Outokumpu Oyj — Earnings Release 2012

Jul 10, 2012

10 July 2012 at 9.30 am EET

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OUTOKUMPU'S SECOND QUARTER 2012 SLIGHTLY WEAKER THAN EXPECTED

In the guidance given in the first quarter 2012 interim report, the Group's underlying operational result for the second quarter 2012 was expected to be around break-even or slightly negative. Outokumpu's second quarter underlying operational result is currently expected to be approximately EUR -40 million.

Continued economic uncertainty in Europe, the decline in the nickel price and destocking among distributors in the second quarter resulted in weaker than anticipated product and geographic mix and slightly lower stainless steel delivery volumes. Additionally somewhat increased production costs have had a negative impact on profitability.

The Group's operating loss, including raw material-related inventory losses and nonrecurring items, is expected to be approximately EUR 80 million in the second quarter. As stated in the guidance given in the first quarter 2012 interim report, Outokumpu expects marginal raw material-related inventory losses in the second quarter. In addition, nonrecurring items in the second quarter include a loss from the divestment of the Group's Brass operations, costs from the Inoxum transaction and impairments from the divestment of stock locations.

Outokumpu will publish its second quarter 2012 interim report on 20 July at 9.00 am EET.

For further information, please contact:

Ingela Ulfves - Investor Relations tel. +358 9 421 2438, mob. +358 40 51 51 531

Saara Tahvanainen - Media Relations tel. +358 9 421 3265, mob. +358 40 589 0223

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. www.outokumpu.com

Outokumpu Oyj Corporate Management

Riihitontuntie 7 B, P.O. Box 140, FIN-02201 Espoo, Finland Tel. +358 9 4211, Fax +358 9 421 3888, www.outokumpu.com Domicile Espoo, Finland, Business ID 0215254-2, VAT FI02152542