Bond with warrants for Rautaruukki Oyj personnel is fully subscribed

Rautaruukki Oyj Stock Exchange Release 26 May 2003 at 10.05 am

The bond with warrants, EUR 3 500 000, which was approved by the Annual
General Meeting on 2 April 2003, has been fully subscribed. The Company's
Board of Directors has on 23 May 2003 decided to accept all the
subscriptions made by Group employees.

The personnel of the Group subscribed for bonds to the value of EUR
1 640 500. Each subscriber obtained the number of bonds that they wanted.
The remainder of the bond with warrants, EUR 1 859 500, was given to the
personnel fund of Rautaruukki. The bond with warrants will be issued
today, 26 May 2003. The loan has a maturity period of three years.

The share capital of the Company can be increased by a maximum of EUR
2 380 000 in total through the bond warrants.


Rautaruukki Oyj

Ilkka Arjaluoto
Vice President, Financing
tel. +358 9 4177 6201


Distribution
Helsinki Exchanges
Principal Media