OUTOKUMPU?S RESULT DEVELOPMENT CONTINUES
OUTOKUMPU OYJ STOCK EXCHANGE RELEASE June 19, 2003 at 9.45 am
OUTOKUMPUS RESULT DEVELOPMENT CONTINUES UNSATISFACTORILY Outokumpus business environment in the first half of 2003 has been extremely difficult. As previously stated there have been no signs of recovery in the markets for copper, zinc or technology sales. Demand for stainless steel has also become softer and the price levels in the principal market, Europe, have deteriorated. In addition to the poor market situation, Outokumpus first half result will be affected by costs relating to the commissioning of the major investment programs and restructuring measures as well as lower-than-expected margins from the product mix during the Tornio expansion ramp up. Therefore Outokumpu estimates that it will post a loss before extraordinary items for January to June period. Outokumpu management believes that the Groups earnings development will improve clearly towards year-end due to increased delivery volumes and better product mix of the Tornio works in particular. However, it remains uncertain how the markets will develop. Should there be no improvement in the market conditions, it is estimated that both the Groups full year operating profit and profit before extraordinary items will remain below last year levels. As previously communicated, Outokumpu will publish its second quarter results on July 24, 2003. OUTOKUMPU OYJ Corporate Management Eero Mustala Senior Vice President - Corporate Communications tel.+358 9 421 2435, fax +358 9 421 2429 e-mail: eero.mustala@outokumpu.com home page: http://www.outokumpu.com