core sector communique

Outokumpu – Rights offering oversubscribed

11 April 2012 at 2.45 pm EET

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

The preliminary results of Outokumpu’s approximately EUR 1 billion rights offering indicate that a total of 1 555 million shares were subscribed for, representing approximately 122.0 per cent of the 1 274 020 027 shares offered (the “offer shares”). Approximately 1 270 million shares were subscribed for pursuant to subscription rights, representing approximately 99.7 per cent of all offer shares, and approximately 285 million shares were subscribed for without subscription rights in the secondary subscription, representing approximately 22.4 per cent of all offer shares. Due to oversubscription, the underwriting provided by J.P. Morgan Securities Ltd, Nordea Bank Finland Plc, BNP Paribas and Crédit Agricole Corporate and Investment Bank will not be utilised.

The subscription period for the rights offering ended on 4 April 2012 and trading in interim shares (OUT1VN0112), representing the offer shares subscribed for pursuant to subscription rights, commenced on 5 April 2012. Interim shares will be combined with Outokumpu’s ordinary shares (OUT1V) when the offer shares have been registered with the Finnish Trade Register, expected to occur on or about 17 April 2012. Trading in offer shares as ordinary shares (OUT1V) is expected to commence on the official list of NASDAQ OMX Helsinki Ltd on or about 18 April 2012.

In accordance with the terms and conditions of the rights offering, the subscriptions made without subscription rights (secondary subscription) will be allocated per book-entry account in proportion to the number of subscription rights exercised for subscription of offer shares and recorded on the subscriber’s book-entry account directly as ordinary shares on or about 18 April 2012.

The final results of Outokumpu’s rights offering will be published on or about 16 April 2012.

J.P. Morgan and Nordea acted as Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners for the rights offering and BNP Paribas and Crédit Agricole acted as Co-Lead Managers.

OUTOKUMPU OYJ

Outokumpu is a global leader in stainless steel with the vision to be the undisputed number one. Customers in a wide range of industries use our stainless steel and services worldwide. Being fully recyclable, maintenance-free, as well as very strong and durable material, stainless steel is one of the key building blocks for sustainable future. Outokumpu employs some 8 000 people in more than 30 countries. The Group’s head office is located in Espoo, Finland. Outokumpu is listed on the NASDAQ OMX Helsinki.