - The central assumption of the European Commission regarding participation and liability of the parent company, Outokumpu Oyj, is based on the fact that Outokumpu Copper Oy is a wholly-owned subsidiary of the parent company. - In addition, the Commission states in its latest decision on sanitary tube cartel that Outokumpu Oyjs top management has not participated in the infringing activity, nor in related meetings. - The meetings referred to in the Taunus program between Jyrki Juusela and a certain competitor representative dealt purely with possible industrial restructurings, which is a totally legitimate activity. - The company has appealed with respect of the grounds for the calculation of the cartel fines and the amount of the fines themselves. - The company is considering possible legal action against the Finnish Broadcasting Company. Outokumpu OYJ Corporate Management Eero Mustala Senior Vice President Corporate Communications tel. +358 9 421 2435, gsm +358 40 504 5146 e-mail: eero.mustala@outokumpu.com