OUTOKUMPU RESTATES HISTORICAL FINANCIAL INFORMATION

STOCK EXCHANGE RELEASE 1 (7) January 23, 2014 at 1.00 pm EET OUTOKUMPU RESTATES HISTORICAL FINANCIAL INFORMATION Following the announcement on November 30, 2013 regarding the sale of the Terni remedy assets, the VDM business and certain service centers and the finalization of the accounting for the Inoxum transaction in 2012, Outokumpu is restating its historical financial information. The Terni remedy assets had already since the closing of Inoxum transaction in December 2012 been presented as discontinued operation, and now also the VDM business and the service centers to be sold are reported as discontinued operations. In addition, Outokumpu is adopting a new definition for net interest-bearing debt and gearing. The information presented in this release includes the most important restated figures for easy reference. The comprehensive restated historical information will be presented in the annual financial statements 2013. Outokumpu presents the following restated and comparable historical information in the accompanied tables: Group key figures, business area key figures for Stainless Coil EMEA and High Performance Stainless and Alloys, as well as condensed income statement and statement of financial position. Restated figures are presented for 2013 financial information, as well as for the 2012 year-end statement of financial position. In addition, the 2012 comparable figures for the combined entity based on management estimates have been adjusted accordingly. Restated statement of financial position for 2012, quarterly information for 2013 and comparable data for 2012 are all unaudited. Group key figures, restated I/13 II/13 III/13 I-III/13 Sales EUR million 1 867 1 738 1 609 5 214 EBITDA EUR million 0-86 -50-136 Adjustments to EBITDA 1) EUR million 5 84 16 105 Underlying EBITDA EUR million 5-2 -34-31 EBIT EUR million -87-171 -134-392 Adjustments to EBIT 2) EUR million 5 84 16 105 Underlying EBIT EUR million -82-87 -118-287 Capital expenditure, continuing operations EUR million 68 30 40 138 Stainless steel deliveries, continuing operations 3) 1 000 tonnes 691 640 635 1 965 Personnel at the end of period, continuing operations 4) 13 092 13 021 12 798 12 798 Depreciation and amortization, continuing operations EUR million -83-84 -83-250 EBIT margin % -4.6-9.8-8.3-7.5 Result before taxes EUR million -147-236 -207-589 Net result for the period from continuing operations EUR million -145-231 -197-573 excluding non-recurring items EUR million -143-185 -196-524 Net result for the period EUR million -152-250 -238-640 Earnings per share EUR -0.07-0.12-0.11-0.31 Earnings per share from continuing operations EUR -0.07-0.11-0.09-0.27 Earnings per share from discontinued operations EUR -0.00-0.01-0.02-0.03 Net cash generated from operating activities, continuing oper. EUR million -58-175 43-190 Change in working capital, continuing operations EUR million -19-90 152 43 Return on equity % -23.0-37.6-39.8-36.1 Return on equity, continuing operations % -22.0-34.7-32.9-32.3 Equity per share at the end of period EUR 1.34 1.21 1.09 1.09 Riihitontuntie 7 B, P.O. Box 140, FIN-02201 Espoo, Finland Tel. +358 9 4211, Fax +358 9 421 3888 Domicile Espoo, Finland, Business ID 0215254-2, VAT FI02152542

2 (7) Group key figures, comparable I/12 II/12 III/12 IV/12 2012 Sales EUR million 2 259 2 159 1 801 1 742 7 961 EBITDA EUR million 50-116 -70-131 -267 Adjustments to EBITDA 1) EUR million -5 108 40 58 201 Underlying EBITDA EUR million 45-8 -30-73 -66 EBIT EUR million -75-208 -158-313 -754 Adjustments to EBIT 2) EUR million 37 117 43 144 342 Underlying EBIT EUR million -38-91 -115-169 -412 Capital expenditure, continuing operations 5) EUR million 179 162 191 231 763 Stainless steel deliveries, continuing operations 3) 1 000 tonnes 742 703 647 631 2 723 Personnel at the end of period, continuing operations 4) 14 781 14 505 14 233 14 073 14 073 1) Non-recurring items, other than impairments; and inventory gains/losses 2) Non-recurring items and inventory gains/losses 3) Excluding ferrochrome deliveries 4) June 30, 2012 and June 30, 2013 excluding summer trainees 5) Excluding Inoxum acquisition of EUR 2 720 million Presentation of the VDM business and certain service centers as discontinued operation On November 30, 2013 Outokumpu announced comprehensive measures aimed at strengthening the company s balance sheet and to divest the Terni remedy assets, the VDM business and certain service centers to ThyssenKrupp. Consequently, Outokumpu presents the VDM business and service centers in Willich, Germany; Barcelona, Spain; Tours, France and Gebze, Turkey as discontinued operations. These businesses will be reported in the 2013 financial statements separately from the continuing operations according to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations standard, which means that the income statement is restated as of January 1, 2013 and the statement of financial position is reclassified as of November 30, 2013. Finalization of accounting for Inoxum transaction Outokumpu has finalized the accounting related to the Inoxum transaction in 2012 based on the final valuation of the identifiable asset and liabilities. Outokumpu had 12 months from the closing of the transaction to retrospectively adjust the provisional amounts that had been presented in detail in the note 4 of Outokumpu s financial statements 2012. The completion did not materially change the provisional fair values of assets acquired and liabilities assumed and did not have a material impact on the 2013 income statement. Adoption of a new definition for net interest bearing debt and gearing In addition, Outokumpu has decided to change its net interest-bearing debt and gearing definitions to be more aligned with common market practice. The calculation of gearing continues to be net interest-bearing debt divided by equity. The change relates to the net interest-bearing debt definition which now includes long-term and current debt, less cash and cash equivalents. In the previous Outokumpu definition, certain investments and receivables, derivative financial instruments, accrued interests, and assets and liabilities held for sale were included in the net interest-bearing debt calculation.

3 (7) Stainless Coil EMEA key figures, comparable I/12 II/12 III/12 IV/12 2012 I/13 II/13 III/13 I-III/13 Stainless steel deliveries 1 000 tonnes 466 453 404 404 1 725 457 402 365 1 223 Ferrochrome deliveries, continuing oper. 1 000 tonnes 19 21 14 14 68 28 65 57 150 Sales EUR million 1 558 1 575 1 330 1 276 5 738 1 340 1 111 943 3 393 EBITDA EUR million 49-58 -12-24 -45 19-4 8 23 Non-recurring items in EBITDA EUR million - -62-3 -5-70 - -32-0 -32 EBIT EUR million -40-113 -60-68 -281-28 -49-37 -115 Non-recurring items in EBIT EUR million -42-71 -6-5 -125 - -32-0 -32 Personnel at the end of period 1) 7 869 8 394 7 673 7 476 7 476 7 295 7 771 7 087 7 087 1) June 30, 2012 and June 30, 2013 including summer trainees. High Performance Stainless and Alloys key figures, comparable I/12 II/12 III/12 IV/12 2012 I/13 II/13 III/13 I-III/13 Deliveries 1 000 tonnes 161 141 115 122 539 143 116 109 369 Sales EUR million 576 510 417 418 1 921 490 420 336 1 247 EBITDA EUR million 36 18-7 -21 27 25 1-12 14 Non-recurring items in EBITDA EUR million - - - -7-7 - - -0-0 EBIT EUR million 18 0-26 -126-133 9-14 -27-32 Non-recurring items in EBIT EUR million - - - -93-93 - - -0-0 Personnel at the end of period 1) 2 998 3 080 2 741 2 741 2 741 2 715 2 861 2 676 2 676 1) June 30, 2012 and June 30, 2013 including summer trainees.

4 (7) Continuing operations deliveries, comparable 1,000 tonnes I/12 II/12 III/12 IV/12 2012 I/13 II/13 III/13 I-III/13 Cold rolled 518 458 461 454 1 890 480 456 483 1 419 White hot strip 129 112 98 97 436 103 94 81 278 Quarto plate 26 23 21 19 88 23 19 16 58 Long products 16 16 14 13 59 15 17 16 48 Semi-finished products 58 104 58 54 274 92 116 94 302 Stainless steel 1) 39 83 44 40 206 64 51 38 152 Ferrochrome 19 21 14 14 68 28 65 57 150 Tubular products 14 11 9 9 44 6 3 2 10 Total deliveries 760 724 661 645 2 791 719 705 692 2 115 Stainless steel deliveries 742 703 647 631 2 723 691 640 635 1 965 1) Black hot band, slabs, billets and other stainless steel and products. Group key figures, comparable EUR million I/12 II/12 III/12 IV/12 2012 I/13 II/13 III/13 I-III/13 Sales Stainless Coil EMEA 1 558 1 575 1 330 1 276 5 738 1 340 1 111 943 3 393 Stainless Coil Americas 253 246 217 207 923 202 231 251 683 Stainless APAC 74 75 67 79 294 85 74 111 270 High Performance Stainless and Alloys 576 510 417 418 1 921 490 420 336 1 247 Other operations 157 165 107 137 565 100 114 166 380 Intra-group sales -358-412 -337-374 -1 480-350 -212-198 -760 Sales 2 259 2 159 1 801 1 742 7 961 1 867 1 738 1 609 5 214 Underlying EBITDA 1) 45-8 -30-73 -66 5-2 -34-31 Non-recurring items in EBITDA -13-85 -15-55 -168-2 -46-1 -48 Raw material-related inventory gains/losses, unaudited 18-23 -25-3 -33-3 -38-15 -57 EBITDA 50-116 -70-131 -267 0-86 -50-136 Underlying EBIT 2) -38-91 -115-169 -412-82 -87-118 -287 Non-recurring items in EBIT -55-95 -18-141 -308-2 -46-1 -48 Raw material-related inventory gains/losses, unaudited 18-23 -25-3 -33-3 -38-15 -57 EBIT -75-208 -158-313 -754-87 -171-134 -392 1) EBITDA excluding raw material-related inventory gains/losses and non-recurring items 2) EBIT excluding raw material-related inventory gains/losses and non-recurring items Net interest-bearing debt and debt-to-equity ratio EUR million I/12 II/12 III/12 IV/12 I/13 II/13 III/13 Long-term debt 1 242 1 492 1 573 2 935 2 982 2 770 3 289 Current debt 881 701 649 718 979 1 415 1 011 Cash and cash equivalents -181-195 -1 178-222 -290-327 -439 Net interest-bearing debt at the end of period 1 941 1 998 1 045 3 431 3 671 3 859 3 861 Debt-to-equity ratio at the end of period, % 88.1 69.0 37.7 116.2 131.1 152.9 170.7

5 (7) Condensed income statement, restated Jan Mar Apr Jun July Sept Jan Sept EUR million 2013 2013 2013 2013 Continuing operations: Sales 1 867 1 738 1 609 5 214 Cost of sales -1 851-1 769-1 663-5 283 Gross margin 15-31 -54-70 Other operating income 17-1 2 10 Costs and expenses -109-116 -89-314 Other operating expenses -11-22 6-18 EBIT -87-171 -134-392 Share of results in associated companies 1-3 -1-3 Financial income and expenses Interest income 3 3 3 9 Interest expenses -45-50 -56-151 Market price gains and losses -14-9 -12-34 Other financial income 0 0 0 0 Other financial expenses -5-6 -7-18 Result before taxes -147-236 -207-589 Income taxes 2 5 10 17 Net result for the period from continuing operations -145-231 -197-573 Net result for the period from discontinued operations -7-19 -41-67 Net result for the period -152-250 -238-640 Attributable to: Equity holders of the Company -151-248 -237-636 Non-controlling interests -1-2 -1-3

6 (7) Condensed statement of financial position, restated Dec 31 March 31 June 30 Sept 30 EUR million 2012 2013 2013 2013 ASSETS Non-current assets Intangible assets 607 607 601 597 Property, plant and equipment 3 716 3 714 3 624 3 570 Investments in associated companies and joint ventures 51 70 66 65 Other financial assets 19 28 23 21 Deferred tax assets 89 91 90 99 Trade and other receivables 172 176 191 169 Total non-current assets 4 655 4 686 4 596 4 520 Current assets Inventories 2 328 2 388 2 182 1 833 Other financial assets 118 92 77 71 Trade and other receivables 1 089 1 284 1 180 1 027 Cash and cash equivalents 222 290 327 439 Total current assets 3 757 4 055 3 767 3 371 Assets held for sale 1 276 1 284 1 285 1 162 TOTAL ASSETS 9 688 10 025 9 647 9 053 EQUITY AND LIABILITIES Equity Equity attributable to the equity holders of the Company 2 926 2 788 2 513 2 254 Non-controlling interests 26 12 10 8 Total equity 2 952 2 800 2 523 2 262 Non-current liabilities Long-term debt 2 935 2 982 2 770 3 289 Other financial liabilities 39 37 16 12 Deferred tax liabilities 92 90 86 86 Defined benefit and other long-term employee benefit obligations 434 424 407 407 Provisions 119 112 114 128 Trade and other payables 5 8 7 7 Total non-current liabilities 3 622 3 654 3 399 3 930 Current liabilities Current debt 718 979 1 415 1 011 Other financial liabilities 24 60 57 32 Provisions 37 36 51 25 Trade and other payables 1 547 1 703 1 437 1 214 Total current liabilities 2 327 2 778 2 961 2 283 Liabilities directly attributable to assets held for sale 786 793 764 578 TOTAL EQUITY AND LIABILITIES 9 688 10 025 9 647 9 053

7 (7) For more information: Investors: Johanna Henttonen, tel. +358 9 421 3804, mobile +358 40 530 0778 Media: Saara Tahvanainen, tel. +358 40 589 0223 Outokumpu Group Outokumpu is the global leader in stainless steel and high performance alloys. We create advanced materials that are efficient, long lasting and recyclable thus building a world that lasts forever. Stainless steel, invented a century ago, is an ideal material to create lasting solutions in demanding applications from cutlery to bridges, energy and medical equipment: it is 100% recyclable, corrosion-resistant, maintenance-free, durable and hygienic. Outokumpu employs more than 15 000 professionals in more than 40 countries, with headquarters in Espoo, Finland and shares listed in the NASDAQ OMX Helsinki. www.