Under the Articles of Association, the Company shall have a minimum of one and a maximum
of two auditors who are auditors or firms of independent public accountants authorized by the
Central Chamber of Commerce of Finland.

The Annual General Meeting elects the auditors to a term of office ending at the close of
the next Annual General Meeting. Proposals to the Annual General Meeting concerning
the election of auditors which have been made known to the Board prior to the Annual
General Meeting will be made public if the proposal is supported by shareholders holding
a minimum of 10% of all the Company's shares and voting rights and if the person or
company proposed has consented to such nomination.

The Company's auditors submit the statutory auditor's report to the Company’s shareholders
in connection with the Company's financial statements. The auditors also report their
findings to the Board of Directors on a regular basis. The parent company, Outokumpu Oyj,
is audited by KPMG Oy Ab, and the Auditor in charge is Mauri Palvi, Authorized Public
Accountant. KPMG Oy Ab is also responsible for overseeing and coordinating the auditing
of all Group companies.

Both Outokumpu and KPMG Oy Ab highlight the requirement for an auditor to be
independent of the company being audited. In its global independence policy, KPMG Oy Ab
has stated its commitment to applying the Code of Ethics of the International Federation
of Accountants (IFAC).

Outokumpu's Board Audit Committee continuously monitors the global level of non-audit
services purchased by the Group from KPMG Oy Ab. In 2007, auditors were paid fees
totaling EUR 1.7 million, of which non-auditing services accounted for EUR 0.3 million.