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SHARE SUBSCRIPTIONS UNDER OUTOKUMPU'S CO

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OUTOKUMPU OYJ STOCK EXCHANGE ANNOUNCEMENT September 18, 2003 at 11.30 am


SHARE SUBSCRIPTIONS UNDER OUTOKUMPU'S CONVERTIBLE BOND AND
INCREASE IN SHARE CAPITAL
       
Bonds relating to the subordinated convertible bond loan of EUR
18 180 000 issued for the Group's personnel in 1999 were
converted into 32 109 shares in the Company between August 25,
2003 and September 14, 2003.

The corresponding increase in share capital has been entered
into the Trade Register today. The registered share capital of
the Company is therefore EUR 293 598 685.30 and the number of
the shares issued 172 705 109.

An application has been submitted for listing the shares now
subscribed together with the old shares on the main list of the
Helsinki Exchanges as of September 19, 2003. The new shares
entitle holders to dividend for the financial period in which
the conversion has occurred. 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.

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 annual
conversion periods for the bonds are as follows:

- From April 8, 2003 to November 28, 2003 and
- From January 2, 2004 to April 5, 2004.

If the entire outstanding loan, following the effected
prepayments, of EUR 6 240 000 is converted into shares,
additional 753 355 new shares will be issued and the Company's
share capital will increase by EUR 1 280 703.50.



OUTOKUMPU OYJ
Corporate Management

Johanna Sintonen
Manager - Investor and Media Relations
tel. + 358 9 421 2438, mobile +358 40 530 0778
fax + 358 9 421 2429
e-mail: johanna.sintonen@outokumpu.com
www.outokumpu.com

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