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SHARE SUBSCRIPTIONS UNDER OUTOKUMPU?S CO

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OUTOKUMPU OYJ   STOCK EXCHANGE ANNOUNCEMENT January 29, 2004 at 12.00 (noon)


SHARE SUBSCRIPTIONS UNDER OUTOKUMPU’S CONVERTIBLE BOND, 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 87 149 shares in the Company between January 2 and January
25, 2004. Furthermore, between January 2 and January 26, 2004,
altogether 19 755 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 303 761 548.80 and the number of
the shares issued 178 683 264.

An application has been submitted for listing the shares now
subscribed on the main list of the Helsinki Exchanges as of
January 30, 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 3 783 000 is converted into shares,
additional 456 721 new shares will be issued and the Company’s
share capital will increase by EUR 776 425.70.

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
154 510.28 new shares will be issued and Outokumpu’s share
capital will increase by EUR 3 662 667.48.

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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