OUTOKUMPU TO PROCEED WITH REDUCING ITS OWNERSHIP IN BOLIDEN - UP TO 37 MILLION SHARES OFFERED

OUTOKUMPU OYJ   STOCK EXCHANGE RELEASE November 30, 2004 at 7.00 pm

OUTOKUMPU TO PROCEED WITH REDUCING ITS OWNERSHIP IN BOLIDEN
- UP TO 37 MILLION SHARES OFFERED

The Board of Directors of Boliden AB (publ) has decided, based on
the authorization granted by Boliden’s extraordinary general meeting
of shareholders, to launch a directed issue to institutional
investors (the "Boliden Offering"). Concurrently, Outokumpu has
decided to proceed with reducing its ownership in Boliden as
announced earlier this month (the "Outokumpu Offering" and, together
with the Boliden Offering, the "Combined Offering").

Outokumpu is offering to sell up to 37 000 000 shares in Boliden,
including 10 000 000 shares in the form of an over-allotment option
granted to the managers of the Combined Offering. Outokumpu also
reserves the right to increase the size of the Outokumpu Offering by
an additional 10 000 000 shares.

The Outokumpu Offering will be conducted through a public offering
in Sweden, with existing Boliden shareholders given a priority in
the allocation process, and a private placement to Swedish and
international institutional investors. The sale will be carried out
in coordination with the Boliden Offering under the same terms and
conditions, with the sale price being established through a book-
building process that starts on December 6 and ends on December 15,
2004. The final price and the amount of Boliden shares to be sold by
Outokumpu depend on the outcome of the book-building process, and
are expected to be announced on or about December 16, 2004. However,
in the public offering in Sweden the sale price per each Boliden
share will not exceed SEK 30.00.

The 37 million shares Outokumpu is offering to sell correspond to
12.8% of Boliden shares and share capital after giving effect to the
Boliden Offering. Following the Combined Offering, Outokumpu’s
shareholding in Boliden will amount to some 30% (assuming exercise
of the over-allotment option), or 26% if both the over-allotment
option and the right to increase the size of the Outokumpu Offering
are exercised in full.

For further information, please contact:

Esa Lager, Executive Vice President - Finance and Administration,
tel. +358 9 421 2516, esa.lager@outokumpu.com

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

Johanna Sintonen
Vice President - Investor Relations
tel. +358 9 421 2438, mobile +358 40 530 0778, fax +358 9 421 2125
e-mail: johanna.sintonen@outokumpu.com

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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