Rautaruukki Oyj announces it will issue two senior notes

Rautaruukki Oyj Stock Exchange Release 21 November 2003 at 1 pm

Rautaruukki Oyj will issue two senior notes. The notes will be primarly
directed to Finnish institutional investors. The notes I/2003 will have a
maturity of 5 years and a coupon of six month Euribor rate plus 0,75 %.
The notes II/2003 will have a maturity of 7 years and an annual coupon of
5,1 %. Maximum total issue amount will be 75 million euros each. The notes
will be issued 5 December 2003.

OKO Osuuspankkien Keskuspankki Oyj will act as Sole-Lead Manager for the
notes. Final pricing will be determined through a bookbuilding process
2 December 2003. Application will be made for listing the notes on the
Helsinki Exchanges. The listing particulars will be available at OKO
Bank's Debt Capital and Treasury Markets department starting from 24
November 2003.

The proceeds of the issue will be used to general business purposes.


Rautaruukki Oyj

Ilkka Arjaluoto
Vice president, Financing


For further information, please contact:
Auli Miikkulainen, Deputy Director, Rautaruukki Oyj, tel. +358 9 4177 6325
Camilla Ahlskog, Manager, OKO Bank, tel. +358 9 404 2183


DISTRIBUTION
Helsinki Exchanges
Principle Media
www.rautaruukki.com