Independent Assurance Report

To Outokumpu Oyj's Management

At the request of Outokumpu Oyj's Management we have performed the procedures agreed with you and detailed below concerning the limited assurance engagement on the Outokumpu Oyj's Corporate Responsibility section in online Annual Report 2009 (the Report) consisting of the economic, social and environmental information (Subject Matter) within reporting period 1.1.-31.12.2009.

Management's Responsibility
Outokumpu Oyj's Management has prepared the Report, and is responsible for the collection and presentation of information within the Report in accordance with the reporting criteria as set out in Global Reporting Initiative (GRI) Sustainability Reporting Guidelines G3 version together with Outokumpu Oyj's own reporting guidelines (Criteria).

Practitioner's Responsibility
Our responsibility is to express an independent conclusion on the Subject Matter based on our limited assurance engagement. Our assurance report has been made in accordance with the terms of our engagement. We do not accept, or assume responsibility to anyone else, except to Outokumpu Oyj for our work, for this report, or for the conclusions that we have reached.

We conducted our work in accordance with the International Standard on Assurance Engagements (ISAE) 3000 applicable to assurance engagements other than audits or reviews of historical financial information. This Standard requires that we comply with ethical requirements and plan and perform the assurance engagement to obtain limited assurance whether any matters come to our attention that causes us to believe that the Subject Matter does not provide a balanced and reasonable representation of Outokumpu Oyj's corporate responsibility performance based on the Criteria.

In a limited assurance engagement the evidence-gathering procedures are more limited than for a reasonable assurance engagement, and therefore less assurance is obtained than in a reasonable assurance engagement. We have planned and performed our evidence gathering procedures to obtain sufficient appropriate evidence on which to base our conclusion. We have performed amongst others the following procedures:

  • Interviewing five (5) persons in Group Management in order to ascertain the current targets for Outokumpu Oyj's corporate responsibility as part of the business strategy and operations;
  • Interviewing persons responsible for corporate responsibility at Outokumpu Group;
  • Reviewing management and reporting systems relating to information disclosed in the Report;
  • Assessing the data management procedures used in compiling and reporting the quantitative data;
  • Interviewing persons responsible for the practices and procedures used for data generation, recording, compilation and consolidation both at the Group Head Office and at two sites (Tornio, Avesta);
  • Testing existency of reported information on a sample basis from primary documentation at two sites (Tornio, Avesta);
  • Testing the completeness, accuracy and comparability of the quantitative data presented in the Report on a sample basis of primary documentation at two sites (Tornio, Avesta) as well as performing recalculations at Group level;
  • Reviewing the content and quality of information presented in the Report.

Our conclusions
Based on our work described above, nothing has come to our attention that causes us to believe that the Report in all material respects, based on the aforementioned Criteria, is not providing a balanced and reasonable representation of Outokumpu Oyj's corporate responsibility performance.

Our assurance report should be read in conjunction with the inherent limitations of accuracy and completeness for corporate responsibility information.This independent assurance report should not be used on its own as a basis for interpreting Outokumpu Oyj's performance in relation to its policies of corporate responsibility.


Espoo, 24 February 2010
PricewaterhouseCoopers Oy


Marko Korkiakoski
Partner

Sirpa Juutinen
Director, Sustainable Business Solutions

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