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SHARE SUBSCRIPTIONS UNDER OUTOKUMPU?S CO

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OUTOKUMPU OYJ  STOCK EXCHANGE ANNOUNCEMENT February 19, 2004 at 2.15 pm


SHARE SUBSCRIPTIONS UNDER OUTOKUMPU’S CONVERTIBLE BOND AND THE
1998 OUTOKUMPU OPTION WARRANTS, AND SUBSEQUENT INCREASE IN SHARE
CAPITAL

Bonds relating to the convertible bond loan of EUR 18 180 000
issued for the Group’s personnel in 1999 have been converted into
43 332 shares in the Company between January 26 and February 16,
2004. Furthermore, between January 27 and February 16, 2004,
altogether 12 072 Outokumpu Oyj shares have been subscribed for
under the option warrants issued in 1998.

The corresponding increase in share capital has been entered into
the Trade Register today. The registered share capital of the
Company is therefore EUR 303 855 735.60 and the number of the
shares issued 178 738 668.

An application has been submitted for listing the shares now
subscribed on the main list of the Helsinki Exchanges as of
February 20, 2004. The new shares will be listed as a separate
class from the old shares and trade under the code OUT1VN0104
because the shares don’t entitle holders to dividends for the
financial year 2003. Other shareholder’s rights apply as soon as
the increase in share capital has been entered into the Trade
Register and the share ownership has been entered in the
shareholder’s register of the Company held by The Finnish Central
Securities Depository. Following the payment of dividends from the
financial year 2003 in April 2004, the separate class will be
combined with the old shares.

The convertible bond loan was issued on April 7, 1999. The loan
period is five years and the annual interest rate is 3.75%.
According to the conversion ratio one convertible bond of EUR 1
000 can be converted to 120.73 shares in Outokumpu Oyj. The
holders of the convertible bond will receive a cash compensation
for the fraction of the share based on the average trading price
of the company’s share on the Helsinki Exchanges the last trading
day preceding the conversion. The conversion price per Outokumpu
Oyj share is EUR 8.28. The last conversion period for the bonds
commenced on January 2, 2004 and will last until April 5, 2004.

If the entire outstanding loan, following the effected
prepayments, of EUR 3 424 000 is converted into shares, additional
413 379 new shares will be issued and the Company’s share capital
will increase by EUR 702 744.30

The option warrants were issued in March 1998. The option warrants
are exercisable from May 2, 2001 through March 31, 2004. Each
option warrant entitles holders thereof to subscribe for 1 097.56
shares of Outokumpu Oyj at a price of EUR 8.56 per share. The
option warrants have been traded in the Helsinki Exchanges since
June 21, 2001.

If the outstanding option warrants are exercised, additional 2 142
437.12 new shares will be issued and Outokumpu’s share capital
will increase by EUR 3 642 143.10.

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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