Price levels in Europe, the US and Asia may differ. Outokumpu is exposed to fluctuations in currency exchange rates primarily because of sales to the Asian and US markets and the Group's own ferrochrome production, which is priced in us dollars. 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 2009 to changes in stainless steel base prices, in ferrochrome prices and in exchange rates between the main currencies and the euro. These sensitivities have been calculated on the basis of the average exchange rates in 2008 and highest achieved delivery volumes.

Outokumpu's sensitivity -  effect of sustained change on annual operating profit € million Stainless steel base price 180 Ferrochrome price +5USc/lb   10 USD/EUR +10%   30 SEK/EUR +10%  -50 GBP/EUR +10%  -15 Source: CRU and Outokumpu The figures are estimates and they do not take into account the impact of holding. They have been calculated on the basis of the average exchange rates in 2008 and highest achieved delivery volumes.