Outokumpu Oyj 2003A Stock Options

Annulment of 2003A stock options

On February 4, 2004, the 2003A stock options were allocated to Group key personnel according to set performance criteria. At the beginning of the subscription period, September 1, 2006, a total of 659 302 stock options were held by 100 key persons. The remaining 1 040 698 stock options have not been allocated. The purpose is not to allocate these stock options, nor use them for share subscription. Today, the Board of Directors of Outokumpu Oyj has decided that the unallocated stock options are to be annulled and removed from the Finnish book-entry system.

Timetable for the share capital increases and listing of shares
subscribed for with the 2003A stock options

The share subscription period for the 2003A stock options is
September 1, 2006 - March 1, 2009. Increases in share capital to
the trade register and the listing of shares on the Helsinki Stock
Exchange will be made according to the following schedule during
2006 and 2007:

Subscriptions / payments Estimated trade Estimated listing on the
made on or before        register day    Helsinki Stock Exchange
29.12.2006               11.1.2007       12.1.2007
2.3.2007                   15.3.2007       16.3.2007
4.5.2007                   17.5.2007       18.5.2007
6.7.2007                   19.7.2007       20.7.2007
7.9.2007                   20.9.2007       21.9.2007

The timetable for the end of the year 2007 and the years 2008 and
2009 will be published at a later date.


OUTOKUMPU OYJ
Corporate Management

Ingela Ulfves
Vice President - Investor Relations
tel. +358 9 421 2438, mobile +358 40 515 1531, fax +358 9 421 2125
e-mail: ingela.ulfves@outokumpu.com
www.outokumpu.com