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REVIEW BY OUTOKUMPU?S CEO JUHA RANTANEN AT THE ANNUAL GENERAL MEETING

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OUTOKUMPU OYJ  STOCK EXCHANGE RELEASE April 5, 2005 at 1.15 pm


REVIEW BY OUTOKUMPU’S CEO JUHA RANTANEN AT THE ANNUAL GENERAL
MEETING

In his review at the annual general meeting today, Outokumpu CEO
Juha Rantanen describes Outokumpu’s strategic direction as a
company focusing on stainless steel and technology, the divestiture
of the fabricated copper products business to Nordic Capital that
was announced earlier today, the 2004 financial results as well as
Outokumpu’s market outlook.

In his review Juha Rantanen comments the stainless steel market
situation as follows:

"The ramp-up of the Tornio expansion has progressed according to
plans, and in March a new production record was set at the new cold
rolling mill (RAP5). We have received new stainless steel orders
reasonably well and our order backlog as a whole is at a normal
level. Demand in Europe has been sluggish, whereas in Asia general
market conditions are better. According to consultants CRU, the
German market base price for grade 304 has declined altogether by
EUR 100 per tonne during January–February compared with the
December situation. There are some speculative elements in the
buying activity of the European stockists due to high and rapidly
changing prices for alloying elements. Our analysis is that
European customers are currently running down their inventories and
this de-stoking phase cannot continue for too long. In spite of
this, market fundamentals remain quite healthy."

"The market situation in Europe has weakened since the release of
our annual accounts bulletin and the January-June earnings guidance
issued in connection with it. In response to the weakened market
situation in Europe and in order to maximize our profitability we
have continued directing our sales from Europe to Asian markets. In
the coming weeks we will learn more about where the market is
heading, and against this information we will assess our short-term
earnings prospects in the first quarter interim report to be
published on April 27, 2005."



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
www.outokumpu.com

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