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OUTOKUMPU INCREASES BOLIDEN SALE PROCEEDS TO EUR 130 MILLION THROUGH GREENSHOE EXERCISE

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OUTOKUMPU OYJ   STOCK EXCHANGE RELEASE December 17, 2004 at 6.55 pm


OUTOKUMPU INCREASES BOLIDEN SALE PROCEEDS TO EUR 130 MILLION THROUGH
GREENSHOE EXERCISE

Outokumpu Oyj announces that the Joint Lead Managers of the offering
of Boliden AB (publ) shares, which priced on December 15 (the
"Offering"), have exercised their over-allotment (or "Greenshoe")
option over an additional 10 000 000 shares.  This brings the total
number of shares sold by Outokumpu in the Offering to 47 000 000,
raising a total of EUR130 million, and brings the total proceeds
associated with the transaction to EUR 230 million, including the
repayment by Boliden of the EUR 100 million remaining balance of the
debenture loan to Outokumpu..

The 47 000 000 shares sold by Outokumpu represent approximately
16.2% of Boliden’s enlarged share capital after giving effect to the
Offering. Following the Offering, Outokumpu’s shareholding in
Boliden will fall to approximately 26.5%.

For further information, please contact:

Eero Mustala, Senior Vice President - Corporate Communications, tel.
+358 9 421 2435, mobile +358 40 504 5146, eero.mustala@outokumpu.com



OUTOKUMPU OYJ
Corporate Management

Eero Mustala


Not for release, publication or distribution in Australia, Canada,
France, the Hong Kong Special Administrative Region of the People’s
Republic of China, Japan, South Africa, Spain or the United States
of America.

The information contained herein is not for publication or
distribution in or into the United States. This document does not
constitute an offer of securities for sale in the United States or
to or for the account or benefit of U.S. persons, nor may the
securities be offered or sold in the United States absent
registration or an exemption from registration as provided in the
U.S. Securities Act of 1933, and the rules and regulations
thereunder. There is no intention to register any portion of the
offering in the United States or to conduct a public offering of
securities in the United States. The information contained herein
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of the securities referred
to herein in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration, exemption of
registration or qualification under the securities laws of any such
jurisdiction.

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