STOCK EXCHANGE RELEASE

January 31, 2008 at 1.15 p.m.

 

The Shareholders' Nomination Committee has today in its meeting decided to propose to the 2008 Annual General Meeting of shareholders of Outokumpu Oyj that the number of members of the Board of Directors be confirmed as being eight, and that in accordance with consents received Evert Henkes, Ole Johansson, Victoire de Margerie, Anna Nilsson-Ehle, Leo Oksanen and Leena Saarinen of the current members be re-elected and that Jarmo Kilpel� and Anssi Soila be elected as new members, until the close of the following Annual General Meeting. The Committee further proposes that Ole Johansson be elected as the Chairman and Anssi Soila as the Vice Chairman of the Board of Directors.

 

Jukka H�rm�l�, who has been Chairman since 2006, and Taisto Turunen, member since 2006, will both leave Outokumpu's Board of Directors.

 

Says Vice Chairman Ole Johansson: "During Mr. H�rm�l�'s chairmanship, major strategic choices have been made in Outokumpu, and their implementation has been both determined and successful. The direction to the company's future development is clear. Outokumpu's ambitious vision to be the undisputed number one in stainless steel, will make board work demanding and interesting."

 

The Committee also proposes that the remunerations for the members of the Board of Directors be as follows:

 

Chairman, Annual fee EUR 70 000, Meeting fee EUR/meeting 600

Vice Chairman, Annual fee EUR 43 000, Meeting fee EUR/meeting 600

Member, Annual fee EUR 34 000, Meeting fee EUR/meeting 600

 

The meeting fee for members who do not reside in Finland will be EUR 1 200 per meeting.

 

Outokumpu's Board of Directors will include the above proposals in the Annual General Meeting summons that will be published later.

 

Attached are the CVs of Jarmo Kilpel� and Anssi Soila. CVs of the other proposed board members can be found at