Rautaruukki and Aspo develop co-operation in the sea trasnport of raw materials

Rautaruukki Oyj Stock Exchange Release 30 July 2003 at 9 am

JIT-Trans Ltd, which belongs to the Rautaruukki Group, and ESL Shipping
Oy, an Aspo Group company, have signed a Letter of Intent on the sea
transports of the Rautaruukki Group's raw materials in the Baltic Sea
area as from the beginning of 2004. The length of the freight agreement
that is to be concluded by the end of the year is to be seven years and
its value is set at 20 million euros a year.

Under the agreement, Rautaruukki's transport fleet comprising five 13,500
tonne barges and two push-tugs is to be transferred to ESL Shipping. ESL
Shipping is engaged in the transport of raw materials primarily in the
Baltic region. The raw materials to be transferred are concentrated iron
ore and pellets, limestone and coal. The crew and land personnel of the
push-barge fleet are to transfer to the employ of ESL Shipping. The
transfer of Rautaruukki's transport fleet to ESL Shipping will not have
an effect on Rautaruukki's earnings.


RAUTARUUKKI OYJ

Esko Lukkari
VP, Corporate Communications


ADDITIONAL INFORMATION
Pekka Vaarno, Vice President, Logistics
tel. +358 9 4177 6312


DISTRIBUTION
Helsinki Exchanges
Principal media
www.rautaruukki.com