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SHARE SUBSCRIPTIONS UNDER THE 1998 OUTOK

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OUTOKUMPU OYJ STOCK EXCHANGE ANNOUNCEMENT October 14, 2003 at 11.45 am


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

By September 15, 2003 altogether 31 829 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 293 665 107.70 and the number of
the shares issued 172 744 181.

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 October 15, 2003. The new shares
entitle holders to dividend for the financial period in which
the 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
804 266 new shares will be issued and Outokumpu’s share capital
will increase by EUR 4 767 252.20.



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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