The offering of Outokumpu Technology shares successfully completed - The offer price set at EUR 12.50 per share

Not for release, publication or distribution, directly or indirectly, in or
into the United States, Canada, Australia or Japan.

THE OFFERING OF OUTOKUMPU TECHNOLOGY SHARES SUCCESSFULLY

COMPLETED - THE OFFER PRICE SET AT EUR 12.50 PER SHARE

Outokumpu Oyj has decided that a total of 33,600,001 shares will be sold in the
initial public offering of Outokumpu Technology Oyj shares. The shares offered
to investors correspond to 80 percent of the outstanding shares of Outokumpu
Technology. The offering has been priced at EUR 12.50 per share. The net
proceeds to Outokumpu from the offering will be some EUR 410 million.

Outokumpu Technology will report its financial statements as an independent
company as of the third quarter 2006 results, which will be published on
October 23, 2006.

Says Tapani Järvinen, CEO of Outokumpu Technology: "The initial public offering
of Outokumpu Technology shares has been successfully completed and our life as
an independent listed company is now starting. I wish to thank our parent
Outokumpu for the long common history during which we have been able to grow
and develop to a world-class minerals and metals technology company. We are
also extremely delighted for the profound interest towards our company shown by
numerous investors.  Our public status and the new ownership structure enable
us to take Outokumpu Technology to a whole new level."

It has been decided that 31,797,084 shares will be sold to institutional
investors and that 1,802,917 shares will be sold to retail investors. Following
the offering, Outokumpu Technology will have some 4,400 directly registered
shareholders. The institutional offering was some 2.3 times oversubscribed.

Outokumpu has granted Nordea Bank Finland Plc on behalf of the managers, an
option exercisable at any time within thirty days after the commencement of the
trading of the shares on the Helsinki Stock Exchange to purchase up to
3,360,000 additional shares of Outokumpu Technology solely to cover over-
allotments at the price of EUR 12.50 per share. If this option is used in full,
the net proceeds for Outokumpu from these shares will be approximately EUR 40
million.

In the retail offering, purchase commitments were accepted in full.
Participants in the retail offering will be sent a confirmation of accepted
subscriptions on or about October 13, 2006. Excess payments made in connection
with the purchase commitments will be returned to the bank accounts of
investors on or about October 12, 2006.

The listing of the shares of Outokumpu Technology is scheduled to begin on the
pre-list of the Helsinki Stock Exchange on October 10, 2006 and on the official
list on October 13, 2006.

In connection with the offering, Nordea or its agents may (but will be under no
obligation to), during a period of 30 days after the commencement of the
trading of Outokumpu Technology shares on the Helsinki Stock Exchange effect
transactions which stabilize or maintain the market prices of the shares which
might not otherwise prevail in the open market (stabilization). These
activities may raise the market price of the shares above independent market
levels or prevent or retard a decline in the market price of the shares. Such
transactions may be effected on the Helsinki Stock Exchange or otherwise. There
can be no assurance that such stabilization will be undertaken, and, if
undertaken, such stabilization may be discontinued at any time and, in any
event, will be discontinued 30 days after the commencement of the trading of
the shares on the Helsinki Stock Exchange. Nordea may purchase a maximum of
5,040,000 shares in such transactions at a maximum price equaling the offer
price for shares in the offering. After the termination of the stabilizing
period, Nordea shall publish information on stabilization as required by law or
applicable regulation.

Stabilization follows the Commission Regulation (EC) No 2273/2003 implementing
Directive 2003/6/EC of the European Parliament and of the Council as regards
exemptions for buy-back programs and stabilization of financial instruments.

For further information, please contact:

OUTOKUMPU TECHNOLOGY OYJ

Rita Uotila, Vice President - Investor Relations
tel. +358 20 5292003, mobile +358 400 954141
e-mail: rita.uotila@outokumputechnology.com

Eila Paatela, Vice President - Corporate Communications
tel. +358 20 5292004, mobile +358 400 817198
e-mail: eila.paatela@outokumputechnology.com

The information contained herein is not for publication or distribution,
directly or indirectly, in or into the United States, Canada, Australia or
Japan. The materials do not constitute an offer of securities for sale in the
United States, nor may the securities be offered or sold in the United States
absent registration or an exemption from registration as provided in the U.S.
Securities Act of 1933, as amended, and the rules and regulations thereunder.
There is no intention to register any portion of the offering in the United
States or to conduct a public offering of Shares in the United States.