Outokumpu Oyj - Company Announcement

Outokumpu Oyj s stock options 2003B to the main list of OMX Nordic Exchange Helsinki

Stock Exchange Announcement
August 31, 2007 at 10.30 am

Trading with Outokumpu Oyj's stock options 2003B will commence on the
Main List of OMX Nordic Exchange Helsinki as of September 3, 2007.

Outokumpu has issued a total of 1 700 000 stock options 2003B of
which 671 180 have been annulled. The stock options have been
allocated as part of the Group's incentive program to key personnel
of Outokumpu. Currently, a total of 1 028 820 stock options are held
by 113 key persons.

The share subscription period for the stock options will commence on
September 3, 2007 and end on March 1, 2010. Each stock option
entitles its holder to subscribe for one (1) Outokumpu Oyj share. The
share subscription price is the trading volume weighted average price
of the Outokumpu Oyj share on OMX Nordic Exchange Helsinki between
December 1, 2004 and February 28, 2005 reduced by the amount of
dividends to be decided after the close of the period for
determination of the share subscription price and prior to share
subscription. The current dividend adjusted share subscription price
for the 2003B stock option is EUR 11.51.

HSH Corporate Finance Oy, Eteläranta 12, Helsinki, Finland acts as
subscription agent.

Timetable for the share capital increases and listing of shares
subscribed with 2003B stock options and the previously listed 2003A
stock options

Increases in share capital to the trade register and the listing of
shares on the OMX Nordic Exchange Helsinki will be made according to
the following timetable during 2007 and 2008:

Stock option 2003A

Subscriptions/payments Estimated trade Estimated date of listing on
made on or before         register day       OMX Nordic Exchange
                                                             Helsinki
07.09.2007                  20.09.2007       21.09.2007

Stock options 2003A and 2003B

Subscriptions/payments Estimated trade Estimated date of listing on
made on or before         register day       OMX Nordic Exchange
                                                              Helsinki

29.10.2007           09.11.2007         12.11.2007
02.01.2008           15.01.2008         16.01.2008
29.02.2008           13.03.2008         14.03.2008
05.05.2008           16.05.2008         19.05.2008
07.07.2008           18.07.2008         21.07.2008
08.09.2008           19.09.2008         22.09.2008

The timetable for the end of the year 2008 and the years 2009 and
2010 will be published at a later date.

The terms and conditions of the stock options 2003 have been
published via a stock exchange release on April 3, 2003. Further
information about the stock options 2003 can also be found in
Outokumpu's annual report 2006 and on the Internet www.outokumpu.com.

OUTOKUMPU OYJ
Corporate Management

Ingela Ulfves
Vice President - Investor Relations
tel. + 358 9 421 2438, mobile +358 40 515 1531, fax +358 9 421 2125
E-mail: ingela.ulfves@outokumpu.com
www.outokumpu.com

Attachments:

Outokumpu stock options 2003B