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Sales up 7% for Outokumpu. (Europe).

Date: Sunday, September 1 2002

The stainless division of Outokumpu enjoyed a successful second quarter, with net sales increasing 7% over the first quarter due to an increase in sales prices.

Operating profit for April to June was up 11% on the first quarter to 83M [euro]. Operating profitability for the quarter

was slightly up on last year, with increased conversion margins being offset by reduced deliveries. The comparable operating profit margin was 10%.

The supply and demand balance was maintained during the second quarter. European base prices that had increased in March, April and May remained unchanged in June. In Europe, the markets experienced a seasonal slowdown in the end of the quarter as restocking came to an end and summer holidays commenced. In the USA, the upturn in demand stalled and subsequently weakened. Markets in Asia, however, improved as demand in China and South Korea continued to grow.

The official operating result also includes the insurance compensation for business interruption and property damage caused by the fire that took place in January at the Helmond tube mill and warehousing facilities in the Netherlands. The net profit from this insurance compensation in the second quarter result is 20M [euro].

In addition, Outokumpu's bid to purchase all of Corus's shares in AvestaPolarit has been approved by the European Commission.

As a result of the transaction Outokumpu's holding in AvestaPolarit will exceed two-thirds of all the voting rights in AvestaPolarit Oyj Abp.

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