Annual Report 2011 Investor Information

Outokumpu’s Annual Report 2011 is published online at www.outokumpu.com/annualreport2011

Outokumpu Annual Report 2011 List of contents

List of contents INVESTOR INFORMATION

02

SHARE INFORMATION

03

TRADING MARKET AND SHARE CAPITAL INFORMATION

06

STOCK EXCHANGE RELEASES 2011

09

CAPITAL MARKET ACTIVITIES IN 2011

11

OUR ANALYSTS

12

FINANCIAL CALENDAR 2012

13

INVESTOR CONTACTS

14

INFORMATION FOR SHAREHOLDERS

15

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Outokumpu Annual Report 2011 – Investor Information

INVESTOR INFORMATION This section presents information on Outokumpu's shares in the equity markets, our financial market activities in 2011 and the Group's Financial Calendar for 2012. Information on all Outokumpu Groups's Stock Exchange Releases in 2011 and a list of our financial market analysts can be found here.

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Outokumpu Annual Report 2011 – Investor Information Share information

SHARE INFORMATION Outokumpu's shares are listed in the Large Cap group at NASDAQ OMX Helsinki Ltd and are incorporated in the Finnish book-entry securities system and traded under the trading code OUT1V. All shares carry equal voting and dividend rights. Outokumpu’s total number of shares at the end of 2011 was 183 018 749 and the share capital totalled EUR 311 131 873.30.

Share-related key figures 2011

2010

2009

2008

2007

Earnings per share

€

-0.99

-0.68

-1.86

-1.05

3.52

Cash flow per share

€

1.86

-2.74

1.11

3.64

3.74

Equity per share

€

11.38

13.05

13.54

15.50

18.53

Dividend per share

€

- 1)

0.25

0.35

0.50

1.20

Dividend payout ratio

%

0.0

neg.

neg.

neg.

33.9

Dividend yield

%

0.0

1.8

2.6

6.0

5.7

neg.

neg.

neg.

neg.

6.0

Price/earnings ratio

Development of share price Average trading price

€

8.61

13.84

11.49

18.99

24.94

Lowest trading price

€

4.60

12.03

7.72

6.33

18.48

Highest trading price

€

14.57

17.88

15.67

33.99

31.65

Trading price at the end of the period

€

5.08

13.88

13.26

8.28

21.21

%

-63.4

4.7

60.1

-61.0

-28.5

Change in the OMXH index during the period

%

-30.1

18.7

19.5

-53.4

20.5

Market capitalisation at the end of the period

€ million

930

2 540

2 413

1 502

3 846

1 000 shares

337 942

331 397

355 102

511 080

516 489

%

185.7

182.3

196.4

283.6

285.5

Change during the period

Development in trading volume Trading volume

2)

In relation to weighted average number of shares Adjusted average number of shares 3) Number of shares at the end of the period

181 970 316 181 751 107 180 825 569 180 184 845 180 922 336 3)

181 977 861 181 937 361 180 969 654 180 233 280 180 103 193

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Outokumpu Annual Report 2011 – Investor Information Share information

1)

The Board of Directors' proposal to the Annual General Meeting.

2)

Includes only NASDAQ OMX Helsinki trading.

3)

Excluding treasury shares.

Principal shareholders on 31 January 2012 Shares

%

Solidium Oy

56 440 597

30.8

The Social Insurance Institution of Finland

14 652 666

8.0

Ilmarinen Mutual Pension Insurance Company

7 111 927

3.9

State Pension Fund

3 397 000

1.9

Etera Mutual Pension Insurance Company

2 204 000

1.2

Eläke-Fennia Mutual Pension Insurance Company

1 631 600

0.9

OP-Delta Fund

1 350 000

0.7

Nordea Suomi Fund

1 330 000

0.7

Outokumpu Oyj

1 040 888

0.6

OP-Suomi Arvo Fund

975 000

0.5

Evli Select Fund

855 662

0.5

Nominee accounts held by custodian banks

32 284 836

17.6

Other shareholders

59 744 573

32.6

183 018 749

100.0

Total

Shareholders by group on 31 January 2012 Shareholders by group

Shares

%

8 933 824

4.9

14 798 447

8.1

Solidium Oy

56 440 597

30.8

The Finnish Social Insurance Institution

14 652 666

8.0

Others

17 482 303

9.6

4 697 273

2.6

Households/private persons

33 130 294

18.1

Foreign investors

32 883 345

18.0

183 018 749

100.0

Finnish corporations Financial and insurance institutions The public sector and public organisations

Non-profit organisations

Total

Shares not transferred to the book-entry securities system total 772.

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Outokumpu Annual Report 2011 – Investor Information Share information

Distribution of shareholders on 31 January 2012 Number of shares

Number of shareholders

% of shareholders

Total % of share Average shares capital shareholding

1–100

10 122

23.8

651 429

0.4

121

101–1 000

24 431

57.6

10 537 569

5.8

431

7 366

17.4

19 804 337

10.8

9 305

462

1.1

11 283 635

6.2

24 423

65

0.2

19 298 865

10.5

924 718

> 1 000 000

9

0

89 158 678

48.7

9 906 520

Shares in nominee accounts held by custodian banks

-

-

32 284 236

1 001–10 000 10 001–100 000 100 001–1 000 000

Shares not transferred to book-entry securities system total

772

5

17.6

-

Outokumpu Annual Report 2011 – Investor Information Trading market and share capital information

TRADING MARKET AND SHARE CAPITAL INFORMATION The majority of the Outokumpu shares are traded on the NASDAQ OMX Helsinki stock exchange. However, alternative trading venues are increasing their share of the total trading volume. In addition to NASDAQ OMX Helsinki, Outokumpu shares have mainly been traded at the following venues in 2011: Boat Xoff, Chi-X and Bats Europe.

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Outokumpu Annual Report 2011 – Investor Information Trading market and share capital information

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Outokumpu Annual Report 2011 – Investor Information Trading market and share capital information

8

Outokumpu Annual Report 2011 – Investor Information Stock exchange releases 2011

STOCK EXCHANGE RELEASES 2011 22 Dec

Outokumpu divests rights to royalties from Forrestania resources

20 Dec

Outokumpu – change in segment-based reporting

15 Nov

Outokumpu – Nomination Board meeting held

1 Nov

Outokumpu sold its holding in Nordic Brass

20 Oct

Outokumpu's third quarter 2011 – profitability seasonally weak, significant improvement in cash flow

20 Oct

Outokumpu streamlines its organisation, appoints new Executive Committee and plans up to 1 300 job reductions

20 Oct

Outokumpu Oyj – Change in the Executive Committee – Deputy CEO Kaitue to leave the company

12 Oct

Outokumpu - publishing of the third-quarter 2011 financial results

11 Oct

Outokumpu – OSTP announces actions connected with its turn-around plan

23 Sep

Outokumpu signs final agreement on the tubular joint venture

20 Jul

Outokumpu Oyj – heavy restructuring actions taken, stainless market weaker

20 Jul

Outokumpu appoints Jarmo Tonteri Executive Vice President – Specialty Stainless

6 Jul

Outokumpu – publishing of the second-quarter 2011 financial results

1 Jul

Outokumpu establishes a joint venture to launch a turnaround for Outokumpu's tubular unit

14 Jun

Outokumpu moves forward with its short-term agenda, non-recurring costs EUR 148 million for the second quarter

1 Jun

Outokumpu Oyj signed EUR 750 million revolving credit facility

1 Jun

Outokumpu Oyj – change in the Executive Committee

1 Jun

Outokumpu divesting part of its ownership in Talvivaara

24 May

Outokumpu sold its holding in Tibnor AB

16 May

Outokumpu starts implementation of the efficiency improvements announced in April

20 Apr

Outokumpu Oyj – increased demand improved profitability

13 Apr

Outokumpu – financial reporting schedule for the year 2012

7 Apr

Outokumpu – publishing of the first-quarter 2011 financial results

6 Apr

Outokumpu to improve efficiency

24 Mar

Outokumpu Board decisions at their first meeting

24 Mar

Resolutions of Outokumpu Oyj's Annual General Meeting 2011

9 Mar

Outokumpu Oyj – shares subscribed with the Outokumpu Oyj 2003c stock options and the increase in share capital

18 Feb

Outokumpu – publishing the Annual Report 2010

17 Feb

Outokumpu appoints Mika Seitovirta new CEO

2 Feb

Correction: Outokumpu's Annual General Meeting on March 24, 2011

2 Feb

Outokumpu Oyj – share based incentive programme 2006-2010

9

Outokumpu Annual Report 2011 – Investor Information Stock exchange releases 2011

2 Feb

Notice of Annual General Meeting – Outokumpu's AGM to convene on March 24, 2011

2 Feb

Outokumpu's Annual Accounts Bulletin 2010 – stainless markets recovered in 2010, operating loss reduced

12 Jan

Outokumpu – publishing of the 2010 Annual Accounts Bulletin

10

Outokumpu Annual Report 2011 – Investor Information Capital market activities in 2011

CAPITAL MARKET ACTIVITIES IN 2011 Outokumpu continued to have regular and active dialogue with global investors and analysts in 2011. In addition to the Outokumpu Annual General Meeting held in March in Helsinki, Outokumpu hosted quarterly result webcasts, attended seminars and conferences and went on road shows to meet investors. A live webcast and related conference call for investors and media representatives were arranged at each quarterly result announcement event. During the year a total of 11 roadshows in Europe and the US were arranged. Cities visited on the roadshows were Boston, Frankfurt, London, New York, Oslo, Paris and Stockholm. Seven breakfasts and luncheons for institutional investors were held in connection with the roadshows. Outokumpu also attended five industry seminars during 2011 in London, Helsinki and Stockholm, meeting investors. Outokumpu did not host a Capital Markets Day in 2011, but an investor day is planned for 2012. Two site visits for analysts and institutional investors to the Group's chromite mine in Kemi and stainless steel plant in Tornio (both in Finland) were arranged. Almost 300 one-on-one meetings, conference calls and video conferences with investors were held during the year. To improve the Group's investor relations performance, surveys of Outokumpu's IR work, executed by external research organisations, are monitored on a regular basis. In 2011, Outokumpu participated in a survey by Regi Research & Strategi Ab of the Group’s investor relations. The survey is ranking all Nordic listed companies and evaluates areas such as information and reporting content and functionality, top management availability, openness and trustworthiness. Reports and ratings by analysts also provide valuable feedback to Outokumpu also in this regard.

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Outokumpu Annual Report 2011 – Investor Information Our analysts

OUR ANALYSTS The following banks and brokers have prepared investment analysis on Outokumpu in 2011. ABG Sundal Collier

Johannes Grunselius Robert Redin

Bank of America - Merrill Lynch

Cedar Barnes

Barclays Capital

Vincent Lepine

Carnegie

Carl-Henrik Frejborg

Cheuvreux

Joakim Ahlberg

Credit Suisse

Michael Shillaker

Danske Markets

Ari Järvinen

Deutsche Bank

Bastian Synagowitz

DnB NOR Markets

Sampsa Karhunen

Evli Bank

Mika Karppinen

Exane BNP Paribas

Luc Pez

FIM

Martin Sundman

Handelsbanken

Mikael Doepel

J.P. Morgan Cazenove

Alessandro Abate Ben Defay

Nomura Steel Research

Neil Sampat

Nordea

Johannes Grasberger

Pohjola Bank

Jari Räisänen

RBS Global Banking & Markets

John P. Klein

SEB Enskilda

Juha Iso-Herttua

Swedbank Markets

Erkki Vesola

UBS

David Hallden

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Outokumpu Annual Report 2011 – Investor Information Financial Calendar 2012

FINANCIAL CALENDAR 2012 Annual General Meeting The Annual General Meeting 2012 will be held on Wednesday, 14 March 2012. See the information for shareholders section and the AGM web page for details.

Extraordinary General Meeting Outokumpu Oyj’s 2012 Extraordinary General Meeting (EGM) will be held on Thursday, 1 March 2012. See the information for shareholders section and the EGM web page for details.

Interim reports 27 April 2012 20 July 2012 24 Oct 2012

Interim Report, 1st quarter 2012 Interim Report, 2nd quarter 2012 Interim Report, 3rd quarter 2012

Investor calendar See our full Investor Calendar for 2012.

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Outokumpu Annual Report 2011 – Investor Information Investor contacts

INVESTOR CONTACTS The primary task of the Outokumpu Investor Relations function is to support correct valuation of the Outokumpu share by providing adequate information about the Group's business, strategy, activities and financial position, enabling markets to form an accurate and fair view of Outokumpu as an investment candidate. Our aim is to communicate in an open, timely and clear manner and to treat all parties equally. Outokumpu observes a three-week silent period prior to the publication of financial statements and interim reports. During these periods, we do not arrange meetings with investors and analysts or comment on performance and market developments.

Investor relations contacts Ms. Ingela Ulfves Vice President - Investor Relations and Financial Communications Tel: +358 9 421 2438, Mobile: +358 40 515 1531, E-mail: [email protected] Ms. Päivi Laajaranta IR Assistant Tel: +358 9 421 4070, Mobile: +358 400 607 424, E-mail: [email protected] Ms. Laajaranta coordinates all requests relating to individual meetings with Outokumpu's top management or IR team members. Mr Kari Tuutti Senior Vice President - Communications, IR and Marketing Tel: +358 9 421 2432, Mobile: +358 40 717 0830, E-mail: [email protected]

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Outokumpu Annual Report 2011 – Investor Information Information for shareholders

INFORMATION FOR SHAREHOLDERS Annual General Meeting 2012 Outokumpu Oyj’s 2012 Annual General Meeting will held on Wednesday 14 March 2012 at 12.00 pm EET at the Finlandia Hall, address: Mannerheimintie 13 e, 00100 Helsinki, Finland. To attend the Annual General Meeting, shareholders must be registered on 2 March 2012 in the Company’s shareholders’ register, maintained by Euroclear Finland Ltd. Nominee registered shareholders who wish to attend the AGM should temporarily re-register the shares under their own name. Such re-registration must be made no later than 9 March 2012, by 10.00 am EET. In order to arrange a temporary re-registration, nominee registered shareholder should contact their bank or other custodian. Shareholders who wish to attend the AGM must notify Outokumpu no later than 8 March 2012 by 4.00 pm EET. Notifications can be made via the internet http://www.outokumpu.com/Investors/AGM/, by e-mail: [email protected], by telefax: +358 (0)9 421 2223, by telephone: +358 9 421 2474 or +358 9 421 2890 or by a letter addressed to: Outokumpu Oyj Share Register P.O. Box 140 FI-02201 Espoo Finland Letters much reach Outokumpu no later than 8 March 2012. Shareholders may attend and vote at the AGM in person or by proxy. In accordance with the Finnish practice, Outokumpu does not send proxy forms to its shareholders. Shareholders wishing to vote by proxy should therefore submit their own proxy forms to Outokumpu during the registration period. The complete notice to the AGM and additional information concerning the AGM is available on the Outokumpu website at http://www.outokumpu.com/Investors/AGM/. See the Annual General Meeting webpage.

Payment of dividend Outokumpu's Board of Directors is proposing that no dividend be paid for the financial year 2011.

Extraordinary General Meeting 2012 In connection with the announced transaction to combine Outokumpu and Inoxum, the stainless steel unit of ThyssenKrupp, a rights issue and a directed share issue are planned. Outokumpu's Board of Directors will seek authorisation from the shareholders at the announced Extraordinary General Meeting. Outokumpu Oyj’s 2012 Extraordinary General Meeting (EGM) will be held on Thursday 1 March 2012 at 12.00 pm EET in Marina Congress Center, address: Katajanokanlaituri 6, FI-00160 Helsinki, Finland. To attend the Extraordinary General Meeting, shareholders must be registered in the company’s shareholder register maintained by Euroclear Finland Ltd on 20 February 2012. Nominee-registered shareholder who wishes to attend the EGM should temporarily re-register the shares under their own name. Such re-registration must be made no later than 27 February 2012 by 10.00 am EET. In order to arrange a temporary re-registration nominee registered shareholders should contact their bank or other custodian. Shareholders who wish to attend the Extraordinary General Meeting must notify Outokumpu no later than 24 February 2012 by 4.00 pm EET. Notifications can be made via internet http://www.outokumpu.com/Investors/EGM/, by e-mail: [email protected], by telefax: +358 (0)9 421 2223, by telephone: +358 (0)9 421 2474 or +358 (0)9 421 2890, or by a letter addressed to: Outokumpu Oyj Share Register, P.O. Box 140 FI-02201 Espoo Finland

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Outokumpu Annual Report 2011 – Investor Information Information for shareholders

Letters much reach Outokumpu no later than 24 February 2012. Shareholders may attend and vote at the EGM in person or by proxy. In accordance with Finnish practice, Outokumpu does not send proxy forms to its shareholders. Shareholders wishing to vote by proxy should therefore submit their own proxy forms to Outokumpu during the registration period. The complete notice to the EGM and additional information concerning the EGM is available on the Outokumpu website at: http://www.outokumpu.com/Investors/EGM/. See the Extraordinary General Meeting webpage.

Investor information Investor information can be obtained from the Outokumpu website at: www.outokumpu.com/Investors. Material available includes annual reports and interim reports, as well as stock exchange and press releases. Outokumpu's Stock Exchange Releases are available in English and Finnish. Releases related to the Swedish business entities are also published in Swedish. See a list of all Outokumpu's stock exchange releases 2011 here.

Financial reports can also be obtained from: Outokumpu Oyj/Corporate Communications Riihitontuntie 7 b, PO Box 140 02201 Espoo Finland tel. +358 9 421 4070 or e-mail [email protected].

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