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 77 610 shares in the Company between November 17 and November 30, 2003. Furthermore, between November 17 and November 30, 2003 altogether 58 170 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 294 870 837.80 and the number of the shares issued 173 453 434.

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 December 5, 2003. The new shares entitle holders to dividend for the financial period in which the conversion or subscription 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 4 505 000 is converted into shares, additional 543 888 new shares will be issued and the Company's share capital will increase by EUR 924 609.60.

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 2 297 193.08 new shares will be issued and Outokumpu's share capital will increase by EUR 3 905 228.24.



OUTOKUMPU OYJ
Corporate Management

Johanna Sintonen
Vice President - Investor 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