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OUTOKUMPU?S BOARD OF DIRECTORS DECIDES O

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OUTOKUMPU OYJ  STOCK EXCHANGE RELEASE December 22, 2003 at 2.15 pm


OUTOKUMPU’S BOARD OF DIRECTORS DECIDES ON AN ISSUANCE OF
5 000 000 NEW SHARES TO BOLIDEN

The Board of Directors of Outokumpu Oyj has today decided,
based on the authorization granted by the annual general
meeting of shareholders in 2003, on the increase of the
Company’s share capital through an issue of 5 000 000 new
shares, in deviation of the shareholder’s pre-emptive
subscription right. The new shares will be offered for
subscription to Boliden Mineral AB, a subsidiary of Boliden AB
(publ) at the completion of the transaction between Outokumpu
and Boliden, which is estimated to take place by the year-end.

In the transaction, Outokumpu will sell its zinc and copper
mining and smelting assets to Boliden and buy Boliden’s copper
fabrication and technology sales businesses. It has been
agreed, that as consideration for the assets to be acquired
from Boliden Outokumpu offers 5 000 000 new shares to Boliden
for subscription at the completion of the transaction. Based on
the closing price of the Outokumpu share on the Helsinki
Exchanges on December 19, 2003 the total value of the shares to
be issued is some EUR 51.6 million.

The account equivalent value of each Outokumpu Oyj share is EUR
1.70 and therefore the issuance and subsequent subscription of
5 000 000 million new shares would increase Outokumpu’s share
capital into EUR 303 576 080.50 and the number of shares issued
would be 178 574 165.

Following the issuance and subscription of new shares,
Outokumpu’s Board of Directors would still have a valid
authorization granted by the annual general meeting in 2003 to
further increase the Company’s share capital by a maximum of 12
265 911 shares so that the share capital would increase by a
maximum of EUR 20 852 050. The authorization is valid until the
Annual General Meeting in 2004.

Further details on the issuance of new shares will be provided
when the transaction with Boliden is completed.


OUTOKUMPU OYJ
Corporate Management

Johanna Sintonen
Vice President - Investor Relations
tel. + 358 9 421 2438, mobile +358 40 530 0778,
fax + 358 9 421 2429
e-mail: johanna.sintonen@outokumpu.com
www.outokumpu.com

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