Outokumpu sold further 30 000 000 of its Boliden shares for EUR 115 million

Outokumpu sold further 30 000 000 of its Boliden shares for EUR 115 million

Outokumpu has today sold a further 30 000 000 of its Boliden shares to institutional investors. The total gross proceeds of the sale amount to some EUR 115 million. The sale price was SEK 34.5 per share.

The 30 000 000 shares sold represent some 10.4% of Boliden's share capital and following the transaction Outokumpu holds 46 669 712 shares in Boliden. The sale reduces Outokumpu's holding in Boliden from 26.5% to 16.1%. Outokumpu will book some EUR 25 million non-recurring gain on the sale in its Q1/2005 accounts.

Based on market demand, the sale was initiated by the joint global coordinators and joint bookrunners of the December 2004 Boliden and Outokumpu Offerings, ABN Amro Rothschild and JP Morgan, who at the same time have waived the 6 month lock-up in respect of the shares now sold. The remaining 16.1% stake is currently regarded as an industrial investment in Boliden with whom Outokumpu has a comprehensive technology cooperation agreement.

For further information, please contact:

Eero Mustala, Senior Vice President - Corporate Communications
Tel. +358 9 421 2435, Mobile +358 40 504 5146
E-mail: eero.mustala@outokumpu.com

Esa Lager, Executive Vice President - Finace and Administration
Tel. +358 9 421 2516
E-mail: esa.lager@outokumpu.com

OUTOKUMPU OYJ
Corporate Management

Eero Mustala

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