Rautaruukki Oyj issues two senior notes

Rautaruukki Oyj Stock Exchange Release 2 December 2003 at 3 pm

The book-building day for Rautaruukki Oyj's notes I/2003 and II/2003 was
today 2 December 2003. Investors gave bids altogether EUR 184,1 million.
Issue amount of the floating rate note was 55 Million Euro. The issue
amount of the fixed rate note was 75 Million Euro. The issue price of
fixed rate note was 98,992 and yield 5,276 %.

The estimated issue price of floating rate note was 99,623 and yield 6 M
euribor + 0,83 %. The final issue price of floating rate note will be
fixed on 3 December
2003.

OKO Osuuspankkien Keskuspankki Oyj acts as Sole-Lead Manager for the
issue.

RAUTARUUKKI OYJ

Ilkka Arjaluoto,
Vice President, Financing


For further information, please contact:
Ilkka Arjaluoto, VP, Financing, Rautaruukki Oyj, tel. +358 9 4177 6201,
Camilla Ahlskog, Manager, OKO Bank, tel. +358 9 404 2183


DISTRIBUTION
Helsinki Exchanges
Principal Media
www.rautaruukki.com



-------------------------------------------------------------------------

Rautaruukki produces total solutions for the construction, mechanical
engineering and metal fabrication industries. The group has a wide
selection of products and services for metal products. Rautaruukki is a
listed company that manufactures products in 17 European countries and
employs nearly 13,000 people. The group has a turnover of some EUR 3
billion.