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