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Ruukki Is a Multi-Skilled Actor Ruukki As a Company in the Steel and Engineering 1 Rautaruukki in Brief 2 CEO’S Review Industries

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Ruukki Is a Multi-Skilled Actor Ruukki As a Company in the Steel and Engineering 1 Rautaruukki in Brief 2 CEO’S Review Industries Contents Ruukki is a multi-skilled actor Ruukki as a company in the steel and engineering 1 Rautaruukki in brief 2 CEO’s review industries. 4 2008 in brief 6 Business environment 8 Strategy 16 Delivering on the strategy The company’s vision is to be 24 Ruukki Construction the most desired solutions 26 Ruukki Engineering 28 Ruukki Metals supplier to construction 30 Units by country 32 Stock exchange releases 2008 and engineering industry 36 Research and development customers. Responsible Ruukki 38 Corporate responsibility More 40 Financial responsibility 44 Social responsibility 50 Environmental responsibility with Governance 60 Corporate governance 66 Board of Directors 68 Corporate Management Board metals 70 Risk management Financial statements 2008 76 Report of the Board of Directors RautaruukkiRautaruukki CorpCorporationo Annual Report 2008 82 Consolidated fi nancial statements (IFRS) 86 Notes to the consolidated fi nancial statements 125 Financial indicators 127 Parent company’s fi nancial statements (FAS) Rautaruukki Corporation Annual Report 2008 Annual Report Annual Report Corporation Corporation Rautaruukki 131 Board of Directors’ proposal for the disposal of distributable funds 132 Auditors’ report 133 Statement of the Supervisory Board 134 Figures by quarter Investor information 135 Shares and shareholders 139 Investor relations 140 Information for shareholders Rautaruukki Corporation Suolakivenkatu 1 PO Box 138 20 Rautaruukki’s Annual Report 2008 is published in English and Finnish. The report includes the corporate FI-00811 Helsinki responsibility part. Copies of the report may be ordered by emailing [email protected] and Finland online at www.ruukki.com, where the annual report may also be downloaded in pdf format. Contents Ruukki is a multi-skilled actor Ruukki as a company in the steel and engineering 1 Rautaruukki in brief 2 CEO’s review industries. 4 2008 in brief 6 Business environment 8 Strategy 16 Delivering on the strategy The company’s vision is to be 24 Ruukki Construction the most desired solutions 26 Ruukki Engineering 28 Ruukki Metals supplier to construction 30 Units by country 32 Stock exchange releases 2008 and engineering industry 36 Research and development customers. Responsible Ruukki 38 Corporate responsibility More 40 Financial responsibility 44 Social responsibility 50 Environmental responsibility with Governance 60 Corporate governance 66 Board of Directors 68 Corporate Management Board metals 70 Risk management Financial statements 2008 76 Report of the Board of Directors RautaruukkiRautaruukki CorpCorporationo Annual Report 2008 82 Consolidated fi nancial statements (IFRS) 86 Notes to the consolidated fi nancial statements 125 Financial indicators 127 Parent company’s fi nancial statements (FAS) Rautaruukki Corporation Annual Report 2008 Annual Report Annual Report Corporation Corporation Rautaruukki 131 Board of Directors’ proposal for the disposal of distributable funds 132 Auditors’ report 133 Statement of the Supervisory Board 134 Figures by quarter Investor information 135 Shares and shareholders 139 Investor relations 140 Information for shareholders Rautaruukki Corporation Suolakivenkatu 1 PO Box 138 20 Rautaruukki’s Annual Report 2008 is published in English and Finnish. The report includes the corporate FI-00811 Helsinki responsibility part. Copies of the report may be ordered by emailing [email protected] and Finland online at www.ruukki.com, where the annual report may also be downloaded in pdf format. Business divisions Share of consolidated Share of consolidated Ruukki Construction, Ruukki Engineering and Ruukki Metals Breakdown of net sales 2008 Key fi gures net sales 2008 operating profi t(1 2008 Supplies more effi cient, time-saving 2008 2007 change, % steel construction solutions for Other countries Nordic countries Net sales, €m 1 067 1 042 +2.4 commercial and industrial construction, 2% 51% as well as for infrastructure foundation Operating profit, €m (2 132 163 -19.2 and transport infrastructure projects. Operating profit, as % of net sales (2 12 16 -3.3 Product portfolio: Building frames, wall Baltic States Personnel at year-end 5 039 5 278 -4.5 and roofing products, integrated systems 7% for single- and multi-storey construction. Bridges, traffic noise barriers and highway Main markets: guard rails for infrastructure construction, Nordic countries, Baltic states, Central Eastern Europe, Russia and Ukraine. piles, retaining wall structures and foundations for harbour construction. 28% 23% Customers: Russia Central and Ukraine Eastern Europe Developers, designers and builders of commercial, industrial and office premises, Ruukki 22% 19% Construction logistics and sports complexes, and infrastructure services, as well as roofing suppliers. Supplies systems and components to 2008 2007 change, % the engineering industry. Paper Lifting, Handling and Wood and Transportation Net sales, €m 765 667 +14.8 Rautaruukki Corporation 3% 43% Product portfolio: Operating profit, €m (2 128 103 +24.5 • Cabins, booms, masts and frames for Operating profit, as % of net sales (2 17 15 +1.3 Suolakivenkatu 1 goods and container handling, the PO Box 138, FI-00811 Helsinki, Finland Offshore Personnel at year-end 2 702 3 044 -11.2 construction and mining industry and 6% forestry Tel. +358 20 5911 • Telescopic booms, frames and parts Fax +358 20 592 9088 for mobile cranes Main markets: Business ID 0113276-9 • Windmill components (base frames, The division serves globally-operating European companies. flanges for joining sections and welded VAT No. FI 01132769 frame structures) and windmill tower 20% 22% Registered offi ce Helsinki plates for the energy industry Customers: • Oil sumps, common base frames and base Energy Shipbuilding Ruukki 21% 28% Leading companies in the lifting, handling and transportation equipment industry, Chief Financial Offi cer frames for ships and power plant diesel energy industry, marine & offshore industry and paper & wood industry. Engineering generators Mikko Hietanen Tel. +358 20 592 9030 [email protected] Supplies steel products and provides 2008 2007 change, % associated prefabrication, logistics and Western Europe Rautaruukki Annual Report 2008 22% Net sales, €m (3 1 997 2 035 -1.9 storage services. The division is SVP, Corporate Communications responsible for the company’s steel Operating profit, €m (2 350 395 -11.5 and Investor Relations The persons featuring in the annual report are production and steel service centres. Operating profit, as % of net sales (2 18 19 -1.9 Anne Pirilä (4 Rautaruukki employees. Product portfolio: Hot- and cold-rolled Eastern Personnel at year-end 6 080 5 876 +3.5 Tel. +358 20 592 8802 steels, metal- and colour-coated steels, Europe Finland [email protected] tubes and profiles, as well as stainless steel 10% 34% Spread photos by lkka Ärrälä, and aluminium sold as trading products. Main markets: other photos from Rautaruukki’s image bank. Also product-related prefabrication, Nordic countries, Baltic states and Russia, selected customers for special steel products Vice President, Energy and Environment logistics and storage services. Toni Hemminki 52% 60% in Europe. Other Nordic Edited by: Rautaruukki Tel. +358 20 592 9217 countries Customers: Design: Incognito [email protected] Ruukki 33% Transportation equipment, construction, engineering and electronics industries. Printed by: Erweko Painotuote Oy Metals Papers: Galerie Art Silk and Dito www.ruukki.com 1) Comparable, excluding non-recurring items. Corporate management costs have not been allocated to divisions (-5% of consolidated operating profi t). 2) Comparable, excluding non-recurring items. 3) Comparable. 4) Including Ruukki Production, which is part of Ruukki Metals as of 1 Feb 2009. Rautaruukki Corporation Net sales by region 2008 Key fi gures Other countries Finland €m 2008 2007 change, % 3% 32% Net sales 3 851 3 876 -0.6 Net sales, comparable 3 829 3 744 +2.3 Operating profit 568 637 -11.0 Western Europe 13% Operating profit, comparable* 584 635 -8.1 Operating profit, as % of net sales 14.7 16.4 -1.7 Operating profit, as % of net sales, comparable* 15.3 17.0 -1.7 Personnel, average number 14 953 14 326 +4.4 Central Eastern Europe, * Excluding non-recurring items Russia and Other Nordic Ukraine countries 21% 31% The fi gures in the annual report have been rounded. This means that the sum of the individual fi gures may deviate from the total shown or percentages may not add up to 100. Rautaruukki Corporation Rautaruukki supplies metal-based components, Operations are structured into three divisions: systems and integrated systems to construction and the engineering industry. Construction division Ruukki Construction Engineering division Ruukki Engineering The company has a wide range Steel business division Ruukki Metals of metal products and services. Ruukki Rautaruukki uses the marketing Around 14,300 employees name Ruukki. in 26 countries across Europe. The company’s registered offi ce Europe is the market area: is in Helsinki, Finland. Strong position in the Nordic countries, long-term focus of growth in Rautaruukki’s share is quoted on Nasdaq Central Eastern Europe, OMX Helsinki (Rautaruukki Oyj: RTRKS). Russia and Ukraine. Ruukki as a company CEO's review tact with local employment authorities have been made to lessen the CEO’s review impact on personnel. Clear direction Despite difficult market conditions, we continue to take the company for- The past year was clearly divided into two parts, not just ward in our chosen direction. We have selected
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