Rautaruukki Oyj Stock exchange release October 22 2007 at 14.03 TU MEMBERS BEGAN STRIKE AT RAUTARUUKKI'S RAAHE UNITS Around 450 members of the Union of Salaried Employees (TU) began a strike at 11 o'clock this morning following the breakdown of Sunday's negotiations between the employer association Finnish Technology Industries and TU to reach a settlement. The strike affects those functions of Ruukki Production, Ruukki Engineering, Ruukki Metals, corporate administration and transport services located in Raahe. The strike will stop hot-rolling production and the cutting lines at the Raahe Works. This will result in the stoppage of product manufacture at the works as well as deliveries to customers and products for further processing. Raahe supplies around seven tonnes of rolled and partly processed steel products a day. Around a third of these are direct customer deliveries. The rest is sent to the Hämeenlinna Works, tube works and Rautaruukki's own service centres for further processing. Steel production, as well as critical personnel, process and environmental safety functions will be maintained despite the strike. Should it continue, the strike will mostly affect Ruukki Metals division, which will make every effort to utilise the resources of its extensive service centre network in the Nordic countries to safeguard customer deliveries during the dispute. Ruukki Engineering division will be able to mainly take care of customer deliveries during the early stages of the strike, except for direct deliveries from the works. The strike will not significantly affect the operations of Ruukki Construction division during early stages. The company will do everything it can - for example, by using stocks and transferring deliveries so that they can be managed from service centres - to ensure the continuity of customer deliveries. Additionally, the company will increase steel sourcing from outside Finland. The effects of the strike in the company's international units will initially mostly be experienced in Ruukki Metals division's sales units in Western Europe. Other units outside Finland mainly use steel sourced from outside the company. Around 70 per cent of Rautaruukki's net sales is currently generated outside Finland. The company will inform its customers separately of the impacts of the strike. During the strike those employees at Raahe not involved in the dispute will be given delivery accuracy and industrial safety training. Separate information will be provided about the financial effects of the dispute on the company as these become known depending on the length of the strike. Further information is available from: Mikko Hietanen, CFO, tel. +358 20 592 9030 Rautaruukki Corporation Anne Pirilä SVP, Corporate Communications and Investor Relations Rautaruukki supplies metal-based components, systems and integrated systems to the construction and mechanical engineering industries. The company has a wide selection of metal products and services. Rautaruukki has operations in 24 countries and employs 14,500 people. Net sales in 2006 totalled EUR 3.7 billion. The company's share is quoted on the OMX Nordic Exchange Helsinki (Rautaruukki Oyj: RTRKS). The Corporation has used the marketing name Ruukki since 2004. www.ruukki.com DISTRIBUTION OMX Nordic Exchange Helsinki Main Media www.ruukki.com