Price levels between Europe, the US and Asia may vary. Outokumpu is exposed
to fluctuations in foreign exchange rates primarily because of sales to Asian and
US markets as well as own ferrochrome production. Exchange rates may also impact
the relative competitiveness of stainless steel producers on different continents.

For the most part, Outokumpu’s production costs are in euros, Swedish crowns and
British pounds. Prices of raw materials are determined primarily in US dollars, 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 2007 to changes in stainless steel base prices, ferrochrome prices and the foreign
exchange rates between the main currencies and the euro.