The resolutions of Rautaruukki's Annual General Meeting 2004

Rautaruukki Oyj Stock Exchange Release 23 March 2004 at 4 pm

Rautaruukki Oyj's Annual General Meeting (AGM) elected today
Rautaruukki's Board of Directors to serve until the end of the following
AGM. Mr Jukka Viinanen, President & CEO, Orion Group, was re-elected as
Chairman of the Board, and Mr Georg Ehrnrooth, Former President & CEO,
Metra Corporation was re-elected as Deputy Chairman. Mr Christer
Granskog, President & CEO, Kalmar Industries AB, Ms Pirkko Juntti,
LL.M., Mr Pekka Timonen, Senior Advisor, Ministry of Trade and Industry
and Ms Maarit Toivanen-Koivisto, Chair of the Board, Onninen Oy, were re-
elected as members of the Board of Directors. Ms Maarit Aarni was
elected as a new member of the Board. Ms Maarit Aarni acts as Vice
President, Phenol Business Unit, Borealis Group.

The Meeting approved the financial statements and discharged the members
of the Supervisory Board, the Board of Directors and the President & CEO
from liability for the financial year 2003. The Meeting decided that a
dividend of EUR 0,20 per share will be distributed for 2003.

The AGM elected the Chairman, Deputy Chairman and eight members of the
Supervisory Board. Mr Turo Bergman, Lic. (Pol. Sc.) was re-elected as
Chairman and Member of Parliament Mr Jouko Skinnari was re-elected as
Deputy Chairman. Re-elected to seats on the Supervisory Board were
Members of Parliament Ms Inkeri Kerola and Mr Lasse Virén, as well as Mr
Ole Johansson, President & CEO, Wärtsilä Corporation, and Mr Tauno
Matomäki, former President & CEO, UPM-Kymmene Corporation. Mr Heikki
Allonen, President & CEO, Fiskars Corporation, as well as Members of
Parliament Ms Miapetra Kumpula, Mr Petri Neittaanmäki and Mr Tapani
Tölli, were elected as new members of the Supervisory Board.

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

The Meeting authorized the Board, within one year, to resolve to dispose
of the company's shares acquired by the company. The authorization
concerns a maximum of 3.270.000 Rautaruukki series K shares held by the
company. The shares can be disposed as consideration in acquisitions, in
financing investments or as a part of incentive and bonus schemes
directed to the personnel of the company. The Board may also decide to
sell the shares in public trade. The authorization does not include
disposal of shares to the benefit of parties who are closely associated
with the company.

The AGM did not approve the proposal by the shareholder Mr George
Jauhiainen to abolish the Supervisory Board.

The AGM decided to establish a Nomination Committee to prepare proposals
for the following General Meetings from 2005 regarding the composition
of the Board of Directors and director remuneration.

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 6,
2004.


Rautaruukki Oyj

Esko Lukkari, VP
(Stock Exchange and Financial Communications, Media relations)


ADDITIONAL INFORMATION
Sakari Tamminen, President & CEO, tel. +358 20 592 9075
Tiina Bäckman, VP, Legal Affairs, tel. +358 20 592 9068

DISTRIBUTION
Helsinki Exchanges
Principal Media
www.rautaruukki.com