Rautaruukki simplifies corporate legal structure

Rautaruukki Corporation Stock Exchange Release 10 February 2004 at 9.50 am

In line with its new, customer-oriented business model, Rautaruukki is
reducing the number of legal companies in the Group. This will simplify
the Group structure and cut fixed costs.

In Finland, the number of legal companies is being reduced through
mergers. The Board of Directors of Rautaruukki Corporation and of the
company's wholly-owned subsidiaries Rannila Steel Oy, Asva Oy, Oy JIT-
Trans Ltd, August Lindberg Oy and SKJ-yhtiöt Oy have decided on merger of
the subsidiaries into Rautaruukki Corporation without merger
consideration. The aim is to finalise the subsidiary mergers by 30 July
2004.

The operations of the Rannila Steel subgroup form a major part of
Rautaruukki Corporation's operations. Rannila is Finland's leading
supplier of steel roofing and facade systems. In 2003 it had net sales of
EUR 184 million and an operating profit of EUR 2 million.

The operations of the Asva subgroup form a major part of Rautaruukki
Corporation's operations. Asva is Finland's leading steel and metal
services company. In 2003 it had net sales of EUR 405 million and an
operating profit of EUR 13 million.


Rautaruukki Oyj

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


ADDITIONAL INFORMATION
Tiina Bäckman, VP, Legal Affairs
tel. +358 9 4177 6268


DISTRIBUTION
Helsinki Exchages
Principal Media
www.rautaruukki.com


Rautaruukki produces total solutions for the construction, mechanical
engineering and metal fabrication industries. The group has a wide
selection of products and services for metal products. Rautaruukki is a
listed company that manufactures products in 17 European countries and
employs nearly 13,000 people. The group has a turnover of some EUR 3
billion.