Outokumpu Oyj - Company Announcement

Outokumpu - European Commission approves the Inoxum transaction

OUTOKUMPU OYJ
STOCK EXCHANGE RELEASE
7 November 2012 at 1.00 pm EET


The European Commission has today approved the acquisition of Inoxum by
Outokumpu. The transaction makes Outokumpu the new global leader in stainless
steel and high performance alloys. Outokumpu remains fully committed to the
Inoxum transaction and targets to finalise it by the end of 2012. 

CEO Mika Seitovirta: “We are excited to start the creation of a new global
leader in stainless steel. This transaction is the answer to meet the
opportunities and challenges of the stainless steel industry. New Outokumpu can
achieve significantly improved capacity utilisation rates, we will have an
expanded presence in growth markets outside Europe and the widest product
offering to serve our customers even better. The transaction enables us to
achieve annual synergy savings of approximately 200 million euros and
efficiencies that neither company could have achieved alone.” 

The approval is subject to the divestiture of Inoxum's stainless steel mill in
Terni, Italy and certain European service centres. Outokumpu will have six
months to divest the remedy entities. The divestment process does not prevent 
Outokumpu from closing the Inoxum transaction  by the end of 2012. The company
has today started the divestiture process and expects to find many potential
buyers for the divestiture target. 

For further information:

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

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 7 000 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

Attachments:

EU Approval 7.11.2012 ENG.pdf