Rautaruukki's Annual General Meeting 2003

Rautaruukki Oyj Stock Exchange Release 2 April 2003 at 3.15

Rautaruukki Oyj's Annual General Meeting (AGM) elected today
Rautaruukki's Board of Directors to serve until the end of the following
AGM. Jukka Viinanen, President & CEO, Orion Group, was re-elected as
Chairman of the Board, and Georg Ehrnrooth, Former President & CEO, Metra
Corporation was re-elected as Deputy Chairman. Maija-Liisa Friman, Vice
President, General Manager, Vattenfall Oy, Christer Granskog, President &
CEO, Kalmar Industries AB, and Pekka Timonen, Senior Advisor, Ministry of
Trade and Industry, were re-elected as members of the Board of Directors.
Pirkko Juntti, LL.M., PCA Corporate Finance Oy and Maarit Toivanen-
Koivisto, Chair of the Board, Onninen Oy, were elected as new members of
the Board.

The AGM approved the financial statements and discharged the members of
the Supervisory Board, the Board of Directors and the Managing Director
from liability for the financial year 2002. The Meeting decided that no
dividend be distributed for 2002.

The AGM elected the Chairman, Deputy Chairman and eight members of the
Supervisory Board. Turo Bergman, Lic. (Pol. Sc.) was re-elected as
Chairman and Member of Parliament Jouko Skinnari was re-elected as Deputy
Chairman. Re-elected to seats on the Supervisory Board were Members of
Parliament Tuula Haatainen, Kyösti Karjula, Inkeri Kerola, as well as Ole
Johansson, President & CEO, Wärtsilä Corporation, Bertel Langenskiöld,
President & CEO, Fiskars Corporation and Tauno Matomäki, former President
& CEO, UPM-Kymmene Corporation. Members of Parliament Martin Saarikangas
and Lasse Viren were elected as new members of the Supervisory Board.

Ernst & Young Oy, Pekka Luoma, Authorized Public Accountant, was elected
as the Company's Auditor.

The meeting approved the proposal of the Board of Directors to issue a
bond loan with warrants of EUR 3,500,000 as a part of personnel's
incentive program. The bond loan will be offered for subscription to
Rautaruukki Group's personnel and Rautaruukki's personnel fund. The share
capital of Rautaruukki may be increased by a maximum of EUR 2,380,000,
corresponding to approximately 1,0 per cent of the currently registered
share capital. The terms and conditions of the bond loan are shown on the
company's website, www.rautaruukki.com.

The minutes of the Annual General Meeting will be available for viewing
by the shareholders at the Company's head office at the latest April 16,
2003.

Rautaruukki Oyj


Esko Lukkari
VP, Corporate Communications
Tel. +358 9 4177 6221
esko.lukkari@rautaruukki.com

Distribution: Helsinki Exchanges, Principal Media


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