Price levels in Europe, the United States and Asia can differ. Outokumpu is exposed to fluctuations in currency exchange rates primarily because of sales to Asian and US markets and the Group's own production of ferrochrome, which is priced in US dollars. Exchange rates may also have an impact on the relative competitiveness of stainless steel producers located on different continents. For the most part, Outokumpu's production costs are incurred in euros, Swedish kronas and pounds sterling. Prices for raw materials are determined primarily in US dollars, and the alloy surcharge mechanism transfers changes in exchange rates to euro prices in Europe.

The table below shows the approximate sensitivity of Outokumpu's 2011 operating profit to changes in stainless steel base prices, increases or decreases in ferrochrome prices and movements in exchange rates between the main currencies and the euro. These sensitivities have been calculated on the basis of the average exchange rates experienced in 2010 and the Group's highest achieved delivery volumes.