Price levels in Europe, the US and Asia can differ. Outokumpu is exposed to fluctuations in currency exchange rates primarily because of sales to the Asian and US markets and also because the Group's own ferrochrome production is priced in US dollars. Exchange rates may also impact the relative competitiveness of stainless steel producers on different continents. The majority of Outokumpu's production costs are incurred in euros, Swedish crowns and UK pounds. Prices for raw materials are determined primarily in US dollars, while the alloy surcharge mechanism transfers changes in exchange rates to the euro price in Europe.

The table below shows the approximate sensitivity of Outokumpu's operating profit in 2010 to changes in stainless steel base prices, changes in ferrochrome prices and changes in exchange rates between the euro and the main currencies used by the Group. These sensitivities have been calculated on the basis of the average exchange rates in 2009 and the highest achieved delivery volumes.

Outokumpu's sensitivity -  effect of sustained change on annual operating profit € million Stainless steel base price, +100 EUR/tonne 180 Ferrochrome price +5USc/lb   10 USD/EUR +10%                                               30 SEK/EUR +10%  -40 GBP/EUR +10%  -8