Outokumpu Oyj — M&A Activity 2011

May 24, 2011

OUTOKUMPU OYJ

STOCK EXCHANGE RELEASE

24 May at 9.30 am EET

OUTOKUMPU

OUTOKUMPU SOLD ITS HOLDING IN TIBNOR AB

Outokumpu has sold its 15% holding in Tibnor AB, a leading Nordic distributor of steel and metals, to SSAB. Total consideration of the sale amounts to EUR 44 million and will be paid in cash. Outokumpu will book a tax-free capital gain of some EUR 36 million as financial income in the Group's second quarter accounts. The transaction will have a marginal impact on Outokumpu's gearing due to the fair-value accounting of this holding on Outokumpu's balance sheet.

For further information:

Hanna Masala, VP – M&A and Business Development
tel. +358 9 421 5561, mobile +358 40 558 1323

Ingela Ulfves, VP – Investor Relations and Financial Communications
tel. +358 9 421 2438, mobile +358 40 515 1531

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