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SHARE SUBSCRIPTIONS UNDER THE 1998 OUTOK

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OUTOKUMPU OYJ    STOCK EXCHANGE ANNOUNCEMENT December 22, 2003 at 12.50 pm


SHARE SUBSCRIPTIONS UNDER THE 1998 OUTOKUMPU OPTION WARRANTS
AND SUBSEQUENT INCREASE IN SHARE CAPITAL

Altogether 120 731 Outokumpu Oyj shares have been subscribed
for between December 1 and December 19, 2003, 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 295 076 080.50 and the number of
the shares issued 173 574 165.

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 23, 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 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
176 461.48 new shares will be issued and Outokumpu’s share
capital will increase by EUR 3 699 984.52.

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

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