Appointments in connection with the change in business model at Rautaruukki

Rautaruukki Oyj Stock Exchange Release 1 September 2003 at 3 pm

Operative management group co-ordinating the change in business model:

Chairman of the Rautaruukki Group's operative management group is Sakari
Tamminen, Deputy to the President and the other members are Matti Arteva,
Olavi Huhtala, Markku Koljonen, Lauri Rautala, Heikki Rusila, Seppo
Sahlman and Peter Sandvik.

New steering groups have been set up to assist the process of change in
business operations in each division.

Metal Products Division
Sakari Tamminen, Chairman
Heikki Rusila
Lauri Rautala
Peter Sandvik
Seppo Sahlman

Construction Solutions Division
Sakari Tamminen, Chairman
Matti Arteva
Markku Koljonen
Peter Sandvik

Mechanical Engineering Solutions Division
Sakari Tamminen, Chairman
Jarmo Tonteri
Olavi Huhtala

Metal Fabrication Solutions Division
Sakari Tamminen, Chairman
Markku Koljonen
Heikki Rusila

Production Division
Sakari Tamminen, Chairman
Matti Arteva
Lauri Rautala
Seppo Sahlman
Peter Sandvik

Key personnel appointments at the divisions

Matti Arteva has been appointed President of the Metal Products Division
as from 1 September 2003. The following other appointments have been made
in the division: Eero Ylä-Autio Vice President, Finland and Baltic
countries; Jarmo Tonteri, Vice President, Scandinavia; Kjell Lindblom,
Vice President, Sweden; Soren Pliniussen, Vice President, Denmark; Borge
Halvorsen, Vice President, Norway; Olli-Matti Saksi, Vice President, Key
customers and other countries; Kimmo Koskimäki, Vice President, Marketing,
Flat steel products; Kari Väliaho, Vice President, Marketing, Long steel
products; Tapio Heikkilä, Vice President, Marketing, Metals; Eero Ruikka,
Vice President, Marketing, Reinforcing; Raimo Tero, Vice President,
Service Centers; and Pekka Vaarno, Vice President, Sales planning. The
business controller will be appointed at a later date.

Lauri Rautala has been appointed President of the Construction Solutions
Division as from 1 September 2003. The following other appointments have
been made in the division: Simo Tunkelo, Vice President, Commercial
construction; Lauri Rautala, Vice President, Infrastructure construction
(interim appointment); Vice President, Residential construction, to be
appointed at a later date; Hannakaisa Länsisalmi, Manager, Business
development; Marko Moisio, Vice President, R&D; Harri Mantila, Vice
President, Processing; The business controller will be appointed at a
later date.

Markku Koljonen has been appointed President of the Mechanical Engineering
Solutions Division as from 1 September 2003. The following other
appointments have been made in the division: Jouni Rättyä, Vice President,
Marketing; Jaakko Sjöblom, Vice President, Business development; Markku
Koljonen, Vice President, Processing, (interim appointment); Juha Tiainen,
Business controller; and Ville Nurmi, Manager, Human resources.

Olavi Huhtala has been appointed President of the Metal Fabrication
Solutions Division as from 1 September 2003. The following other
appointments have been made in the division: Leo Närvänen, Vice President,
Business development; Markku Jylhä-Ollila, Vice President, Production,
Gasell Industry; Dirk Sauer, Manager, Business area Automotive Industry;
Marko Maukonen, Manager, Business area Light Engineering; Managers of the
Electronics Industry and Household Industry business areas will be
appointed at a later date; Tarja Kemppi, Business controller; and Ville
Nurmi, Manager, Human resources.

Heikki Rusila has been appointed President of the Production Division as
from 1 September 2003. The following other appointments have been made in
the division: Sakari Kallo, Vice President, Hot rolled plate and strip
products; Jari Sivula, Vice President, Cold rolled and coated products;
Pekka Kangas, Vice President, Tubular products; Kimmo Väkiparta, Vice
President, Bar and Reinforcing products; Raimo Raassina, Vice President,
Administration; Vuokko Tanska, Vice President, Finance; Matti Ketolainen,
Vice President, Purchasing; Peter Sandvik, Vice President, R&D, (interim
appointment); Pekka Mattila, Manager, Production management and
development; Yrjö Suvanto, Manager, Investment services; and Jorma
Karjalainen, Business controller.

Appointments in corporate headquarters:

The following appointments were made in the Group on 26 August 2003. Seppo
Sahlman was appointed Senior Vice President, Financing and Administration,
Peter Sandvik Senior Vice President, Research and Development, and Salla
Sundström Vice President , Human Resources Development. They all report to
Senior Executive Vice President Sakari Tamminen, who will become the
Group's President and CEO as from 1 January 2004. The Group's Chief
Financial Officer is to be appointed at a later date. Until then, Seppo
Sahlman will also be responsible for financial matters.

As from 1 September, Rautaruukki's Senior Executive Vice President Lauri
Mannerkoski will be responsible for commercial policy and commercial
stakeholder relations. He will report to President and CEO Mikko Kivimäki
until the end of 2003 and after that to President and CEO Sakari Tamminen.
Mr Mannerkoski will retire during 2004. Gösta Engman, Executive Vice
President, Administration, will enter partial retirement during 2003 and
will look after administrative and personnel matters and other special
tasks.

Rautaruukki Oyj

Esko Lukkari
VP, Corporate Communications

ADDITIONAL INFORMATION
Sakari Tamminen, Deputy to the President
tel. +358 9 4177 6222

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Helsinki Exchanges
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www.rautaruukki.com