Outokumpu Oyj — M&A Activity 2012

Oct 1, 2012

Outokumpu submits an alternative remedy proposal related to the Inoxum transaction

Outokumpu submits an alternative remedy proposal related to the Inoxum transaction

OUTOKUMPU OYJ
STOCK EXCHANGE RELEASE
1 October 2012 at 9.30 am EET

Following the market testing of Outokumpu's initial remedy proposal announced
on 20 September 2012, the EU Commission has informed Outokumpu that the
divestment of the Swedish melting and coil operations may not be sufficient to
permit the approval of the Inoxum transaction.

Outokumpu is therefore submitting an alternative remedy proposal to the EU
Commission under which the Inoxum stainless steel mill in Terni, Italy would be
divested. The proposed remedy also includes select European service centers.

“Strategic importance and our commitment to the Inoxum transaction remain
unchanged despite the EU Commissions' new demands,” says Mika Seitovirta,
Outokumpu CEO. “We're confident that we'll find a solution that will enable us
to move forward with the transaction. We estimate the Inoxum transaction to
result in annual synergy savings of approximately 200 million euros despite
this proposed remedy.”

The EU Commission is expected to promptly commence market testing to form a
view on the suitability of this alternative remedy. No definitive agreements or
decisions on the remedy have been reached at this time.

The review process of the EU Commission is expected to continue until 16
November 2012. Outokumpu targets to finalise the transaction by the end of
2012.

For further information:

Investors:

Kari Tuutti
tel. +358 9 421 2432, mob. +358 40 717 0830

Media:

Saara Tahvanainen
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

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