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Share subscriptions under Outokumpu's co

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OUTOKUMPU OYJ STOCK EXCHANGE ANNOUNCEMENT August 28, 2003 at
1.00 pm

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 9 778 shares in the Company between
August 4, 2003 and August 24, 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 293 544 100,00 and the number of
the shares issued 172 673 000.

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 August 29, 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 6 506 000 is converted into shares,
additional 785 469 new shares will be issued and the Company's
share capital will increase by EUR 1 335 297,30.


OUTOKUMPU OYJ
Corporate Management

Kari Lassila
Senior Vice President – Investor Relations and
Corporate Development
tel. + 358 9 421 2555,  fax + 358 9 421 2429
e-mail: kari.lassila@outokumpu.com
www.outokumpu.com

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