RUUKKI GROUP PLC'S Q1 INTERIM REPORT FOR 1 JANU...

07:00 London, 09:00 Helsinki, 11 May 2011 - Ruukki Group Plc ("Ruukki" or "the
Company") (LSE: RKKI, OMX: RUG1V) Interim Report

RUUKKI GROUP PLC'S Q1 INTERIM REPORT FOR 1 JANUARY-31 MARCH 2011

STRATEGIC HIGHLIGHTS

- Ruukki continued its strategic transformation into a pure mining and minerals
business by finalising the sale of its house building business
- Chromex assets, which were acquired in the fourth quarter of 2010, were
integrated into FerroAlloys business
- Production increased to 87,808 (29,661) tonnes
- Preparations for strengthening the organisation continued during the period
and in May a new CEO and COO were appointed

FINANCIAL HIGHLIGHTS

- Revenue and EBITDA improved
- Revenue from continuing operations was EUR 34.8 (30.1) million, representing a
growth of 15.6 percent
- EBITDA from continuing operations was EUR 3.5 (-0.5) million and EBITDA margin
was 9.9%
- EBIT from continuing operations was EUR -3.6 (-6.9) million
- Profit for the period from continuing operations totalled EUR -3.1 (-5.3)
million
- EUR 40.8 million gain on disposal of the house building business was
recognised
- Earnings per share (undiluted) was EUR 0.17 (-0.01)
- Cash flow from operations was EUR 3.8 (4.5) million and liquid funds at 31
March were EUR 89.2 (59.0) million (31 December 2010: EUR 8.6 million).

KEY FIGURES

EUR million                         Q1/2011 Q1/2010 Change % Q1-Q4/2010

Revenue                                34.8    30.1    15.6%      123.3



EBITDA                                  3.5    -0.5                -8.4

EBITDA margin                          9.9%   -1.8%               -6.8%



EBIT                                   -3.6    -6.9               -75.6

EBIT margin                          -10.2%  -22.8%              -61.3%



Earnings before taxes                  -3.9    -6.7               -76.3

Earnings margin                      -11.2%  -22.3%              -61.8%



Profit for the period, continuing      -3.1    -5.3               -65.3
operations

Profit for the period, discontinued    43.0     0.8 5,057.0%       14.2
operations

Profit for the period                  39.9    -4.4               -51.1

Earnings per share, undiluted          0.17   -0.01               -0.22

Return on equity, % p.a.              62.7%   -6.2%              -19.6%

Return on capital employed, % p.a.    44.2%   -3.9%              -15.2%

Equity ratio, %                       48.9%   51.6%               44.3%

Gearing                               11.3%   23.4%               46.6%

Personnel                               770     642    19.9%        722


Continuing operations include the Speciality Alloys business segment, the
FerroAlloys business segment and other operations that consist of Group
headquarters and other Group companies, which do not have significant business
operations. Discontinued operations include the house building, pallet and
sawmill businesses.

Commenting on the Q1 results, Thomas Hoyer, CEO, said:

"I am pleased to report an increase in the revenue and improvement in the
profitability of our operations for the quarter. Profitable growth is our key
focus in 2011. Our balance sheet and financial position is strong and our
liquidity improved substantially as a result of the sale of the house building
business.

During the first quarter we continued the implementation of our strategy to
become a fully integrated mining and minerals processing company with the
finalisation of the divestment of our house building business and with the
integration of the Chromex assets, namely the Stellite mine, into our
FerroAlloys business. In addition to progress at our South-African FerroAlloys
business we have also achieved significant growth in revenues and in profits at
our Speciality Alloys business in Turkey and in Germany.

I believe the recent appointment of Theuns de Bruyn as the Group's Chief
Operating Officer, effective 1 July 2011, will further strengthen the executive
management team as we seek to both optimise and grow our FerroAlloys business in
South Africa."

2011 OUTLOOK

The Board has not changed the outlook after financial statements review was
published on 24 February 2011.

The Board's decision to focus solely on the mining, smelting and metals
processing business and to dispose the wood assets has had a significant impact
on the Group's structure. The Group's area of business will now be dedicated to
the mining and minerals sector and, therefore, the Group's financial performance
will be more dependent on the general market conditions of this sector,
especially in chrome.

2011 will be the year where Ruukki refocuses its operations according to its
growth strategy, further develops its existing mining, smelting and minerals
processing assets and evaluates potential acquisition targets.

There is general uncertainty as to how demand during 2011 will develop. However,
Ruukki expects global demand for the Company's ferroalloys products to be higher
in 2011 compared to that of 2010, which is expected to result in higher prices
and improved financial performance.

Fluctuations of exchange rates between Euro, South African Rand, Turkish Lira
and US Dollar can significantly impact the Company's financial performance.

News conference

A news conference for media and analysts will be held on 11 May 2011 at 15.00
Finnish time, 13.00 UK time, at Hotel Haven, Unioninkatu 17, Helsinki, Finland.

Investor Conference Call

Management will host an investor conference call in English on 11 May 2011 at
16.30 Finnish time, 14.30 UK time. Please dial-in at least 10 minutes
beforehand, quoting the reference: 894909.

Finnish Toll-free [phone]

UK Toll-free [phone]

RUUKKI GROUP PLC
Thomas Hoyer
CEO


For additional information, please contact:

Ruukki Group Plc
Thomas Hoyer, CEO, [phone],[e-mail]
Kalle Lehtonen, General Manager: Finance, +358 (0)400
539 968,[e-mail]
Markus Kivimäki, General Manager: Corporate Affairs, +358 (0)50
3495 687,[e-mail]

Investec Bank Plc
Stephen Cooper, [phone],[e-mail]

RBC Capital Markets
Martin Eales, [phone],[e-mail]
Peter Barrett-Lennard, [phone],[e-mail]

Financial reports and other investor information are available on the Company's
website.


Ruukki Group is a natural resources company with a mining and minerals business
in southern Europe and southern Africa. The Company is listed on NASDAQ OMX
Helsinki (RUG1V) and the Main Market of the London Stock Exchange (RKKI).
www.ruukkigroup.fi

Distribution:
NASDAQ OMX Helsinki
London Stock Exchange
main media
www.ruukkigroup.fi


RUUKKI GROUP PLC: Q1 INTERIM REPORT, 1 JANUARY-31 MARCH 2011

This Interim Report is prepared in accordance with the IAS 34 standard and is
unaudited. All the figures in this interim report related to the house building,
pallet and sawmill businesses are categorised as discontinued operations. All
the corresponding comparable figures from the first quarter of 2010 are
presented in brackets, unless otherwise explicitly stated.

CHANGES IN REPORTING

From beginning of 2011 the Company has two reporting business segments;
FerroAlloys and Speciality Alloys business segments. This new segment reporting
reflects the Company's transformation into a pure mining, smelting and metals
processing company.

The FerroAlloys business segment consists of the South African minerals
business. The Speciality Alloys business segment includes the Southern European
minerals business. The revenue and costs of the Company's sales and marketing
arm RCS, which was previously reported under Southern European minerals
business, will now be allocated to the two new business segments in proportion
to their sales. The Group's other operations, including the Group's headquarters
and other Group companies, which do not have significant business operations,
are presented as unallocated items.

Previously Ruukki reported the Southern European and the South African minerals
businesses as part of the Minerals business segment. Ruukki has recently
announced the sales of its Wood Processing businesses, including the house
building, pallet and sawmill businesses, and those are classified as
discontinued operations.

RUUKKI GROUP'S FINANCIAL PERFORMANCE

REVENUE AND PROFITABILITY

 EUR million              Q1/2011   Q1/2010   Change %   Q1-Q4/2010

 Revenue                     34.8      30.1      15.6%        123.3

 EBITDA                       3.5      -0.5                    -8.4

 EBITDA margin               9.9%     -1.8%                   -6.8%

 EBIT                        -3.6      -6.9                   -75.6

 EBIT margin               -10.2%    -22.8%                  -61.3%

 Profit for the period,      43.0       0.8   5,057.0%         14.2
 discontinued
 operations

 Profit for the period       39.9      -4.4                   -51.1


Discontinued operations include the house building, pallet and sawmill
businesses.

Revenue for the first quarter was EUR 34.8 (30.1) million representing a growth
of 15.6 percent. This rise in revenue was mainly due to the increased production
volumes and price increases in the Speciality Alloys business.

EBITDA for the quarter was EUR 3.5 (-0.5) million and profit for the period was
EUR 39.9 (-4.4) million, which includes EUR 40.8 million gain on disposal of the
house building business.

Earnings per share was 0.17 (-0.01) and return on capital employed 44.2% (-
3.9%).

BALANCE SHEET, CASH FLOW AND FINANCING

The Group's liquidity, as at 31 March 2011, when taking into account cash and
cash equivalents as well as short-term deposits, increased substantially to EUR
90.0 million (31 December 2010: 19.2), of which EUR 89.2 million relate to
continuing operations (31 December 2010: EUR 8.6 million).

During the review period the Company received EUR 75.4 million cash from
disposal of its house building business. Operating cash flow was EUR 3.8 (4.5)
million. Ruukki's gearing at the end of first quarter decreased significantly to
11.3% (31 December 2010: 46.6%). Net interest-bearing debt of the continuing
operations was EUR 10.2 (31 December 2010: 98.2) million.

As at 31 March, the Group had an unused credit facility of USD 55 million in
place. The facility is available to be drawn down until 31 December 2011.

Total assets on 31 March 2011 totalled EUR 556.3 (31 December 2010: 557.0)
million. Equity ratio was 48.9% (31 December 2010: 44.3%).

INVESTMENTS, ACQUSITIONS AND DIVESTMENTS

Capital expenditure during the first quarter totalled EUR 0.7 (2.7) million. The
expenditure related primarily to yearly maintenance of the Company's production
plants.

On 20 January 2011 Ruukki signed an agreement to sell its Finnish house building
business, Pohjolan Design-Talo Oy, to funds managed by CapMan. The sale was
completed on 2 March 2011 and all the conditions of the agreement to complete
the transaction were fulfilled. The consideration paid in cash at the closing
was EUR 75.4 million.

On 31 January 2011 Ruukki signed a letter of intent to sell its 51 percent
holding in Junnikkala Oy to Junnikkala Oy's minority shareholders for a total
consideration of EUR 6 million. The signing of the definitive agreements is
subject to a number of conditions, including the availability of financing and
certain corporate approvals including those required for a related party
transaction.

On 1 March 2011 Ruukki signed an agreement to sell the shares of its Finnish
pallet business, Oplax Oy, to a group of investors for a total consideration of
approximately EUR 9 million, paid in cash and with a vendor note of EUR 1.5
million. On 8 April 2011 all the conditions of the agreement were fulfilled to
complete the transaction and the sale was completed.

PERSONNEL

At the end of the first quarter 2011, Ruukki's number of employees in continuing
operations, totalled 770 (642). The number of employees increased both in
Speciality Alloys and FerroAlloys businesses. The average personnel during first
quarter of 2011 was 691 (640).

The number of personnel by segment:

                     Q1/2011   Q1/2010   Change %   Q4/2010

 Speciality Alloys       413       355      16.3%       396

 FerroAlloys             347       273      27.1%       316

 Other operations         10        14     -28.6%        10

 Continuing              770       642      19.9%       722
 operations total


SAFETY, HEALTH AND SUSTAINABLE DEVELOPMENT

Ruukki's target is to provide a safe and healthy workplace for everyone working
in the mines and production facilities. Ruukki is working constantly to improve
processes and practices to prevent injuries and accidents and this focus will
increase in 2011. The Company is in the process of implementing a lost time
injury metrics system in conformance with the internationally recognised
standards.

Ruukki aims to organise its operations in a sustainable way and preserve the
environment by minimising the environmental impact of its operations and
continuously improving its processes and facilities. Ruukki also has programmes
in place to address its impact on the environment and in 2011 Ruukki continues
environmental studies in its South African processing facilities.

SEGMENT PERFORMANCE

SPECIALITY ALLOYS BUSINESS

The Speciality Alloys business consists of TMS, the mining and beneficiation
operation in Turkey, and EWW, the chromite concentrate processing plant in
Germany. TMS supplies EWW with high quality chromite concentrate which produces
speciality products including Specialised Low Carbon and Ultralow Carbon
Ferrochrome. Excess Chrome Ore is exported from TMS directly to China. As at 31
March 2011, the business had 413 (355) employees.

Production in tonnes:

 Tonnes       Q1/2011   Q1/2010   Change %   Q1-Q4/2010

 Mining*       19,998     6,549     205.4%       54,917

 Processing     6,881     1,943     254.2%       17,994


* Including both chromite concentrate and lumpy ore production

Production totalled to 26,879 (8,492) tonnes in the first quarter of 2011.
Increase in production was mainly due new concentration plant in Turkey which
was commenced during the second quarter of 2010 and increased production of
lumpy material.

 EUR million     Q1/2011   Q1/2010   Change %   Q1-Q4/2010

 Revenue            20.2      12.1      66.4%         69.0

 EBITDA              5.0      -0.2                     7.8

 EBITDA margin     25.0%     -1.9%                   11.3%

 EBIT                0.7      -4.4                   -10.0

 EBIT margin        3.2%    -36.4%                  -14.5%


Revenue for the period was EUR 20.2 (12.1) million, representing growth of 66.4
percent. EBITDA for the period was EUR 5.0 (-0.2) million. Growth both in
revenue and EBITDA was driven by increased prices compared to the equivalent
period as well as increased production through new processing plant in Turkey,
which was commenced in second quarter 2010 and increased production of lumpy
material.

FERROALLOYS BUSINESS

The FerroAlloys business consists of the integrated Stellite mine and the alloy
processing plant, Mogale and the Mecklenburg mine development project in South
Africa, as well as the Zimbabwean mine development project Waylox. The business
produces Charge Chrome Ferrochrome, Silico Manganese and Stainless Steel Alloy
(chromium-iron-nickel alloy). As at 31 March, the business had 347 (273)
employees.

Production in tonnes:

 Tonnes       Q1/2011   Q1/2010   Change %   Q1-Q4/2010

 Mining*       31,987       N/A                     N/A

 Processing    28,942    21,169      36.7%       65,040


* Including both chromite concentrate and lumpy ore production

Production increased to 60,929 (21,169) tonnes. The increase in production was
mainly due to the mining asset, Stellite, which was acquired in December 2010.

 EUR million     Q1/2011   Q1/2010   Change %   Q1-Q4/2010

 Revenue            14.6      17.8     -18.0%         54.0

 EBITDA              0.0       2.7     -98.2%         -1.0

 EBITDA margin      0.3%     15.3%                   -1.8%

 EBIT               -2.6       0.6                   -50.2

 EBIT margin      -17.5%      3.3%                  -93.0%


Revenue for the quarter was EUR 14.6 (17.8) million, representing a decrease of
18.0 percent. EBITDA for the quarter was EUR 0.0 (2.7) million. The decrease in
revenue was mainly driven by stocking of alloy products due to weak price
development in the first quarter and by the postponement of certain deliveries
in mining operations from the first quarter of 2011 to the second quarter of
2011. The EBITDA includes EUR 1.6 (0.0) million costs related to feasibility
studies for the two new DC furnaces and power plant.

DISCONTINUED OPERATIONS

On 2 March 2011 the Group concluded the sale of its house building business
subsidiary Pohjolan Design-Talo Oy and on 8 April 2011 the sale of pallet
business subsidiary Oplax Oy. The Group has also signed a letter of intent to
sell its 51 percent holding in its sawmill business Junnikkala, which were
included in the Wood Processing segment. On the Group's income statement, the
Wood Processing businesses have been presented as a discontinued operation. The
assets related to Oplax and Junnikkala have been presented on the Group's
statement of financial position as assets held for sale. Also the liabilities
related to those assets are shown on a separate line as liabilities held for
sale.

Profit for the period from discontinued operations was EUR 43.0 (0.8) million,
including a EUR 40.8 million gain on disposal of house building business which
was recognised for the review period.

The number of employees of the discontinued operations totalled 163 (256) on 31
March 2011.

UNALLOCATED ITEMS

For the first quarter of 2011, the  EBITDA from unallocated items was EUR -1.7
(-3.1) million including a EUR 0.3 (0.1) million non-cash expense for the share-
based payments.

LITIGATION

On 1 March 2011 the Company announced that its subsidiary, LP Kunnanharju Oy
(former Lappipaneli Oy), and Sampo Bank Plc have reached an agreement which ends
proceedings in the Helsinki District Court concerning disagreements related to
currency hedging transactions, dating back to 2008 as announced on 7 July 2009.

LP Kunnanharju Oy will pay compensation amounting to approximately EUR 2.86
million to Sampo Bank Plc in full and final settlement of this dispute. Ruukki
had previously booked a liability of EUR 3.32 million for this dispute and this
settlement will, therefore, have a positive effect of about EUR 0.47 million on
profit.

COMPANY'S SHARE

Ruukki Group Plc's shares are listed on NASDAQ OMX Helsinki (RUG1V) and on the
Main Market of the London Stock Exchange (RKKI).

On 31 March 2011, the registered number of Ruukki Group Plc shares was
248,207,000 (247,982,000) and share capital EUR 23,642,049.60 (23,642,049.60).

As announced on 7 March 2011 950,000 ordinary shares in the Company ("Shares")
were transferred from the shares held in treasury. The transfer took place
pursuant to the resolution related to the remuneration of the Board approved at
the Annual General Meeting held on 21 April 2010 and the resolution of the Board
of Directors from the board meeting held on 29 May 2010. The Shares have been
released at no cost to the individuals.

The issued shares are subject to a lock-up commitment in accordance with the
resolution of the Annual General Meeting. According to the lock-up commitment,
the Company is entitled to redeem the Initial Shares free of charge, in part or
in full, should the director's term in the Board of Directors end before the
third ordinary general meeting following the approval of this issue. The
redemption will concern all of the issued shares (3/3) if the director's term at
the Board of Directors ends before the first, two-thirds (2/3) if before the
second, and one-third (1/3) if before the third ordinary general meeting
following the approval of this issue.

On 31 March 2011 the Company had altogether 7,790,895 (8,740,895) own shares,
which was equivalent to about 3.14% (3.52%) of all registered shares. The total
amount of shares outstanding, excluding the treasury shares held by the Company
on 31 March 2011 was 240,416,105 (239,466,105).

Based on the resolution by the Annual General Meeting on 21 April 2010, the
Board has currently been authorised for a buy-back of maximum 10,000,000 own
shares. This authorisation is valid until 21 October 2011.

SHAREHOLDER NOTIFICATIONS

Ruukki Group Plc has received the following shareholder notifications during or
after the review period 1 January - 31 March 2011. These notifications can be
found in full on the Company website.

31 March 2011, Hanwa Co. Limited's ownership will fall below 5% of the
registered share capital and voting rights of Ruukki Group Plc, after the
completion of a share transfer agreement signed with Finaline Business Limited
concerning a sale and transfer of 27,000,000 shares in Ruukki Group Plc.

1 April 2011, Finaline Business Limited's ownership will exceed 10% of the
registered share capital and voting rights of Ruukki Group Plc, after the
completion of a share transfer agreement signed with Hanwa Co. Limited
concerning a sale and transfer of 27,000,000 shares in Ruukki Group Plc.

MOST SIGNIFICANT RISKS AND UNCERTAINTIES, CHANGES DURING AND AFTER THE REVIEW
PERIOD

The changes in the key risks and uncertainties are set out below. Further
details of the risks and uncertainties have been published in the Group's Annual
Report 2010.

Through shifting the Group's focus into mining and minerals operations, the
Group has become more exposed to commodity price risks and risks of fluctuating
demand in the minerals sector.

The further expansion into the minerals business and subject to completion of
the disposal of the wood business assets will also increase the absolute and
relative importance of foreign operations and also foreign exchange rate risks,
both directly and indirectly. The changes in exchange rates, if adverse, can
have a substantial negative impact on the Group's profitability, in particular
in relation to changes in USD/ZAR. Changes in ZAR exchange rate also have an
effect on the EUR value of the deferred purchase consideration of Mogale Alloys.

Since the Group has made and may in the future carry out mergers and
acquisitions, there is a number of implementation and integration related risks.

The Group is considering some alternative options how to organically grow its
businesses, both at the raw material sourcing and further processing phases,
which can expose the Group to major project risks.

2011 OUTLOOK

The Board's decision to focus solely on the mining, smelting and metals
processing business and to dispose the wood assets has had a significant impact
on the Group's structure. The Group's area of business will now be dedicated to
the mining and minerals sector and therefore the Group's financial performance
will be more dependent on the general market conditions of this sector,
especially in chrome.

2011 will be the year where Ruukki refocuses its operations according to its
growth strategy, further develops its existing mining, smelting and minerals
processing assets and evaluates potential acquisition targets.

There is general uncertainty as to how demand during 2011 will develop. However,
Ruukki expects global demand for the Company's ferroalloys products to be higher
in 2011 compared to that of 2010, which is expected to result in higher prices
and improved financial performance.

Fluctuations of exchange rates between Euro, South-African Rand, Turkish Lira
and US Dollar can significantly impact the Company's financial performance.

EVENTS AFTER THE REVIEW PERIOD

On 8 April 2011 the Company announced it had completed the sale of its Finnish
pallet business, Oplax Oy, to Pallet Invest Oy.

On 15 April 2011 the Company announced an invitation to the Annual General
Meeting to be held on Wednesday 11 May 2011.

On 15 April 2011 the Company announced its head office will move to Kasarmikatu
36, Helsinki on 21 April 2011.

On 28 April 2011 the Company announced that it will report its financial
performance in two new reporting segments from the beginning of 2011;
FerroAlloys and the Speciality Alloys business segments.

Changes in organisation

As announced on 4 May 2011 the Board of Directors has appointed Thomas Hoyer as
Chief Executive Officer, effective immediately. The previous  Acting Managing
Director, Dr Danko Koncar, became Enterprise Director and responsible for
Ruukki's strategic direction and new business development. Theuns de Bruyn has
been appointed as Chief Operating Officer, effective from 1 July 2011.

On 4 May 2011 the Company announced that the Nomination Committee has decided to
propose to the Annual General Meeting that Thomas Hoyer, the new CEO, be elected
as new member of the Board of Directors. The Nomination Committee also proposes
that there will be eight (8) members in the Board of Directors for the period
that begins following the Annual General Meeting on 11 May 2011 and ends in the
end of the Annual General Meeting in 2012.

In Helsinki, 10 May 2011

RUUKKI GROUP PLC

BOARD OF DIRECTORS


FINANCIAL REPORTING IN 2011

                          Silent periods      Reporting date

 Interim Report Q2/2011   19.7.-18.8.2011     18 August 2011

 Interim Report Q3/2011   11.10.-10.11.2011   10 November 2011



FINANCIAL TABLES

FINANCIAL DEVELOPMENT AND ASSETS AND LIABILITIES BY SEGMENT, EUR THOUSAND

1.1.- 31.3.2011       Speciality   Ferro Unallocated Eliminations Continuing
3 months                  Alloys  Alloys       items              operations
EUR '000                                                               total

Revenue                   20,172  14,626           0            0     34,798

EBITDA                     5,048      48      -1,670           31      3,457

EBIT                         652  -2,565      -1,685           31     -3,566

Segment's assets         184,491 231,325      93,770      -12,298    497,288

Segment's liabilities     71,883 129,383      54,957       -6,427    249,796


1.1.- 31.3.2010       Speciality   Ferro Unallocated Eliminations Continuing
3 months                  Alloys  Alloys       items              operations
EUR '000                                                               total

Revenue                   12,121  17,847         129            0     30,097

EBITDA                      -225   2,727      -3,139          105       -532

EBIT                      -4,409     583      -3,156          105     -6,877

Segment's assets         187,270 227,219      35,224       -6,009    443,705

Segment's liabilities     70,089 111,148      44,341       -5,991    219,587


1.1.-31.12.2010       Speciality   Ferro Unallocated Eliminations Continuing
12 months                 Alloys  Alloys       items              operations
EUR '000                                                               total

Revenue                   69,017  54,006         324            0    123,347

EBITDA                     7,803    -972     -15,369           99     -8,439

EBIT                     -10,009 -50,216     -15,433           99    -75,559

Segment's assets         182,347 248,011      15,919      -10,616    435,661

Segment's liabilities     77,265 136,702      51,918       -6,840    259,045


CONSOLIDATED INCOME STATEMENT, SUMMARY, EUR THOUSAND

EUR '000                                Q1/2011 Q1/2010        Q1-Q4/2010



Revenue                                  34,798  30,097           123,347



Other operating income                      339      31             1,248

Operating expenses                      -31,902 -30,660          -133,424

Depreciation and amortisation            -7,023  -6,344           -27,023

Impairment                                    0       0           -40,097

Items related to associates (core)          221      -1               390



Operating profit                         -3,566  -6,877           -75,559



Financial income and expense               -521     137              -595

Items related to associates (non-core)      196      42               -99



Profit before tax                        -3,891  -6,698           -76,253



Income tax                                  780   1,424            10,942



Profit for the period from continuing    -3,111  -5,273           -65,311
operations



Profit for the period from discontinued  42,987     834            14,186
operations



Profit for the period                    39,876  -4,440           -51,125



Profit attributable to

Owners of the parent                     39,732  -3,459           -52,611

Non-controlling interests                   144    -981             1,486

Total                                    39,876  -4,440           -51,125



Earnings per share (counted from profit attributable to owners of the
parent):

basic (EUR), group total                   0.17   -0.01             -0.22

diluted (EUR), group total                 0.15   -0.01             -0.22

basic (EUR), continuing operations        -0.01   -0.02             -0.27

diluted (EUR), continuing operations      -0.01   -0.02             -0.27


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, EUR THOUSAND

EUR '000                                              Q1/2011 Q1/2010 Q1-Q4/2010



Profit for the period                                  39,876  -4,440    -51,125



Other comprehensive income

Exchange differences on translating foreign            -8,619   8,468     19,412
operations

Income tax relating to other comprehensive income       5,059  -3,548     -9,815

Other comprehensive income, net of tax                 -3,561   4,920      9,597



Total comprehensive income for the period              36,315     480    -41,528



Total comprehensive income attributable to:

Owners of the parent                                   37,357     738    -44,854

Non-controlling interests                              -1,042    -258      3,327


CONSOLIDATED STATEMENT OF FINANCIAL POSITION, SUMMARY, EUR THOUSAND

 EUR '000                                      Q1/2011   Q1/2010   Q1-Q4/2010

 ASSETS

 Non-current assets

 Investments and intangible assets

 Goodwill                                      122,845   180,736      129,120

 Investments in associates                         274       553          284

 Other intangible assets                        84,949   102,070       94,154

 Investments and intangible assets total       208,068   283,359      223,559



 Property, plant and equipment                  79,688    83,650       87,468

 Other non-current assets                       39,189    30,909       44,022

 Non-current assets total                      326,945   397,918      355,050



 Current assets

 Inventories                                    49,576    55,034       45,160

 Receivables                                    31,544    46,077       26,853

 Other investments                                   0       313            0



 Cash and cash equivalents                      29,222    58,976        8,598

 Bank deposits                                  60,000         0            0

 Liquid funds total                             89,222    58,976        8,598

 Current assets total                          170,342   160,401       80,611



 Assets held for sale                           58,268    12,197      110,809

 Cash and cash equivalents held for sale           775         0       10,561

 Assets held for sale total                     59,043    12,197      121,369



 Total assets                                  556,331   570,516      557,030



 EQUITY AND LIABILITIES

 Equity attributable to owners of the parent

 Share capital                                  23,642    23,642       23,642

 Share premium reserve                          25,740    25,740       25,740

 Revaluation reserve                             2,193     2,193        2,193

 Paid-up unrestricted equity reserve           250,849   260,347      250,849

 Translation reserves                           11,546    10,362       13,921

 Retained earnings                             -64,747   -53,263     -104,772

 Equity attributable to owners of the parent   249,224   269,021      211,574



 Non-controlling interests                      22,924    17,621       24,781

 Total equity                                  272,147   286,643      236,355



 Liabilities



 Non-current liabilities                       199,321   176,723      216,556

 Current liabilities

 Advances received                                   0    14,526            0

 Other current liabilities                      50,476    86,763       42,489

 Current liabilities total                      50,476   101,289       42,489



 Liabilities classified as held for sale        34,387     5,862       61,630



 Total liabilities                             284,184   283,873      320,675



 Total equity and liabilities                  556,331   570,516      557,030


SUMMARY OF CASH, INTEREST-BEARING RECEIVABLES AND INTEREST-BEARING LIABILITIES,
EUR THOUSAND

 EUR '000                       Q1/2011   Q1/2010   Q1-Q4/2010



 Liquid funds                    89,222    58,976        8,598



 Interest-bearing receivables

 Current                          2,125     2,992        2,200

 Non-current                     26,550    15,204       28,865

 Interest-bearing receivables    28,675    18,196       31,065



 Interest-bearing liabilities

 Current                          4,320    41,995        4,577

 Non-current                     95,090    78,142      102,244

 Interest-bearing liabilities    99,410   120,137      106,821



 NET TOTAL                       18,487   -42,966      -67,157


Excluding interest-bearing assets and  liabilities classified as held for sale

SUMMARY OF GROUP'S PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS, EUR
THOUSAND

 EUR '000                                  Property, plant    Intangible
                                             and equipment        assets

  Acquisition cost 1.1.2011                        132,715       354,221

  Additions                                            647           214

  Disposals                                            -75          -423

  Transfer to assets held for sale                     -94            -3

  Reclass between items                                 15             0

  Effect of movements in exchange rates             -4,807       -16,433

  Acquisition cost 31.3.2011                       128,401       337,577



  Acquisition cost 1.1.2010                        127,541       337,547

  Additions                                         51,968        8,231*

  Disposals                                         -4,044             0

  Transfer to assets held for sale                 -49,614       -26,519

  Reclass between items                                298          -240

  Effect of movements in exchange rates              6,566        35,201

  Acquisition cost 31.12.2010                      132,715       354,221


* Including changes in earn-out liabilities

CONSOLIDATED STATEMENT OF CASH FLOWS, EUR THOUSAND

 EUR '000                                      Q1/2011   Q1/2010   Q1-Q4/2010



 Net profit                                     39,876    -4,440      -51,125



 Adjustments to net profit                     -33,938     1,837       57,700

 Changes in working capital                     -2,571     7,952        4,604

 Discontinued operations                           390      -863         -616



 Net cash from operating activities              3,758     4,486       10,563



 Acquisition of subsidiaries and associates,    -2,124      -319      -21,855
 net of cash acquired

 Acquisition of joint ventures, net of cash          0         0      -20,372
 acquired

 Payments of earn-out liabilities                    0         0          -65

 Disposal of subsidiaries and associates,       72,068         0        1,640
 net of cash sold

 Capital expenditures and other investing         -711    -2,712      -14,229
 activities

 Discontinued operations                          -166       -23       10,851



 Net cash used in investing activities          69,067    -3,054      -44,030



 Acquisition of own shares                           0       -10          -10

 Capital redemption                                  0         0       -9,570

 Dividends paid to non-controlling interests         0         0         -129

 Deposits                                            0     2,500        2,500

 Interest received on investments                    0        33            9

 Proceeds from borrowings                        3,323         0       23,312

 Repayment of borrowings, and other             -4,010      -913      -13,260
 financing activities

 Discontinued operations                        -1,184      -189       -6,551



 Net cash used in financing activities          -1,871     1,422       -3,697



 Net increase in cash and cash equivalents      70,953     2,854      -37,165


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, EUR THOUSAND

 A = Share capital

 B = Share premium reserve

 C = Fair value and revaluation reserves

 D = Paid-up unrestricted equity reserve

 E = Translation reserve

 F = Retained earnings

 G = Equity attributable to owners of the parent, total

 H = Non-controlling interests

 I = Total equity


+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|EUR '000     |  A   |  B   |  C  |   D   |  E   |   F    |   G   |  H   |   I   |
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Equity at    |      |      |     |       |      |        |       |      |       |
|31.12.2009   |23,642|25,740|2,193|260,357| 6,165| -49,953|268,144|17,878|286,022|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Total        |      |      |     |       |      |        |       |      |       |
|comprehensive|      |      |     |       |      |        |       |      |       |
|income       |      |      |     |       |      |        |       |      |       |
|1-3/2010     |      |      |     |       | 4,197|  -3,459|    738|  -258|    480|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Share-based  |      |      |     |       |      |        |       |      |       |
|payments     |      |      |     |       |      |     113|    113|      |    113|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Acquisition  |      |      |     |       |      |        |       |      |       |
|of own       |      |      |     |       |      |        |       |      |       |
|shares       |      |      |     |    -10|      |        |    -10|      |    -10|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Acquisitions |      |      |     |       |      |        |       |      |       |
|and          |      |      |     |       |      |        |       |      |       |
|disposals of |      |      |     |       |      |        |       |      |       |
|subsidiaries |      |      |     |       |      |      17|     17|     1|     17|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Other changes|      |      |     |       |      |      20|     20|      |     20|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Equity at    |      |      |     |       |      |        |       |      |       |
|31.3.2010    |23,642|25,740|2,193|260,347|10,362| -53,263|269,021|17,621|286,643|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Dividend     |      |      |     |       |      |        |       |      |       |
|distribution |      |      |     |       |      |        |      0|  -357|   -357|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Total        |      |      |     |       |      |        |       |      |       |
|comprehensive|      |      |     |       |      |        |       |      |       |
|income       |      |      |     |       |      |        |       |      |       |
|4-12/2010    |      |      |     |       | 3,559| -49,151|-45,593| 3,584|-42,008|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Share-based  |      |      |     |       |      |        |       |      |       |
|payments     |      |      |     |       |      |   1,575|  1,575|      |  1,575|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Share        |      |      |     |       |      |        |       |      |       |
|subscriptions|      |      |     |       |      |        |       |      |       |
|based on     |      |      |     |       |      |        |       |      |       |
|option rights|      |      |     |     72|      |        |     72|      |     72|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Capital      |      |      |     |       |      |        |       |      |       |
|redemption   |      |      |     | -9,570|      |        | -9,570|      | -9,570|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Acquisitions |      |      |     |       |      |        |       |      |       |
|and          |      |      |     |       |      |        |       |      |       |
|disposals of |      |      |     |       |      |        |       |      |       |
|subsidiaries |      |      |     |       |      |  -3,932| -3,932| 3,932|      0|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Equity at    |      |      |     |       |      |        |       |      |       |
|31.12.2010   |23,642|25,740|2,193|250,849|13,921|-104,772|211,574|24,781|236,355|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Dividend     |      |      |     |       |      |        |       |      |       |
|distribution |      |      |     |       |      |        |      0|  -550|   -550|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Total        |      |      |     |       |      |        |       |      |       |
|comprehensive|      |      |     |       |      |        |       |      |       |
|income       |      |      |     |       |      |        |       |      |       |
|1-3/2011     |      |      |     |       |-2,375|  39,732| 37,357|-1,042| 36,315|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Share-based  |      |      |     |       |      |        |       |      |       |
|payments     |      |      |     |       |      |     293|    293|      |    293|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Acquisitions |      |      |     |       |      |        |       |      |       |
|and          |      |      |     |       |      |        |       |      |       |
|disposals of |      |      |     |       |      |        |       |      |       |
|subsidiaries |      |      |     |       |      |        |      0|  -266|   -266|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+
|Equity at    |      |      |     |       |      |        |       |      |       |
|31.3.2011    |23,642|25,740|2,193|250,849|11,546| -64,747|249,224|22,924|272,147|
+-------------+------+------+-----+-------+------+--------+-------+------+-------+

RELATED PARTY TRANSACTIONS DURING THE REVIEW PERIOD

During the review period the Group has sold goods and rendered services to
related parties by EUR 2.1 million. The Group has also accrued interest on loans
from a related party amounting to EUR 0.2 million. Interest income from a joint
venture company totalled EUR 0.1 million during the review period.

On 31 March the Group had loan and trade receivables from joint venture
companies totalling EUR 12.1 million and a loan receivable from a related party
amounting to EUR 10 million. The Group's loans from a related party amounted to
EUR 12 million and the Group's joint venture's loans from a related party EUR
10.5 million. The Group also has an acquisition related earn-out liability to a
related party amounting to EUR 35 million.

The Group has an unused credit facility from its major shareholder Kermas Ltd
amounting to USD 55 million. The facility is available to be drawn down until
31 December 2011.

EXCHANGE RATES

The balance sheet date rate is based on exchange rate published by the European
Central Bank for the closing date. The average exchange rate is calculated as an
average of daily rates from the European Central Bank during the year.

The key exchange rates applied in the accounts:

Average rates

       Q1/2011   Q1/2010   Q1-Q4/2010

 TRY    2.1591    2.0821       1.9965

 USD    1.3680    1.3569       1.3257

 ZAR    9.5875   10.0589       9.6984


Balance sheet rates
       31.3.2011   31.3.2010   31.12.2010

 TRY      2.1947      2.0512       2.0694

 USD      1.4207      1.3479       1.3362

 ZAR      9.6507      9.8922       8.8625


FORMULAS FOR FINANCIAL INDICATORS

Financial ratios and indicators have been calculated with the same principles as
applied in the 2010 financial statements. These principles are presented below.

Return on equity, % = Profit for the period / Total equity (average for the
period) * 100

Return on capital employed, % = Profit before taxes + financing expenses /
(total assets - interest-free liabilities) average * 100

Equity ratio, % = Total equity / total assets - prepayments received * 100

Gearing, % = (Interest-bearing debt - liquid funds) / Total equity * 100

Net interest-bearing debt = Interest-bearing debt - liquid funds

Earnings per share, basic, EUR = Profit attributable to owners of the parent
company / Average number of shares during the period

Earnings per share, diluted, EUR = Profit attributable to owners of the parent
company / Average number of shares during the period, diluted

Operating profit (EBIT) = Operating profit is the net of revenue plus other
operating income, plus gain/loss on finished goods inventory change, minus
employee benefits expense, minus depreciation, amortisation and impairment and
minus other operating expense. Foreign exchange gains or losses are included in
operating profit when generated from ordinary activities. Exchange gains or
losses related to financing activities are recognised as financial income or
expense.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) =
Operating profit + depreciations + amortisations + impairment losses

Gross capital expenditure = Gross capital expenditure consists of the additions
in the acquisition cost of non-current tangible and intangible assets as well as
additions in non-current assets resulting from acquisitions.

ACCOUNTING POLICIES

This Interim Report is prepared in accordance with the IAS 34 standard. Ruukki
Group Plc applies the same accounting and IFRS principles as in the 2010
financial statements with the exception that from the beginning of 2011 the
Company applies a new reporting business segment structure. The new reporting
business segments are the FerroAlloys and Speciality Alloys. In 2010 the Company
had two reporting segments: Wood Processing Business and Minerals Business. The
Company has published the comparative financial information for the new segments
on 28 April 2011.

The preparation of the Interim Report in accordance with IFRS requires
management to make estimates and assumptions that affect the valuation of the
reported assets and liabilities and other information, such as contingent
liabilities and the recognition of income and expenses in the income statement.
Although the estimates are based on the management's best knowledge of current
events and actions, actual results may differ from the estimates.

The figures in the tables have been rounded off to one decimal point, which must
be considered when calculating totals. Average exchange rates for the period
have been used for income statement conversions, and period-end exchange rates
for balance sheet.

The Interim Report data are unaudited.

Share-related key figures

                                            Q1/2011   Q1/2010   Q1-Q4/2010

 Share price development in
 London Stock Exchange*

 Average share price**           EUR           1.80       N/A         1.64

                                 GBP           1.54       N/A         1.39

 Lowest share price**            EUR           1.79       N/A         1.60

                                 GBP           1.53       N/A         1.36

 Highest share price**           EUR           1.85       N/A         2.10

                                 GBP           1.58       N/A         1.78

 Share price at the end of the   EUR           1.73       N/A         1.68
 period***

                                 GBP           1.53       N/A         1.45

 Market capitalisation at the    EUR          429.7       N/A        416.7
 end of the period***            million

                                 GBP          379.8       N/A        358.7
                                 million

 Share trading development

 Share turnover                  thousand        82       N/A          712
                                 shares

 Share turnover                  EUR            148       N/A        1,168
                                 thousand

 Share turnover                  GBP            127       N/A          990
                                 thousand

 Share turnover                  %             0.0%       N/A         0.3%



 Share price development in
 NASDAQ OMX Helsinki

 Average share price             EUR           1.87      2.05         1.59

 Lowest share price              EUR           1.69      1.90         1.00

 Highest share price             EUR           2.03      2.30         2.30

 Share price at the end of the   EUR           1.81      2.02         1.70
 period

 Market capitalisation at the    EUR          449.3     500.9        422.0
 end of the period               million

 Share trading development

 Share turnover                  thousand     2,084     2,089       21,042
                                 shares

 Share turnover                  EUR          3,895     4,276       33,414
                                 thousand

 Share turnover                  %             0.8%      0.8%         8.5%


* Ruukki's share has been listed in London Stock Exchange as of 26 July 2010,
thus share information in LSE is available only from that day onwards.

** Share prices have been calculated on the average EUR/GBP exchange rate
published by Bank of Finland.

*** Share price and market capitalisation at the end of the period have been
calculated on the EUR/GBP exchange rate published by Bank of Finland at the end
of the period.

Formulas for share-related key indicators

Average share price = Total value of shares traded in currency / Number of
shares traded during the period

Market capitalisation, million = Number of shares * Share price at the end of
the period

FORWARD LOOKING STATEMENTS

This report contains forward-looking statements. Often, but not always, forward-
looking statements can be identified by the use of forward-looking terminology,
including the terms "believes", "expects", "intends", "may", "will" or "should"
or, in each case, their negative or other variations or comparable terminology.
By their nature, forward-looking statements involve uncertainty because they
depend on future circumstances, and relate to events, not all of which are
within the Company's control or can be predicted by the Company.

Although the Company believes that the expectations reflected in such forward-
looking statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. Actual results could differ
materially from those set out in the forward-looking statements. Save as
required by law (including the Finnish Securities Markets Acts (495/1989), as
amended, or by the Listing Rules or the Disclosure and Transparency Rules of the
UK Financial Services Authority), the Company undertakes no obligation to update
any forward-looking statements in this report that may occur due to any changes
in the Directors' expectations or to reflect events or circumstances after the
date of this report.






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(i) the releases contained herein are protected by copyright and 
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     originality of the information contained therein. 
    
Source: Ruukki Group Plc via Thomson Reuters ONE

[HUG#1514375]