Stock exchange release April 29, 2010 12:00 PM EEST

Metso Corporation's Interim Review, January 1- March 31, 2010

Metso Corporation's Company release on April 29, 2010 at 12:00 p.m.

Market recovery gaining momentum

Highlights of the first quarter of 2010

  * New orders worth EUR 1,366 million were received in January-March, i.e. 45
    percent more than in the comparison period (EUR 942 million in Q1/2009).

  * At the end of March, the order backlog was up by 9 percent on the end of
    December 2009, and totalled EUR 3,720 million (EUR 3,415 million at December
    31, 2009).

  * Net sales decreased by 4 percent on the comparison period, and were at EUR
    1,170 million (EUR 1,220 million in Q1/2009).

  * Earnings before interest, tax and amortization (EBITA) were EUR 83.8
    million, i.e. 7.2 percent of net sales (EUR 68.8 million and 5.6% in
    Q1/2009).

  * Operating profit (EBIT) was EUR 69.5 million, i.e. 5.9 percent of net sales
    (EUR 58.6 million and 4.8% in Q1/2009).

  * EBITA and EBIT include EUR 4.7 million in non-recurring expenses relating to
    capacity adjustment measures (EUR 22.0 million in Q1/2009).

  * Earnings per share were EUR 0.20 (EUR 0.18 in Q1/2009).

  * Free cash flow was EUR 35 million (EUR 120 million in Q1/2009).

  * Return on capital employed (ROCE) before taxes was 8.1 percent (9.0% in
    Q1/2009).



Metso's President and CEO Jorma Eloranta comments: "In the first quarter most of
our markets and customer industries continued to recover. It seems that the
recovery is gaining momentum, and is today broader based than during the past
six months. Our customers' higher capacity utilization rates have boosted the
activity level of our services business and since our customers are regaining
their confidence the demand for new capital equipment and project business has
also improved. Price competition in the markets seems to be easing up as the
trading environment is getting stronger.

The measures we have carried out in the past few years to develop our operating
models and to adjust our cost structures have supported our first-quarter
profitability although net sales were still relatively low following modest
order intake levels in 2009. Assuming that we continue to win new, profitable
orders, net sales for the coming quarters should also be picking up. The first
quarter confirmed that due to our decisive and quick response to the market
turmoil in the second half of 2008 through 2009, Metso is today a more
competitive company than before.

We have gradually started ramping up the engineering and manufacturing capacity
to match the improved demand but there seems to be some slowness in our
component supplier and subcontractor base to ramp up their capacity. Likewise we
are also continuing to further develop our services business and global presence
as well as our solutions based on environmental business.

Based on the recovery in order intake during the past 6 months and the current
market outlook we are somewhat raising our net sales guidance for 2010. We
estimate that our net sales will be over EUR 5 billion. We expect our 2010
profitability to be satisfactory."

Metso's key figures

+------------------------------------------+-------+-------+--------+-----+
|EUR million                               |Q1/2010|Q1/2009|Change %| 2009|
+------------------------------------------+-------+-------+--------+-----+
|Net sales                                 |  1,170|  1,220|      -4|5,016|
+------------------------------------------+-------+-------+--------+-----+
|Net sales of services business            |    512|    519|      -1|2,102|
+------------------------------------------+-------+-------+--------+-----+
|% of net sales                            |     44|     43|        |   42|
+------------------------------------------+-------+-------+--------+-----+
|EBITA before non-recurring capacity       |       |       |        |     |
|adjustment expenses                       |   88.5|   90.8|      -3|409.0|
+------------------------------------------+-------+-------+--------+-----+
|% of net sales                            |    7.6|    7.4|        |  8.2|
+------------------------------------------+-------+-------+--------+-----+
|Earnings before interest, tax and         |       |       |        |     |
|amortization (EBITA)                      |   83.8|   68.8|      22|334.3|
+------------------------------------------+-------+-------+--------+-----+
|% of net sales                            |    7.2|    5.6|        |  6.7|
+------------------------------------------+-------+-------+--------+-----+
|Operating profit                          |   69.5|   58.6|      19|293.6|
+------------------------------------------+-------+-------+--------+-----+
|% of net sales                            |    5.9|    4.8|        |  5.9|
+------------------------------------------+-------+-------+--------+-----+
|Earnings per share, EUR                   |   0.20|   0.18|      11| 1.06|
+------------------------------------------+-------+-------+--------+-----+
|Orders received                           |  1,366|    942|      45|4,358|
+------------------------------------------+-------+-------+--------+-----+
|Order backlog at end of period            |  3,720|  3,934|      -5|3,415|
+------------------------------------------+-------+-------+--------+-----+
|Free cash flow                            |     35|    120|     -71|  717|
+------------------------------------------+-------+-------+--------+-----+
|Return on capital employed (ROCE) before  |       |       |        |     |
|taxes, annualized, %                      |    8.1|    9.0|        | 10.0|
+------------------------------------------+-------+-------+--------+-----+
|Equity to assets ratio at end of period, %|   34.0|   30.3|        | 35.7|
+------------------------------------------+-------+-------+--------+-----+
|Gearing at end of period, %               |   32.8|   72.6|        | 32.5|
+------------------------------------------+-------+-------+--------+-----+




Metso's first quarter 2010 review


Operating environment and demand for products

The gradual improvement in our operating environment continued in the first
quarter of the year. Our customers' capacity utilization rates strengthened
along with the positive development of the global economy. This boosted demand
for both our capital equipment as well as our services business. The
availability of financing continued to improve, and construction projects aimed
at developing infrastructure and the related economic stimulus measures had a
positive effect on the demand for our equipment, mostly in emerging markets. The
uncertainties in our order backlog diminished.

Quotations for equipment and projects for mining companies continued to
increase, which clearly had a positive effect on orders in the first quarter.
With the rise in the capacity utilization rates of the mining industry, demand
for services related to mining activities also improved.

In the construction industry, demand for equipment used in aggregates production
improved primarily in the emerging markets, where demand was supported by
infrastructure construction projects. In Europe, demand for new equipments and
systems was gradually improving and approaching satisfactory level while in
North America, in spite of some improvement, demand still remained weak. Demand
for our services business for the construction industry improved slightly and
was satisfactory.

Demand for power plants utilizing renewable energy sources remained at a good
level in Europe and North America. Several countries have published targets to
increase the use of renewable energy. This is expected to support demand for our
biomass and waste-fuelled power plant solutions. Demand for services business in
the power business was satisfactory.

Demand for our automation solutions received a boost in the first quarter, as
investments by the oil, gas and petrochemical industry increased as a result of
the rising trend in the price of and demand for energy. Demand for our services
business for automation solutions remained satisfactory.

Demand for metals recycling equipment during the first quarter clearly
strengthened from the weak level of the previous year due to the global upswing
in the demand for steel. Demand for solid-waste recycling equipment remained
satisfactory. Demand for our services business for recycling equipment improved.

Demand for new fiber lines picked up, improving to satisfactory, and there was
an upturn in the demand for rebuild projects and services. Demand for paper,
board and tissue lines was satisfactory. The capacity utilization rates of the
paper and board industry improved in the first quarter, which strengthened the
demand for our services business. The Tamfelt business, acquired at the year-end
2009, also experienced an upswing in service orders.



Orders received and order backlog

Orders received in the first quarter increased by 45 percent on the weak
comparison period and totalled EUR 1,366 million. Assuming no change in exchange
rates the growth would have been 39 percent. The share of emerging markets in
our orders received was 43 percent. Orders received increased on the comparison
period in all reporting segments and in all geographical regions as our
customers' capacity utilization rates and investment activities gradually began
to recover.

At the end of March, the order backlog was 9 percent higher than at the end of
2009, amounting to EUR 3,720 million. Around EUR 2.6 billion of the deliveries
in our order backlog are expected to be completed in 2010, and around EUR 800
million of these are services business orders. Uncertainties in the order
backlog decreased by approximately EUR 50 million. The decrease was mainly due
to our customers restarting previously suspended projects in mining and
recycling businesses. The order backlog at the end of March included some EUR
430 million in projects with uncertain delivery schedules and which will,
according to present estimates, be delivered after 2010. The pulp mill project
for Fibria, Brazil, is included in these projects.



Orders received by reporting segments

+---------------------------+-------------------+-------------------+
|                           |      Q1/2010      |      Q1/2009      |
+---------------------------+-------+-----------+-------+-----------+
|                           |    EUR|% of orders|    EUR|% of orders|
|                           |million|   received|million|   received|
+---------------------------+-------+-----------+-------+-----------+
|Mining and Construction    |       |           |       |           |
|Technology                 |    559|         40|    385|         41|
+---------------------------+-------+-----------+-------+-----------+
|Energy and Environmental   |       |           |       |           |
|Technology                 |    356|         26|    265|         28|
+---------------------------+-------+-----------+-------+-----------+
|Paper and Fiber Technology |    461|         33|    279|         29|
+---------------------------+-------+-----------+-------+-----------+
|Valmet Automotive          |     11|          1|     21|          2|
+---------------------------+-------+-----------+-------+-----------+
|Intra-Metso orders received|    -21|           |     -8|           |
+---------------------------+-------+-----------+-------+-----------+
|Total                      |  1,366|        100|    942|        100|
+---------------------------+-------+-----------+-------+-----------+



Orders received by market area
+-------------------------+-------------------+-------------------+
|                         |      Q1/2010      |      Q1/2009      |
+-------------------------+-------+-----------+-------+-----------+
|                         |    EUR|% of orders|    EUR|% of orders|
|                         |million|   received|million|   received|
+-------------------------+-------+-----------+-------+-----------+
|Europe                   |    574|         42|    386|         41|
+-------------------------+-------+-----------+-------+-----------+
|North America            |    187|         14|    167|         18|
+-------------------------+-------+-----------+-------+-----------+
|South and Central America|    184|         13|    134|         14|
+-------------------------+-------+-----------+-------+-----------+
|Asia-Pacific             |    352|         26|    201|         21|
+-------------------------+-------+-----------+-------+-----------+
|Africa and Middle East   |     69|          5|     54|          6|
+-------------------------+-------+-----------+-------+-----------+
|Total                    |  1,366|        100|    942|        100|
+-------------------------+-------+-----------+-------+-----------+



Net sales

Our net sales for the first quarter declined by 4 percent on the comparison
period and were EUR 1,170 million (EUR 1,220 million in Q1/2009). Assuming no
change in exchange rates the decline would have been 8 percent. The decline was
partially due to starting the year with a considerably lower order backlog
because of weak overall order intake in 2009. Net sales declined in Mining and
Construction Technology and in Energy and Environmental Technology, and
increased in Paper and Fiber Technology. Our services business net sales were at
the level of the comparison period, and accounted for 44 percent of total net
sales (43% in Q1/2009). Excluding the impact of the Tamfelt acquisition, net
sales of our services business decreased by 5 percent.

Measured by net sales, the largest countries were the United States, China and
Germany, which together accounted for about 32 percent of our total net sales.

Net sales by reporting segments

+--------------------------+-----------------+----------------+
|                          |     Q1/2010     |    Q1/2009     |
+--------------------------+-------+---------+-------+--------+
|                          |    EUR|     % of|    EUR|% of net|
|                          |million|net sales|million|   sales|
+--------------------------+-------+---------+-------+--------+
|Mining and Construction   |       |         |       |        |
|Technology                |    472|       40|    528|      43|
+--------------------------+-------+---------+-------+--------+
|Energy and Environmental  |       |         |       |        |
|Technology                |    332|       28|    397|      32|
+--------------------------+-------+---------+-------+--------+
|Paper and Fiber Technology|    364|       31|    287|      23|
+--------------------------+-------+---------+-------+--------+
|Valmet Automotive         |     11|        1|     21|       2|
+--------------------------+-------+---------+-------+--------+
|Intra-Metso net sales     |     -9|         |    -13|        |
+--------------------------+-------+---------+-------+--------+
|Total                     |  1,170|      100|  1,220|     100|
+--------------------------+-------+---------+-------+--------+


Net sales by market area
+-------------------------+-----------------+----------------+
|                         |     Q1/2010     |    Q1/2009     |
+-------------------------+-------+---------+-------+--------+
|                         |    EUR|     % of|    EUR|% of net|
|                         |million|net sales|million|   sales|
+-------------------------+-------+---------+-------+--------+
|Europe                   |    476|       41|    526|      43|
+-------------------------+-------+---------+-------+--------+
|North America            |    193|       16|    197|      16|
+-------------------------+-------+---------+-------+--------+
|South and Central America|    138|       12|    160|      13|
+-------------------------+-------+---------+-------+--------+
|Asia-Pacific             |    293|       25|    234|      19|
+-------------------------+-------+---------+-------+--------+
|Africa and Middle East   |     70|        6|    103|       9|
+-------------------------+-------+---------+-------+--------+
|Total                    |  1,170|      100|  1,220|     100|
+-------------------------+-------+---------+-------+--------+




Financial result

Our earnings before interest, tax and amortization (EBITA) for the first quarter
of the year improved on the comparison period and were EUR 83.8 million, i.e.
7.2 percent of net sales (EUR 68.8 million and 5.6% in Q1/2009). EBITA before
non-recurring capacity adjustment expenses was EUR 88.5 million or 7.6 percent
(EUR 90.8 million or 7.4 percent in Q1/2009). The capacity adjustment expenses
recorded for January-March were mostly related to the reorganization of the
Automation business' supply center in France, metal recycling operations in
Germany and some smaller remaining actions in the Paper business.

+----------------------------+------------+-------------+----------+-----+
|Q1/2010                     |  Mining and|   Energy and| Paper and|     |
|                            |Construction|Environmental|     Fiber|Metso|
|                            |  Technology|   Technology|Technology|Group|
|EUR million                 |            |             |          |     |
+----------------------------+------------+-------------+----------+-----+
|EBITA                       |        39.5|         28.4|      18.5| 83.8|
+----------------------------+------------+-------------+----------+-----+
|Capacity adjustment expenses|           -|          3.4|       1.3|  4.7|
+----------------------------+------------+-------------+----------+-----+
|EBITA before non-recurring  |        39.5|         31.8|      19.8| 88.5|
|capacity adjustment expenses|            |             |          |     |
+----------------------------+------------+-------------+----------+-----+
|% of net sales              |         8.4|          9.6|       5.4|  7.6|
++---------------------------+------------+-------------+----------+-----+
++---------------------------+------------+-------------+----------+-----+
|Q1/2009                     |  Mining and|   Energy and| Paper and|Metso|
|                            |Construction|Environmental|     Fiber|Group|
|EUR million                 |  Technology|   Technology|Technology|     |
+----------------------------+------------+-------------+----------+-----+
|EBITA                       |        55.6|         32.3|     -14.0| 68.8|
+----------------------------+------------+-------------+----------+-----+
|Capacity adjustment expenses|         3.8|          1.4|      16.8| 22.0|
+----------------------------+------------+-------------+----------+-----+
|EBITA before non-recurring  |        59.4|         33.7|       2.8| 90.8|
|capacity adjustment expenses|            |             |          |     |
+----------------------------+------------+-------------+----------+-----+
|% of net sales              |        11.3|          8.5|       1.0|  7.4|
+----------------------------+------------+-------------+----------+-----+



+----------------------------+------------+-------------+----------+-----+
|2009                        |  Mining and|   Energy and| Paper and|Metso|
|                            |Construction|Environmental|     Fiber|Group|
|EUR million                 |  Technology|   Technology|Technology|     |
+----------------------------+------------+-------------+----------+-----+
|EBITA                       |       202.8|        136.3|      16.5|334.3|
+----------------------------+------------+-------------+----------+-----+
|Capacity adjustment expenses|        21.9|         11.1|      41.7| 74.7|
+----------------------------+------------+-------------+----------+-----+
|EBITA before non-recurring  |       224.7|        147.4|      58.2|409.0|
|capacity adjustment expenses|            |             |          |     |
+----------------------------+------------+-------------+----------+-----+
|% of net sales              |        10.8|          9.7|       4.1|  8.2|
+----------------------------+------------+-------------+----------+-----+



Our operating profit in the first quarter was EUR 69.5 million, or 5.9 percent
of net sales (EUR 58.6 million and 4.8% in Q1/2009). Operating profit before
non-recurring expenses related to capacity adjustment measures was EUR 74.2
million or 6.3 percent of net sales (EUR 80.6 million and 6.6% in Q1/2009).

Operating profit includes foreign exchange gains of about EUR 9 million. A
portion of the segments' internal foreign exchange hedge contracts have been
covered with off-setting foreign currency denominated items. Corresponding
foreign exchange loss is included in Metso's net financing expenses.

Our net financing expenses were EUR 27 million (EUR 22 million in Q1/2009).
Interest expenses were EUR 18 million (EUR 20 million in Q1/2009). Net financing
expenses include EUR 9 million foreign exchange losses related to the above
mentioned foreign exchange gains.

Our profit before taxes was EUR 43 million (EUR 37 million) and we estimate our
tax rate for 2010 to be 30 percent (32% in 2009).

The profit attributable to shareholders was EUR 30 million in the first quarter
(EUR 26 million in Q1/2009), corresponding to earnings per share (EPS) of EUR
0.20 (EUR 0.18/share).

The return on capital employed (ROCE), before taxes, in January-March was 8.1
percent (9.0%) and return on equity (ROE) was 7.6 percent (7.1%).



Cash flow and financing

Net cash generated by operating activities for January-March was EUR 51 million
(EUR 136 million in Q1/2009).

Net working capital increased by EUR 37 million. Capital tied in project
deliveries was offset by an increase in accounts payable.

Free cash flow was EUR 35 million (EUR 120 million in Q1/2009).

Net interest-bearing liabilities totalled EUR 578 million at the end of March
(EUR 583 million at December 31, 2009).

Our total cash assets at the end of March were EUR 893 million, EUR 358 million
of which has been invested in financial instruments with an initial maturity
exceeding three months. The remaining EUR 535 million has been accounted for as
cash and cash equivalents. The syndicated EUR 500 million revolving loan
facility is available until late 2011, and it is currently undrawn. Metso's
liquidity position is good.

At the end of March, our gearing was 32.8 percent (72.6%) and our
equity-to-assets ratio was 34.0 percent (30.3%). In April, following the Annual
General Meeting, we paid EUR 105 million in dividends for 2009.The dividend
payment increased our gearing ratio by about 6 percentage points compared to the
end of March, 2010.



Capital expenditure and R&D

Our gross capital expenditure in January-March, excluding business acquisitions,
was EUR 29 million (EUR 30 million in Q1/2009). The share of maintenance
investments was 59 percent, i.e. EUR 17 million. We estimate new capital
expenditure in 2010 to somewhat exceed the 2009 level (EUR 117 million in 2009).

The first phase of Metso's largest single investment so far in India, Metso
Park, was completed in March. The investment considerably boosts Metso's
presence and responds to the rapid growth in demand for our mining and
construction products and services in the country, as well as in the other
rapidly expanding markets in the Asia-Pacific area.

New plant and office premises will be completed in the spring in Shanghai,
China, for our Automation business. In Finland, we finalized a second upgrade of
a pilot machine at the Paper Technology Center in Jyväskylä. In Zibo, we are
establishing our third service center in China for the pulp and paper industry.
Investment projects in global enterprise resource planning systems are underway
in Mining and Construction Technology and in the Automation business.

Metso's research and development expenses in January-March totaled EUR 24
million, representing 2.1 percent of Metso's net sales (EUR 33 million and 2.7%
in Q1/2009).



Acquisitions, divestments and joint ventures

During the first quarter of 2010, we did not do any business acquisitions or
divestments.

In November of 2009 we concluded a combination agreement with Tamfelt, one of
the world's leading suppliers of technical textiles. The exchange offer was
carried out in November-December of 2009 and successfully completed on December
23, 2009. The remaining 2.0 percent of Tamfelt's shares will be redeemed as per
the Finnish Companies Act. The title to the remaining shares is expected to be
transferred to Metso by the end of second quarter 2010.

Since the acquisition, Tamfelt has been functionally and administratively a part
of our Paper and Fiber Technology segment.



Adjusting capacity during 2009 and in the first quarter of 2010

We carried out considerable capacity adjustment measures in the latter half of
2008 and in 2009. Those measures resulted a reduction in our personnel by about
4,600 people, not including the effects of acquisitions and divestitures. We
estimate that these personnel reductions and other cost-saving measures
correspond to EUR 400-450 million annually, more than EUR 250 million of which
already materialized in 2009. We estimate that over half of these savings,
stemming mostly from personnel reductions and the closing down of units, are
more permanent in nature, while a substantial part of other costs are expected
to be restored gradually, as our business activity and capacity utilization
rates increase.

The only notable capacity adjustment measures set in motion during the first
quarter of 2010 concern the valve supply center in Wittenheim, France and metal
recycling operations in Germany. The Automation business recorded EUR 2.7
million and the Recycling business EUR 0.7 million capacity adjustment expenses
in the first quarter.



Personnel

At the end of March, we had 26,948 employees, which was 218 less than at the end
of 2009 (27,166 employees on December 31, 2009). The number of employees
declined in Paper and Fiber Technology and in Energy and Environmental
Technology and especially in Europe, as a result of capacity adjustment
measures, the impacts of which in some cases come with a delay. During the first
quarter of the year, we had an average of 27,057 employees.

Personnel by area
+-------------------------+-------+----------+-------+----------+------+
|                         |Mar 31,|% of total|Dec 31,|% of total|Change|
|                         |   2010| personnel|   2009| personnel|     %|
+-------------------------+-------+----------+-------+----------+------+
|Finland                  |  8,724|        32|  8,746|        32|     0|
+-------------------------+-------+----------+-------+----------+------+
|Other Nordic countries   |  2,890|        11|  2,995|        11|    -4|
+-------------------------+-------+----------+-------+----------+------+
|Rest of Europe           |  3,493|        13|  3,678|        13|    -5|
+-------------------------+-------+----------+-------+----------+------+
|North America            |  3,373|        13|  3,428|        13|    -2|
+-------------------------+-------+----------+-------+----------+------+
|South and Central America|       |          |       |          |      |
|                         |  2,751|        10|  2,618|        10|     5|
+-------------------------+-------+----------+-------+----------+------+
|Asia-Pacific             |  4,334|        16|  4,316|        16|     0|
+-------------------------+-------+----------+-------+----------+------+
|Africa and Middle East   |  1,383|         5|  1,385|         5|     0|
+-------------------------+-------+----------+-------+----------+------+
|Total                    | 26,948|       100| 27,166|       100|    -1|
+-------------------------+-------+----------+-------+----------+------+



Changes in top management

Mr. Celso Tacla, President of Paper and Fiber Technology in South America, was
appointed as a new member to our Metso Executive Forum from January 22, 2010
onwards.



REPORTING SEGMENTS


Mining and Construction Technology


+----------------------------------------------+-----+------+------+-----+
|EUR million                                   |  Q1/|   Q1/|Change|     |
|                                              | 2010|  2009|     %| 2009|
+----------------------------------------------+-----+------+------+-----+
|Net sales                                     |  472|   528|   -11|2,075|
+----------------------------------------------+-----+------+------+-----+
|Net sales of services business                |  242|   255|    -5|1,017|
+----------------------------------------------+-----+------+------+-----+
|% of net sales                                |   52|    49|      |   49|
+----------------------------------------------+-----+------+------+-----+
|Earnings before interest, tax and amortization|     |      |      |     |
|(EBITA)                                       | 39.5|  55.6|   -29|202.8|
+----------------------------------------------+-----+------+------+-----+
|% of net sales                                |  8.4|  10.5|      |  9.8|
+----------------------------------------------+-----+------+------+-----+
|Operating profit                              | 38.1|  54.9|   -31|198.8|
+----------------------------------------------+-----+------+------+-----+
|% of net sales                                |  8.1|  10.4|      |  9.6|
+----------------------------------------------+-----+------+------+-----+
|Orders received                               |  559|   385|    45|1,660|
+----------------------------------------------+-----+------+------+-----+
|Order backlog at end of period                |1,182| 1,347|   -12|1,041|
+----------------------------------------------+-----+------+------+-----+
|Personnel at end of period                    |9,550|10,826|   -12|9,541|
+----------------------------------------------+-----+------+------+-----+


The net sales of Mining and Construction Technology decreased by 11 percent on
the comparison period, and were EUR 472 million. In the mining business net
sales declined by about 8 percent, while the net sales in the construction
business were down by about 14 percent. The services business net sales
decreased by 5 percent on the comparison period, and accounted for 52 percent of
the segment's net sales (49% in Q1/2009).

Mining and Construction Technology's EBITA for the first quarter was EUR 39.5
million, i.e. 8.4 percent of net sales (EUR 55.6 million and 10.5%). The EBITA
doesn't include any non-recurring expenses relating to capacity adjustment
measures (EUR 3.8 million in Q1/2009).

The profitability of the Services business remained on par with the comparison
period, but the profitability of the Equipment and Systems businesses weakened.
The weakening of the profitability in the equipment business was primarily due
to lower volumes and the price competition on the markets during the second half
of 2009, which, however, began to ease up during the first quarter of 2010 as
the markets took a turn for the positive.

Orders received by Mining and Construction Technology in January-March amounted
to EUR 559 million, which was 45 percent more than in the comparison period.
Orders received from mining customers increased by more than 50 percent and from
construction customers by about 33 percent on the quarter under comparison.
Growth in new orders was strong in all regions. The relative share of orders
received from emerging markets was 53 percent (49% in Q1/2009). Orders received
included grinding equipment for the Kinross Gold goldmine in Brazil and the
Newcrest goldmine in Australia.

The order backlog increased by 14 percent from the end of 2009 and totaled EUR
1,182 million at the end of March (EUR 1,041 million at December 31, 2009).
Uncertainties in the order backlog decreased during the first quarter by around
EUR 30 million as customers restarted previously suspended projects. At the end
of March, our order backlog included mining equipment orders, which are subject
to uncertainties primarily related to delivery schedules, of around EUR 115
million.



Energy and Environmental Technology


+----------------------------------------------+-----+-----+------+-----+
|EUR million                                   |  Q1/|  Q1/|Change|     |
|                                              | 2010| 2009|     %| 2009|
+----------------------------------------------+-----+-----+------+-----+
|Net sales                                     |  332|  397|   -16|1,523|
+----------------------------------------------+-----+-----+------+-----+
|Net sales of services business                |  110|  132|   -17|  516|
+----------------------------------------------+-----+-----+------+-----+
|% of net sales                                |   34|   34|      |   35|
+----------------------------------------------+-----+-----+------+-----+
|Earnings before interest, tax and amortization|     |     |      |     |
|(EBITA)                                       | 28.4| 32.3|   -12|136.3|
+----------------------------------------------+-----+-----+------+-----+
|% of net sales                                |  8.6|  8.1|      |  8.9|
+----------------------------------------------+-----+-----+------+-----+
|Operating profit                              | 23.5| 27.7|   -15|118.1|
+----------------------------------------------+-----+-----+------+-----+
|% of net sales                                |  7.1|  7.0|      |  7.8|
+----------------------------------------------+-----+-----+------+-----+
|Orders received                               |  356|  265|    34|1,297|
+----------------------------------------------+-----+-----+------+-----+
|Order backlog at end of period                |1,073|1,182|    -9|1,032|
+----------------------------------------------+-----+-----+------+-----+
|Personnel at end of period                    |5,873|6,387|    -8|6,060|
+----------------------------------------------+-----+-----+------+-----+


The net sales of Energy and Environmental Technology declined by 16 percent on
the comparison period, and were EUR 332 million. The decrease in net sales was
divided relatively evenly among all of the segments' businesses. The net sales
of the services business decreased by 17 percent on the comparison period and
accounted for 34 percent of the segment's net sales (34% in Q1/2009). The
decrease in the services business was primarily due to the strong comparison
period in Power business, which had some sizable refurbishment project
deliveries at the time.

Energy and Environmental Technology's earnings before interest, tax and
amortization (EBITA) weakened from the comparison period and equaled EUR 28.4
million, or 8.6 percent of net sales (EUR 32.3 million and 8.1% in Q1/2009). The
EBITA includes non-recurring expenses relating to capacity adjustment measures
in the amount of EUR 3.4 million (EUR 1.4 million in Q1/2009). EBITA before
these costs was EUR 31.8 million or 9.6 percent of net sales (EUR 33.7 million
or 8.5% in Q1/2009).

EBITA improved on the comparison period in the Power business and weakened in
the Automation and Recycling businesses, mainly as a result of significantly
lower delivery volumes.

Orders received increased by 34 percent from the comparison period and totaled
EUR 356 million. Orders received increased in all businesses: in the Recycling
business demand clearly strengthened and orders received increased by nearly 80
percent on the exceptionally weak comparison period. Orders received by the
Power business increased by 50 percent and those of the Automation business by
almost 15 percent. Orders received by the segment included biomass boilers for
RWE npower renewables in the UK and, supplied by MW Power, for 4Ham Cogen SA in
Belgium. In addition, several automation project orders for managing power
plants, paper, board and tissue lines as well as oil and gas projects were
received.

The order backlog at the end of March, EUR 1,073 million, was 4 percent higher
than at the end of 2009. The order backlog includes projects worth approximately
EUR 80 million with uncertain delivery schedules. The uncertainty is mostly
related to the deliveries of power boiler and automation technology for Fibria's
pulp mill project in Brazil.



Paper and Fiber Technology

+----------------------------------------------+------+------+------+------+
|EUR million                                   |   Q1/|   Q1/|Change|      |
|                                              |  2010|  2009|     %|  2009|
+----------------------------------------------+------+------+------+------+
|Net sales                                     |   364|   287|    27| 1,408|
+----------------------------------------------+------+------+------+------+
|Net sales of services business                |   159|   132|    20|   569|
+----------------------------------------------+------+------+------+------+
|% of net sales                                |    44|    46|      |    41|
+----------------------------------------------+------+------+------+------+
|Earnings before interest, tax and amortization|      |      |      |      |
|(EBITA)                                       |  18.5| -14.0|   n/a|  16.5|
+----------------------------------------------+------+------+------+------+
|% of net sales                                |   5.1|  -4.9|      |   1.2|
+----------------------------------------------+------+------+------+------+
|Operating profit                              |  11.3| -18.2|   n/a|   0.8|
+----------------------------------------------+------+------+------+------+
|% of net sales                                |   3.1|  -6.3|      |   0.1|
+----------------------------------------------+------+------+------+------+
|Orders received                               |   461|   279|    65| 1,384|
+----------------------------------------------+------+------+------+------+
|Order backlog at end of period                | 1,516| 1,438|     5| 1,380|
+----------------------------------------------+------+------+------+------+
|Personnel at end of period                    |10,326|10,090|     2|10,459|
+----------------------------------------------+------+------+------+------+


The net sales of Paper and Fiber Technology grew by 27 percent in the first
quarter, and were EUR 364 million. The increase in net sales resulted equally
from each of the segments' businesses. The comparable net sales growth excluding
the impact of the Tamfelt acquisition was 15 percent.

The net sales of the services business increased by 20 percent and accounted for
44 percent of the segment's net sales (46% in Q1/2009). The strong growth came
from acquired Tamfelt business while the net sales of the rest of the services
business declined slightly.

Paper and Fiber Technology's earnings before interest, tax and amortization
(EBITA) was EUR 18.5 million, i.e. 5.1 percent of net sales (EUR -14.0 million
in Q1/2009). EBITA included EUR 1.3 million non-recurring expenses relating to
capacity adjustment measures (EUR 16.8 million in Q1/2009). Comparable EBITA
before these costs was EUR 19.8 million or 5.4 percent of net sales (EUR 2.8
million or 1.0% in Q1/2009). The profitability before the one-time capacity
adjustment costs improved in all businesses.

New orders for the paper and board industries increased by 67 percent and for
the pulp industry by 45 percent. New orders for the tissue customers were on par
with the comparison period. Overall, the value of orders received by Paper and
Fiber Technology increased by 65 percent and was EUR 461 million. The increase
in the services orders was 48 percent (19 percent without Tamfelt). Among the
orders received in January-March was board making technology and machinery for
Cheng Loong Corporation in Taiwan, Saica Containerboard in the UK as well as for
Zhejiang Ji'An in China.

The order backlog at the end of March was EUR 1,516 million. Around EUR 240
million relates to the pulp mill project for Fibria in Brazil, the delivery
schedule for which is still open.



Valmet Automotive

Valmet Automotive's net sales in January-March totaled EUR 11 million (EUR 21
million in Q1/2009). The operating loss was EUR 7.1 million (EUR 0.3 million
loss in Q1/2009). The loss resulted from low delivery volumes. Delivery volumes
are expected to improve during the year. At the end of March, Valmet Automotive
employed 705 people (679 people at December 31, 2009).

Valmet Automotive manufactures THINK City electric cars for the Norwegian
company THINK Global AS, and electric golf cars for Danish company Garia A/S.
Additionally, Valmet Automotive has an assembly contract with Porsche AG which
will continue until 2012.

Valmet Automotive also has an agreement with U.S. company Fisker Automotive Inc.
for the manufacturing and engineering of Fisker Karma plug-in hybrid cars. The
aim is to start production of the cars in Finland towards the end of this year.
The annual production is projected to reach 15,000 cars at full capacity.



Decisions of our Annual General Meeting

Our Annual General Meeting (AGM) on March 30, 2010 approved the Financial
Statements for 2009 and decided to discharge the members of the Board of
Directors and the President and CEO from liability for the financial year 2009.
The AGM approved the proposals of the Board to authorize the Board to resolve on
a repurchase of Metso's own shares, on share issue and granting of special
rights and on donations to universities. The AGM also approved the proposal to
amend Article 8 (notice convening a meeting) of the Articles of Association.

The AGM decided that a dividend of EUR 0.70 per share will be paid for 2009. The
dividend was paid on April 13, 2010.

The AGM elected Jukka Viinanen Chairman of the Board and Maija-Liisa Friman Vice
Chairman of the Board. Erkki Pehu-Lehtonen and Mikael von Frenckell were elected
as new members of the Board. The Board members re-elected were Christer Gardell,
Yrjö Neuvo and Pia Rudengren. The term of office of Board members lasts until
the end of the next Annual General Meeting.

The AGM decided that the annual remunerations for Board members would be EUR
92,000 for the Chairman, EUR 56,000 for the Vice Chairman and EUR 45,000 for the
members and that they be paid EUR 600 for each meeting they attend, including
committee meetings. The AGM decided that 40 percent of the fixed annual
remuneration be paid in Metso Corporation shares purchased from the market. The
shares will be purchased directly on behalf of the Board members within two
weeks of the release of the Interim Review January 1-March 31, 2010.

The auditing company, Authorized Public Accountants PricewaterhouseCoopers Oy,
was re-elected as our Auditor until the end of the next AGM.

The AGM decided to establish a Nomination Committee of the AGM to prepare
proposals for the following AGM regarding the composition of the Board and
director remuneration. Representatives of the four biggest shareholders will be
elected to the Nomination Committee on November 1, and the Chairman of the Board
shall be an expert member of the committee.



Members of Metso Board Committees and personnel representatives

Our Board elected members from among the Board for the Audit Committee and
Remuneration and HR Committee at its assembly meeting on March 30, 2010. The
Board's Audit Committee consists of Pia Rudengren (Chairman), Maija-Liisa Friman
and Erkki Pehu-Lehtonen. The Board's Remuneration and HR Committee consists of
Jukka Viinanen (Chairman), Mikael von Frenckell, Christer Gardell and Yrjö
Neuvo.

Metso's personnel groups in Finland have elected Jukka Leppänen as the personnel
representative. He participates in the meetings of our Board of Directors as an
invited external expert, and his term of office is the same as the Board
members' term.



Events after the review period

In April, we acquired Viconsys web inspection and web break system business. The
acquired business, comprising around 30 people, was affiliated to Metso's Energy
and Environmental Technology segment. The acquisition complements our product
and service offering to the paper and other process industries.

In March, we announced the sale of our Flexowell conveyor belt operations to
ContiTech Transportbandsysteme GmbH. Flexowell is part of Metso's Mining and
Construction Technology segment and operates in Germany. The final closing of
the deal will require the relevant regulatory approvals. The sale of operations
will have no material impact on Metso's financial performance. The business is
planned to be transferred on May 1, 2010 and Flexowell's personnel will transfer
to ContiTech Transportbandsysteme GmbH.



Short-term risks of business operations

We estimate that our business environment will improve during 2010.

If the recovery in the global economy is interrupted and downturn continues, it
might have adverse effects on new projects under negotiation or projects in our
order backlog. Some projects may be postponed or they may be suspended or
canceled. We estimate that slightly more than 10 percent of orders in the order
backlog at the moment are subject to uncertainties relating to delivery
schedules. In long-term delivery projects the customer advance payment is
typically 10-30 percent of the value of the project, in addition to which the
customer makes progress payments during the project execution, which
significantly decreases risk and our financing requirements related to projects.
We continually assess our customers' creditworthiness and ability to meet their
obligations. As a rule, we do not finance customer projects.

We have adjusted our capacity and cost structure to correspond with the lower
demand, in order to maintain our competitiveness. If the recovery of the global
economy is interrupted and the downturn continues, the markets for our products
may contract, which may lead to tightening price competition. Also our suppliers
have strongly adjusted their capacity during the past 18 months and it is
possible that once demand picks up again, suppliers' ability to supply raw
materials, components and subcontracting services may have weakened, which may
result in delivery problems.

Securing the continuity of our operations requires that sufficient funding is
available under all circumstances. We estimate that our cash assets totaling EUR
893 million and available credit facilities are sufficient to secure short-term
liquidity. Committed credit facilities available for withdrawal amounted to EUR
500 million. The average repayment period for our long-term debt is 3.3 years.
More than half of our long-term debt will mature after 2011. There are no
prepayment covenants in our debt facilities that would be triggered by changes
in credit ratings. Some of our debt facilities include financial covenants
related to capital structure. Currently we fully meet the covenants and other
terms related to our financing agreements and we consider our flexibility in
relation to these to be adequate.

The levels of net working capital and capital expenditure have a fundamental
effect on the adequacy of financing. We estimate that we are well positioned to
keep our capital expenditure at a moderate level in the coming years.

We have EUR 873 million of goodwill on our balance sheet which is related to
business acquisitions made over the last 10 years. Following the significant
changes in our business environment, we have conducted impairment testing
reviews in every quarter since September 2008, and have not found any impairment
necessary. The quarterly testing reviews have been conducted with the same
principles as the annual tests and the discount rates have been adjusted when
appropriate. The principles of the impairment testing are presented in our
Annual Report.

Changes in the prices of raw materials and components could affect our
profitability. On the other hand, some of our customers are raw material
producers, whose ability to operate and invest may be enhanced by strengthening
raw material prices and hampered by declining raw material prices.

Currency exchange rate risks are among the most substantial financial risks.
Exchange rate changes can affect our business, although the wide geographical
scope of our operations decreases the impact of any individual currency. The
general uncertainty in the economy is likely to increase exchange rate
fluctuations. We hedge the currency exposures that arise from firm delivery and
purchase agreements.



Short-term outlook

Global economic recovery is strengthening and there are positive signs in demand
in most of our customer industries. The improving capacity utilization rates are
supporting our services business and most of our customers are gradually
regaining their confidence to increase the level of their investments.

The number of quotations for equipment and projects from mining companies has
clearly increased. This has already had a positive impact on our orders and we
expect this to continue during the rest of 2010, contributing to an overall
satisfactory trading environment. Due to the strengthening demand and price
level for minerals as well as our large installed equipment base, we expect
demand for our mining services to continue to improve.

We anticipate that demand for equipment used in aggregates production by the
construction industry will be satisfactory in Europe and weak in North America
during the year. In the Asia-Pacific region and Brazil, infrastructure
construction projects are maintaining good demand thanks to economic growth and
stimulus packages. We estimate that demand for our services business for the
construction industry will remain satisfactory.

Demand for power plants that utilize renewable energy sources is expected to be
good in Europe and North America in 2010. Several countries have published
targets to increase the use of renewable energy and this is expected to support
demand for our power plant solutions fuelled by biomass and waste. Demand for
the power plant services business is expected to be satisfactory.

We estimate that demand for our automation products will be satisfactory during
this year, as the oil, gas and petrochemical industries increase their
investments due to the improvement in energy prices and demand. Demand for our
services business for automation solutions is expected to be satisfactory.

We expect the demand for metal recycling equipments to improve due to the
increasing production volumes of steel, resulting from the strengthening of the
global economy. The demand for solid-waste recycling equipment is estimated to
be satisfactory. Demand for recycling equipment services is expected to improve
in 2010 as the capacity utilization rates of our customers' plants and equipment
improve.

We estimate that demand for new fiber lines will recover to a satisfactory
level, and demand for rebuilds and services will strengthen during the year.
Demand for paper, board and tissue lines is expected to be satisfactory. We
expect the capacity utilization rates of the paper and board industry to improve
during the year, which should increase the demand for our services business.

We estimate that our net sales in 2010 will exceed the EUR 5 billion level of
2009, and that our profitability will be satisfactory. Our estimate is based on
our order backlog, which contains about EUR 2.6 billion worth of deliveries for
2010, and on the expectation that the recovery of the global economy will
continue.

The net sales and profitability estimates are based on Metso's current market
outlook and business scope as well as foreign exchange rates similar to the
first quarter.



Previous guidance (from Financial Statements Review 2009, published on February
8, 2010): "We estimate our net sales in 2010 to remain at about the same EUR 5
billion level as in 2009, and profitability to remain satisfactory. Our estimate
is based on our order backlog, which contains about EUR 2.7 billion worth of
deliveries for 2010, and on the expectation of continued gradual recovery of
global economy. The net sales and profitability estimates are based on Metso's
current market outlook and business scope."



Helsinki, April 29, 2010
Metso Corporation's Board of Directors



It should be noted that certain statements herein which are not historical
facts, including, without limitation, those regarding expectations for general
economic development and the market situation, expectations for customer
industry profitability and investment willingness, expectations for company
growth, development and profitability and the realization of synergy benefits
and cost savings, and statements preceded by "expects", "estimates", "forecasts"
or similar expressions, are forward-looking statements. These statements are
based on current decisions and plans and currently known factors. They involve
risks and uncertainties which may cause the actual results to materially differ
from the results currently expected by the company.

Such factors include, but are not limited to:

 1. general economic conditions, including fluctuations in exchange rates and
    interest levels which influence the operating environment and profitability
    of customers and thereby the orders received by the company and their
    margins

 2. the competitive situation, especially significant technological solutions
    developed by competitors

 3. the company's own operating conditions, such as the success of production,
    product development and project management and their continuous development
    and improvement

 4. the success of pending and future acquisitions and restructuring.





   The Interim Review is unaudited





CONSOLIDATED STATEMENT OF INCOME






+--------------------------------------------+--------+--------+---------+
|EUR million                                 |1-3/2010|1-3/2009|1-12/2009|
+--------------------------------------------+--------+--------+---------+
|Net sales                                   |   1,170|   1,220|    5,016|
+--------------------------------------------+--------+--------+---------+
|Cost of goods sold                          |    -879|    -925|   -3,808|
+--------------------------------------------+--------+--------+---------+
|Gross profit                                |     291|     295|    1,208|
+--------------------------------------------+--------+--------+---------+
|Selling, general and administrative expenses|    -233|    -239|     -938|
+--------------------------------------------+--------+--------+---------+
|Other operating income and expenses, net    |      12|       3|       24|
+--------------------------------------------+--------+--------+---------+
|Share in profits of associated companies    |       0|       0|        0|
+--------------------------------------------+--------+--------+---------+
|Operating profit                            |      70|      59|      294|
+--------------------------------------------+--------+--------+---------+
|% of net sales                              |    5.9%|    4.8%|     5.9%|
+--------------------------------------------+--------+--------+---------+
|Financial income and expenses, net          |     -27|     -22|      -72|
+--------------------------------------------+--------+--------+---------+
|Profit before taxes                         |      43|      37|      222|
+--------------------------------------------+--------+--------+---------+
|Income taxes                                |     -13|     -11|      -71|
+--------------------------------------------+--------+--------+---------+
|Profit                                      |      30|      26|      151|
+--------------------------------------------+--------+--------+---------+
+--------------------------------------------+--------+--------+---------+
|Attributable to:                            |        |        |         |
+--------------------------------------------+--------+--------+---------+
|Shareholders of the company                 |      30|      26|      150|
+--------------------------------------------+--------+--------+---------+
|Minority interests                          |       0|       0|        1|
+--------------------------------------------+--------+--------+---------+
|Profit                                      |      30|      26|      151|
+--------------------------------------------+--------+--------+---------+
+--------------------------------------------+--------+--------+---------+
+--------------------------------------------+--------+--------+---------+
|Earnings per share, EUR                     |    0.20|    0.18|     1.06|
+--------------------------------------------+--------+--------+---------+
|Diluted earnings per share, EUR             |    0.20|    0.18|     1.06|
+--------------------------------------------+--------+--------+---------+
+--------------------------------------------+--------+--------+---------+
+--------------------------------------------+--------+--------+---------+



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

+--------------------------------------------------+--------+--------+---------+
+--------------------------------------------------+--------+--------+---------+
|EUR million                                       |1-3/2010|1-3/2009|1-12/2009|
+--------------------------------------------------+--------+--------+---------+
|Profit                                            |      30|      26|      151|
+--------------------------------------------------+--------+--------+---------+
+--------------------------------------------------+--------+--------+---------+
|Cash flow hedges, net of tax                      |      -6|      -5|       14|
+--------------------------------------------------+--------+--------+---------+
|Available-for-sale equity investments, net of tax |       1|       6|       -1|
+--------------------------------------------------+--------+--------+---------+
|Currency translation on subsidiary net investments|      62|      38|       74|
+--------------------------------------------------+--------+--------+---------+
|Net investment hedge gains (losses), net of tax   |     -11|      -9|        0|
+--------------------------------------------------+--------+--------+---------+
|Defined benefit plan actuarial gains (losses), net|       0|       0|       -2|
|of tax                                            |        |        |         |
+--------------------------------------------------+--------+--------+---------+
|Other comprehensive income (expense)              |      46|      30|       85|
+--------------------------------------------------+--------+--------+---------+
|                                                  |        |        |         |
+--------------------------------------------------+--------+--------+---------+
|Total comprehensive income (expense)              |      76|      56|      236|
+--------------------------------------------------+--------+--------+---------+
+--------------------------------------------------+--------+--------+---------+
|Attributable to:                                  |        |        |         |
+--------------------------------------------------+--------+--------+---------+
|Shareholders of the company                       |      76|      56|      235|
+--------------------------------------------------+--------+--------+---------+
|Minority interests                                |       0|       0|        1|
+--------------------------------------------------+--------+--------+---------+
|Total comprehensive income (expense)              |      76|      56|      236|
+--------------------------------------------------+--------+--------+---------+




+-------------------------------------------+-------+-------+-------+
|CONSOLIDATED BALANCE SHEET                 |       |       |       |
+-------------------------------------------+-------+-------+-------+
+-------------------------------------------+-------+-------+-------+
+-------------------------------------------+-------+-------+-------+
|ASSETS                                     |       |       |       |
+-------------------------------------------+-------+-------+-------+
+-------------------------------------------+-------+-------+-------+
+-------------------------------------------+-------+-------+-------+
|EUR million                                |Mar 31,|Mar 31,|Dec 31,|
|                                           |   2010|   2009|   2009|
+-------------------------------------------+-------+-------+-------+
|Non-current assets                         |       |       |       |
+-------------------------------------------+-------+-------+-------+
|Intangible assets                          |       |       |       |
+-------------------------------------------+-------+-------+-------+
|Goodwill                                   |    873|    789|    863|
+-------------------------------------------+-------+-------+-------+
|Other intangible assets                    |    302|    254|    312|
+-------------------------------------------+-------+-------+-------+
|                                           |  1,175|  1,043|  1,175|
+-------------------------------------------+-------+-------+-------+
|Property, plant and equipment              |       |       |       |
+-------------------------------------------+-------+-------+-------+
|Land and water areas                       |     64|     59|     62|
+-------------------------------------------+-------+-------+-------+
|Buildings and structures                   |    268|    245|    261|
+-------------------------------------------+-------+-------+-------+
|Machinery and equipment                    |    457|    372|    449|
+-------------------------------------------+-------+-------+-------+
|Assets under construction                  |     53|     55|     47|
+-------------------------------------------+-------+-------+-------+
|                                           |    842|    731|    819|
+-------------------------------------------+-------+-------+-------+
|Financial and other assets                 |       |       |       |
+-------------------------------------------+-------+-------+-------+
|Investments in associated companies        |     13|     14|     13|
+-------------------------------------------+-------+-------+-------+
|Available-for-sale equity investments      |     17|     26|     15|
+-------------------------------------------+-------+-------+-------+
|Loan and other interest bearing receivables|      6|      8|      9|
+-------------------------------------------+-------+-------+-------+
|Available-for-sale financial investments   |    244|      5|    130|
+-------------------------------------------+-------+-------+-------+
|Financial instruments held for trading     |     40|      0|     40|
+-------------------------------------------+-------+-------+-------+
|Derivative financial instruments           |      0|      0|      0|
+-------------------------------------------+-------+-------+-------+
|Deferred tax asset                         |    184|    173|    171|
+-------------------------------------------+-------+-------+-------+
|Other non-current assets                   |     33|     23|     44|
+-------------------------------------------+-------+-------+-------+
|                                           |    537|    249|    422|
+-------------------------------------------+-------+-------+-------+
+-------------------------------------------+-------+-------+-------+
|Total non-current assets                   |  2,554|  2,023|  2,416|
+-------------------------------------------+-------+-------+-------+
+-------------------------------------------+-------+-------+-------+
|Current assets                             |       |       |       |
+-------------------------------------------+-------+-------+-------+
|Inventories                                |  1,234|  1,591|  1,172|
+-------------------------------------------+-------+-------+-------+
+-------------------------------------------+-------+-------+-------+
|Receivables                                |       |       |       |
+-------------------------------------------+-------+-------+-------+
|Trade and other receivables                |  1,060|  1,035|    938|
+-------------------------------------------+-------+-------+-------+
|Cost and earnings of projects under        |    340|    334|    312|
|construction in excess of advance billings |       |       |       |
+-------------------------------------------+-------+-------+-------+
|Loan and other interest bearing receivables|      8|      8|      8|
+-------------------------------------------+-------+-------+-------+
|Available-for-sale financial assets        |     74|      -|     79|
+-------------------------------------------+-------+-------+-------+
|Derivative financial instruments           |     21|     27|     21|
+-------------------------------------------+-------+-------+-------+
|Income tax receivables                     |     46|     22|     42|
+-------------------------------------------+-------+-------+-------+
|                                           |  1,549|  1,426|  1,400|
+-------------------------------------------+-------+-------+-------+
+-------------------------------------------+-------+-------+-------+
|Cash and cash equivalents                  |    535|    436|    727|
+-------------------------------------------+-------+-------+-------+
+-------------------------------------------+-------+-------+-------+
|Total current assets                       |  3,318|  3,453|  3,299|
+-------------------------------------------+-------+-------+-------+
+-------------------------------------------+-------+-------+-------+
|TOTAL ASSETS                               |  5,872|  5,476|  5,715|
+-------------------------------------------+-------+-------+-------+


SHAREHOLDERS' EQUITY AND LIABILITIES





+---------------------------------------------------+-------+-------+-------+
|EUR million                                        |Mar 31,|Mar 31,|Dec 31,|
|                                                   |   2010|   2009|   2009|
+---------------------------------------------------+-------+-------+-------+
|Equity                                             |       |       |       |
+---------------------------------------------------+-------+-------+-------+
|Share capital                                      |    241|    241|    241|
+---------------------------------------------------+-------+-------+-------+
|Cumulative translation adjustments                 |    -11|   -107|    -62|
+---------------------------------------------------+-------+-------+-------+
|Fair value and other reserves                      |    699|    489|    710|
+---------------------------------------------------+-------+-------+-------+
|Retained earnings                                  |    820|    775|    894|
+---------------------------------------------------+-------+-------+-------+
|Equity attributable to shareholders                |  1,749|  1,398|  1,783|
+---------------------------------------------------+-------+-------+-------+
+---------------------------------------------------+-------+-------+-------+
|Minority interests                                 |      9|      9|      9|
+---------------------------------------------------+-------+-------+-------+
+---------------------------------------------------+-------+-------+-------+
|Total equity                                       |  1,758|  1,407|  1,792|
+---------------------------------------------------+-------+-------+-------+
+---------------------------------------------------+-------+-------+-------+
|Liabilities                                        |       |       |       |
+---------------------------------------------------+-------+-------+-------+
|Non-current liabilities                            |       |       |       |
+---------------------------------------------------+-------+-------+-------+
|Long-term debt                                     |  1,326|  1,080|  1,334|
+---------------------------------------------------+-------+-------+-------+
|Post employment benefit obligations                |    191|    192|    190|
+---------------------------------------------------+-------+-------+-------+
|Provisions                                         |     51|     41|     52|
+---------------------------------------------------+-------+-------+-------+
|Derivative financial instruments                   |      6|     11|      5|
+---------------------------------------------------+-------+-------+-------+
|Deferred tax liability                             |     53|     47|     56|
+---------------------------------------------------+-------+-------+-------+
|Other long-term liabilities                        |     13|      3|      4|
+---------------------------------------------------+-------+-------+-------+
|Total non-current liabilities                      |  1,640|  1,374|  1,641|
+---------------------------------------------------+-------+-------+-------+
+---------------------------------------------------+-------+-------+-------+
|Current liabilities                                |       |       |       |
+---------------------------------------------------+-------+-------+-------+
|Current portion of long-term debt                  |    106|    189|    173|
+---------------------------------------------------+-------+-------+-------+
|Short-term debt                                    |     53|    210|     69|
+---------------------------------------------------+-------+-------+-------+
|Trade and other payables                           |  1,310|  1,150|  1,065|
+---------------------------------------------------+-------+-------+-------+
|Provisions                                         |    221|    245|    235|
+---------------------------------------------------+-------+-------+-------+
|Advances received                                  |    405|    484|    363|
+---------------------------------------------------+-------+-------+-------+
|Billings in excess of cost and earnings of projects|    295|    350|    330|
|under construction                                 |       |       |       |
+---------------------------------------------------+-------+-------+-------+
|Derivative financial instruments                   |     45|     59|     21|
+---------------------------------------------------+-------+-------+-------+
|Income tax liabilities                             |     39|      8|     26|
+---------------------------------------------------+-------+-------+-------+
|Total current liabilities                          |  2,474|  2,695|  2,282|
+---------------------------------------------------+-------+-------+-------+
|                                                   |       |       |       |
+---------------------------------------------------+-------+-------+-------+
|Total liabilities                                  |  4,114|  4,069|  3,923|
+---------------------------------------------------+-------+-------+-------+
|                                                   |       |       |       |
+---------------------------------------------------+-------+-------+-------+
|TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES         |  5,872|  5,476|  5,715|
+---------------------------------------------------+-------+-------+-------+
+---------------------------------------------------+-------+-------+-------+
+--------------------------------+-------+-------+-------+
+--------------------------------+-------+-------+-------+
|NET INTEREST BEARING LIABILITIES|       |       |       |
+--------------------------------+-------+-------+-------+
|                                |Mar 31,|Mar 31,|Dec 31,|
|                                |   2010|   2009|   2009|
+--------------------------------+-------+-------+-------+
|Long-term interest bearing debt |  1,326|  1,080|  1,334|
+--------------------------------+-------+-------+-------+
|Short-term interest bearing debt|    159|    399|    242|
+--------------------------------+-------+-------+-------+
|Cash and cash equivalents       |   -535|   -436|   -727|
+--------------------------------+-------+-------+-------+
|Other interest bearing assets   |   -372|    -21|   -266|
+--------------------------------+-------+-------+-------+
|Total                           |    578|  1,022|    583|
+--------------------------------+-------+-------+-------+



+--------------------------------------------------------+---+----+-----+
|CONDENSED CONSOLIDATED CASH FLOW STATEMENT              |   |    |     |
+-------------------------------------------------------++---+----+-----+
+-------------------------------------------------------+----+----+-----+
|EUR million                                            |1-3/|1-3/|1-12/|
|                                                       |2010|2009| 2009|
+-------------------------------------------------------+----+----+-----+
|Cash flows from operating activities:                  |    |    |     |
+-------------------------------------------------------+----+----+-----+
|Profit                                                 |  30|  26|  151|
+-------------------------------------------------------+----+----+-----+
|Adjustments to reconcile profit to net cash provided by|    |    |     |
|operating activities                                   |    |    |     |
+-------------------------------------------------------+----+----+-----+
|Depreciation and amortization                          |  43|  36|  143|
+-------------------------------------------------------+----+----+-----+
|Interests and dividend income                          |  13|  16|   58|
+-------------------------------------------------------+----+----+-----+
|Income taxes                                           |  13|  11|   71|
+-------------------------------------------------------+----+----+-----+
|Other                                                  |  10|   9|   18|
+-------------------------------------------------------+----+----+-----+
|Change in net working capital                          | -37|  94|  518|
+-------------------------------------------------------+----+----+-----+
|Cash flows from operations                             |  72| 192|  959|
+-------------------------------------------------------+----+----+-----+
|Interest paid and dividends received                   |  -6| -11|  -51|
+-------------------------------------------------------+----+----+-----+
|Income taxes paid                                      | -15| -45| -138|
+-------------------------------------------------------+----+----+-----+
|Net cash provided by (used in) operating activities    |  51| 136|  770|
+-------------------------------------------------------+----+----+-----+
|Cash flows from investing activities:                  |    |    |     |
+-------------------------------------------------------+----+----+-----+
|Capital expenditures on fixed assets                   | -28| -30| -116|
+-------------------------------------------------------+----+----+-----+
|Proceeds from sale of fixed assets                     |   1|   2|    8|
+-------------------------------------------------------+----+----+-----+
|Business acquisitions, net of cash acquired            |  -3|  -3|   -1|
+-------------------------------------------------------+----+----+-----+
|Proceeds from sale of businesses, net of cash sold     |   -|   2|    2|
+-------------------------------------------------------+----+----+-----+
|(Investments in) proceeds from sale of financial assets|-109|   -| -221|
+-------------------------------------------------------+----+----+-----+
|Other                                                  |   3|   0|    1|
+-------------------------------------------------------+----+----+-----+
|Net cash provided by (used in) investing activities    |-136| -29| -327|
+-------------------------------------------------------+----+----+-----+
|Cash flows from financing activities:                  |    |    |     |
+-------------------------------------------------------+----+----+-----+
|Redemption of own shares                               |  -7|  -2|   -2|
+-------------------------------------------------------+----+----+-----+
|Dividends paid                                         |   -|   -|  -99|
+-------------------------------------------------------+----+----+-----+
|Net funding                                            |-115|  13|   59|
+-------------------------------------------------------+----+----+-----+
|Other                                                  |   -|   -|   -6|
+-------------------------------------------------------+----+----+-----+
|Net cash provided by (used in) financing activities    |-122|  11|  -48|
+-------------------------------------------------------+----+----+-----+
|Net increase (decrease) in cash and cash equivalents   |-207| 118|  395|
+-------------------------------------------------------+----+----+-----+
|Effect from changes in exchange rates                  |  15|   4|   18|
+-------------------------------------------------------+----+----+-----+
|Cash and cash equivalents at beginning of period       | 727| 314|  314|
+-------------------------------------------------------+----+----+-----+
|Cash and cash equivalents at end of period             | 535| 436|  727|
+-------------------------------------------------------+----+----+-----+
+-------------------------------------------------------+----+----+-----+
+-------------------------------------------------------+----+----+-----+
+-------------------------------------------------------+----+----+-----+
|FREE CASH FLOW                                         |    |    |     |
+-------------------------------------------------------+----+----+-----+
+-------------------------------------------------------+----+----+-----+
+-------------------------------------------------------+----+----+-----+
|EUR million                                            |1-3/|1-3/|1-12/|
|                                                       |2010|2009| 2009|
+-------------------------------------------------------+----+----+-----+
|Net cash provided by operating activities              |  51| 136|  770|
+-------------------------------------------------------+----+----+-----+
|Capital expenditures on maintenance investments        | -17| -18|  -61|
+-------------------------------------------------------+----+----+-----+
|Proceeds from sale of fixed assets                     |   1|   2|    8|
+-------------------------------------------------------+----+----+-----+
|Free cash flow                                         |  35| 120|  717|
+-------------------------------------------------------+----+----+-----+


+----------------------------------------------------------------++---+-+----+++
|CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY       ||   | |    |||
+-------------------------------+-----+------+------+-----++-----++---+++---++++
+-------------------------------+-----+------+-----++----+++----+----+-+---++--+
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|                               |     |   Cu-|     |     |   Eq-|    |     |   |
|                               |     |   mu-|     |     |  uity|    |     |   |
|                               |     |   la-|     |     |   at-|    |     |   |
|                               |     |  tive| Fair|     |  tri-|    |     |   |
|                               |     |trans-|value|     |  but-| Mi-|     |   |
|                               |     |   la-|  and|  Re-|  able|nor-|     |   |
|                               |     |  tion|other|tain-|    to| ity|  To-|   |
|                               |Share|   ad-| re- |   ed|share-| in-|  tal|   |
|                               |capi-| just-|ser- |earn-| hold-|ter-|  eq-|   |
|EUR million                    |  tal| ments| ves | ings|   ers|ests| uity|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Balance at Jan 1, 2009         |  241|  -136|  490|  849| 1,444|   9|1,453|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Profit                         |    -|     -|    -|   26|    26|   -|   26|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Other comprehensive income     |     |      |     |     |      |    |     |   |
|(expense)                      |     |      |     |     |      |    |     |   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Cash flow hedges, net of tax   |    -|     -|   -5|    -|    -5|   -|   -5|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Available-for-sale equity      |     |      |     |     |      |    |     |   |
|investments, net of tax        |    -|     -|    6|    -|     6|   -|    6|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Currency translation on        |     |      |     |     |      |    |     |   |
|subsidiary net investments     |    -|    38|    -|    -|    38|   -|   38|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Net investment hedge gains     |     |      |     |     |      |    |     |   |
|(losses), net of tax           |    -|    -9|    -|    -|    -9|   -|   -9|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Total comprehensive income     |     |      |     |     |      |    |     |   |
|(expense)                      |    -|    29|    1|   26|    56|   -|   56|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Dividends                      |    -|     -|    -|  -99|   -99|   -|  -99|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Redemption of own shares       |    -|     -|   -3|    -|    -3|   -|   -3|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Share-based payments, net of   |     |      |     |     |      |    |     |   |
|tax                            |    -|     -|    1|    -|     1|   -|    1|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Other                          |    -|     -|    -|   -1|    -1|   -|   -1|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Balance at Mar 31, 2009        |  241|  -107|  489|  775| 1,398|   9|1,407|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Balance at Jan 1, 2010         |  241|   -62|  710|  894| 1,783|   9|1,792|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Profit                         |    -|     -|    -|   30|    30|   -|   30|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Other comprehensive income     |     |      |     |     |      |    |     |   |
|(expense)                      |     |      |     |     |      |    |     |   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Cash flow hedges, net of tax   |    -|     -|   -6|    -|    -6|   -|   -6|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Available-for-sale equity      |     |      |     |     |      |    |     |   |
|investments, net of tax        |    -|     -|    1|    -|     1|   -|    1|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Currency translation on        |     |      |     |     |      |    |     |   |
|subsidiary net investments     |    -|    62|    -|    -|    62|   -|   62|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Net investment hedge gains     |     |      |     |     |      |    |     |   |
|(losses),                      |     |      |     |     |      |    |     |   |
|net of tax                     |    -|   -11|    -|    -|   -11|   -|  -11|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Total comprehensive income     |     |      |     |     |      |    |     |   |
|(expense)                      |    -|    51|   -5|   30|    76|   -|   76|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Dividends                      |    -|     -|    -| -104|  -104|   -| -104|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Redemption of own shares       |    -|     -|   -7|    -|    -7|   -|   -7|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Share-based payments, net of   |     |      |     |     |      |    |     |   |
|tax                            |    -|     -|    1|    -|     1|   -|    1|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Other                          |    -|     -|    -|    0|     0|   -|    0|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+
|Balance at Mar 31, 2010        |  241|   -11|  699|  820| 1,749|   9|1,758|   |
+-------------------------------+-----+------+-----+-----+------+----+-----+---+



+---------------------------------+--------+-----------+-----------------------+
|ACQUISITIONS                     |        |           |                       |
+---------------------------------+--------+-----------+-----------------------+
+---------------------------------+--------+-----------+-----------------------+
|Acquisition of Tamfelt in 2009   |        |           |                       |
+---------------------------------+--------+-----------+-----------------------+
+---------------------------------+--------+-----------+-----------------------+
|Metso acquired Tamfelt Corporation, a Finnish corporation listed in the NASDAQ|
|OMX Helsinki exchange, through a public share exchange offer that was         |
|completed at the end of December 2009. The total transaction value was EUR    |
|215 million whereof EUR 206 million was compensated by offering 8,593,642 new |
|Metso shares representing 95.2% of Tamfelt's shares and votes. Prior to the   |
|transaction, Metso held Tamfelt shares worth EUR 4 million i.e. 2.8% of       |
|Tamfelt's shares and votes. The remaining 2.0% of Tamfelt's shares, estimated |
|to amount to about EUR 4 million, will be redeemed with cash in 2010 as per   |
|the Finnish Companies Act. The transaction value includes EUR 5 million in    |
|expenses and transfer taxes related to the acquisition.                       |
+---------------------------------+--------+-----------+-----------------------+
+---------------------------------+--------+-----------+-----------------------+
|The transaction value, together with the shares already held, exceeded the net|
|assets of Tamfelt by EUR 117 million, whereof EUR 50 million was allocated to |
|intangible assets, representing the fair values of acquired customer base,    |
|order backlog and technology. Furthermore, EUR 10 million was allocated to the|
|property, plant and equipment, to reflect their appraisal to fair values. The |
|deferred tax liability resulting from these allocations was EUR 16 million.   |
|The remaining EUR 73 million represents goodwill, which reflects the value of |
|assembled workforce, significant synergy benefits and widened business        |
|portfolio offering Metso potential to expand its operations into new markets  |
|and customer segments.                                                        |
+---------------------------------+--------+-----------+-----------------------+
+---------------------------------+--------+-----------+-----------------------+
|Had the acquisition occurred on January 1, 2009, Metso's net sales would have |
|increased by EUR 130 million. The calculation of pro forma net income of the  |
|acquired business would be impracticable considering the effects of the       |
|acquisition cost.                                                             |
+---------------------------------+--------+-----------+-----------------------+
+---------------------------------+--------+-----------+-----------------------+
|Preliminary details of the acquired net assets and goodwill are as follows:   |
+---------------------------------+--------+-----------+-----------------------+
+---------------------------------+--------+-----------+-----------------------+
+---------------------------------+--------+-----------+-----------------------+
|EUR million                      |Carrying| Fair value|                   Fair|
|                                 |  amount|allocations|                  value|
+---------------------------------+--------+-----------+-----------------------+
|Intangible assets                |       4|         50|                     54|
+---------------------------------+--------+-----------+-----------------------+
|Property, plant and equipment    |      87|         10|                     97|
+---------------------------------+--------+-----------+-----------------------+
|Inventories                      |      30|          -|                     30|
+---------------------------------+--------+-----------+-----------------------+
|Trade and other receivables      |      30|          -|                     30|
+---------------------------------+--------+-----------+-----------------------+
|Deferred tax liabilities, net    |      -9|        -16|                    -25|
+---------------------------------+--------+-----------+-----------------------+
|Other liabilities assumed        |     -23|          -|                    -23|
+---------------------------------+--------+-----------+-----------------------+
|Non-interest bearing net assets  |     119|         44|                    163|
+---------------------------------+--------+-----------+-----------------------+
+---------------------------------+--------+-----------+-----------------------+
|Cash and cash equivalents        |        |           |                     19|
|acquired                         |        |           |                       |
+---------------------------------+--------+-----------+-----------------------+
|Debt assumed                     |        |           |                    -36|
+---------------------------------+--------+-----------+-----------------------+
|Transaction value                |        |           |                   -215|
+---------------------------------+--------+-----------+-----------------------+
|Pre-acquisition holding of       |        |           |                     -4|
|Tamfelt shares                   |        |           |                       |
+---------------------------------+--------+-----------+-----------------------+
|Goodwill                         |        |           |                     73|
+---------------------------------+--------+-----------+-----------------------+
+---------------------------------+--------+-----------+-----------------------+
|Transaction value settled in cash|        |           |                     -5|
+---------------------------------+--------+-----------+-----------------------+
|Cash and cash equivalents        |        |           |                     19|
|acquired                         |        |           |                       |
+---------------------------------+--------+-----------+-----------------------+
|Total cash inflow on acquisition |        |           |                     14|
|in 2009                          |        |           |                       |
+---------------------------------+--------+-----------+-----------------------+
+---------------------------------+--------+-----------+-----------------------+
|Amounts settled in 2010          |        |           |                     -3|
+---------------------------------+--------+-----------+-----------------------+
|Total cash inflow on Tamfelt     |        |           |                     11|
|acquisition                      |        |           |                       |
+---------------------------------+--------+-----------+-----------------------+


+-------------------------------------------++---------------+-------++
|ASSETS PLEDGED AND CONTINGENT LIABILITIES  ||               |       ||
+------------------------------------------+++-------+-------+-------++
+------------------------------------------+---------+-------+-------++
+------------------------------------------+---------+-------+-------++
|EUR million                               |  Mar 31,|Mar 31,|Dec 31,||
|                                          |     2010|   2009|   2009||
+------------------------------------------+---------+-------+-------++
|Mortgages on corporate debt               |        3|      4|     20||
+------------------------------------------+---------+-------+-------++
|Other pledges and contingencies           |         |       |       ||
+------------------------------------------+---------+-------+-------++
|Mortgages                                 |        1|      1|      1||
+------------------------------------------+---------+-------+-------++
|Pledged assets                            |        -|      0|      -||
+------------------------------------------+---------+-------+-------++
|Guarantees on behalf of associated company|        -|      -|      -||
|obligations                               |         |       |       ||
+------------------------------------------+---------+-------+-------++
|Other guarantees                          |        5|     11|      7||
+------------------------------------------+---------+-------+-------++
+------------------------------------------+---------+-------+-------++
|Repurchase and other commitments          |        6|      6|      6||
+------------------------------------------+---------+-------+-------++
|Lease commitments                         |      227|    164|    226||
+------------------------------------------+---------+-------+-------++
|                                                    |       |       ||
|                                                    |       |       ||
|NOTIONAL AMOUNTS OF DERIVATIVE FINANCIAL INSTRUMENTS|       |       ||
+----------------------------------------------------+-------+-------++
+-------------------------------+-------+-------+-----------------------------++
+-------------------------------+-------+-------+-----------------------------++
+-------------------------------+-------+-------+-----------------------------++
+-------------------------------+-------+-------+-----------------------------++
|EUR million                    |Mar 31,|Mar 31,|                      Dec 31,||
|                               |   2010|   2009|                         2009||
+-------------------------------+-------+-------+-----------------------------++
|Forward exchange rate contracts|  1,662|  1,254|                        1,390||
+-------------------------------+-------+-------+-----------------------------++
|Interest rate swaps            |    183|    168|                          128||
+-------------------------------+-------+-------+-----------------------------++
|Option agreements              |       |       |                             ||
+-------------------------------+-------+-------+-----------------------------++
|Bought                         |      3|      -|                           13||
+-------------------------------+-------+-------+-----------------------------++
|Sold                           |     13|      -|                            6||
+-------------------------------+-------+-------+-----------------------------++
+-------------------------------+-------+-------+-----------------------------++
|The notional amount of electricity forwards was 700 GWh as of March 31, 2010 ||
|and 616 GWh as of March 31, 2009.                                            ||
+-----------------------------------------------------------------------------++
|The notional amount of nickel forwards to hedge stainless steel prices was   ||
|282 tons as of March 31, 2010 and 210 tons as of March 31, 2009.             ||
+-----------------------------------------------------------------------------++
|The notional amounts indicate the volumes in the use of derivatives, but do  ||
|not indicate the exposure to risk.                                           ||
+-----------------------------------------------------------------------------++


KEY RATIOS

+--------------------------------------------------+--------+--------+---------+
+--------------------------------------------------+--------+--------+---------+
|                                                  |1-3/2010|1-3/2009|1-12/2009|
+--------------------------------------------------+--------+--------+---------+
|Earnings per share, EUR                           |    0.20|    0.18|     1.06|
+--------------------------------------------------+--------+--------+---------+
|Diluted earnings per share, EUR                   |    0.20|    0.18|     1.06|
+--------------------------------------------------+--------+--------+---------+
+--------------------------------------------------+--------+--------+---------+
|Equity/share at end of period, EUR                |   11.69|    9.89|    11.89|
+--------------------------------------------------+--------+--------+---------+
|Return on equity (ROE), % (annualized)            |     7.6|     7.1|      9.8|
+--------------------------------------------------+--------+--------+---------+
|Return on capital employed (ROCE) before tax, %   |     8.1|     9.0|     10.0|
|(annualized)                                      |        |        |         |
+--------------------------------------------------+--------+--------+---------+
|Return on capital employed (ROCE) after tax, %    |     6.5|     7.5|      7.7|
|(annualized)                                      |        |        |         |
+--------------------------------------------------+--------+--------+---------+
|Equity to assets ratio at end of period, %        |    34.0|    30.3|     35.7|
+--------------------------------------------------+--------+--------+---------+
|Gearing at end of period, %                       |    32.8|    72.6|     32.5|
+--------------------------------------------------+--------+--------+---------+
+--------------------------------------------------+--------+--------+---------+
|Free cash flow, EUR million                       |      35|     120|      717|
+--------------------------------------------------+--------+--------+---------+
|Free cash flow/share, EUR                         |    0.23|    0.85|     5.07|
+--------------------------------------------------+--------+--------+---------+
|Cash conversion, %                                |     117|     462|      475|
+--------------------------------------------------+--------+--------+---------+
+--------------------------------------------------+--------+--------+---------+
|Gross capital expenditure (excl. business         |        |        |         |
|acquisitions),                                    |      29|      30|      117|
|EUR million                                       |        |        |         |
+--------------------------------------------------+--------+--------+---------+
|Business acquisitions, net of cash acquired, EUR  |       3|       3|        1|
|million                                           |        |        |         |
+--------------------------------------------------+--------+--------+---------+
|Depreciation and amortization, EUR million        |      43|      36|      143|
+--------------------------------------------------+--------+--------+---------+
+--------------------------------------------------+--------+--------+---------+
|Number of outstanding shares at end of period     | 149,634| 141,349|  149,939|
|(thousands)                                       |        |        |         |
+--------------------------------------------------+--------+--------+---------+
|Average number of shares (thousands)              | 149,840| 141,491|  141,477|
+--------------------------------------------------+--------+--------+---------+
|Average number of diluted shares (thousands)      | 149,929| 141,491|  141,526|
+--------------------------------------------------+--------+--------+---------+




+------------------------+------+-------+-------+-------+-------+------+
|EXCHANGE RATES USED     |      |       |       |       |       |      |
+---+-------------------++-----++------++------++------++------++------+
+---+-------------------+------+-------+-------+-------+-------+-------+
+---+-------------------+------+-------+-------+-------+-------+-------+
|   |                   |  1-3/|   1-3/|  1-12/|Mar 31,|Mar 31,|Dec 31,|
|   |                   |  2010|   2009|   2009|   2010|   2009|   2009|
+---+-------------------+------+-------+-------+-------+-------+-------+
|USD|(US dollar)        |1.3855| 1.3171|1.39560| 1.3479| 1.3308| 1.4406|
+---+-------------------+------+-------+-------+-------+-------+-------+
|SEK|(Swedish krona)    |9.9826|10.9679|10.6092| 9.7135|10.9400|10.2520|
+---+-------------------+------+-------+-------+-------+-------+-------+
|GBP|(Pound sterling)   |0.8843| 0.9186| 0.8948| 0.8898| 0.9308| 0.8881|
+---+-------------------+------+-------+-------+-------+-------+-------+
|CAD|(Canadian dollar)  |1.4523| 1.6391| 1.5910| 1.3687| 1.6685| 1.5128|
+---+-------------------+------+-------+-------+-------+-------+-------+
|BRL|(Brazilian real)   |2.4970| 3.0682| 2.7994| 2.4043| 3.0767| 2.5113|
+---+-------------------+------+-------+-------+-------+-------+-------+
|CNY|(Chinese Renminbi) |9.4582| 9.0004| 9.5338| 9.2006| 9.0942| 9.8350|
+---+-------------------+------+-------+-------+-------+-------+-------+
|AUD|(Australian dollar)|1.5407| 1.9874| 1.7858| 1.4741| 1.9216| 1.6008|
+---+-------------------+------+-------+-------+-------+-------+-------+


FORMULAS FOR CALCULATION OF INDICATORS

+---------------+-+--------------------+-++++
|Earnings/share:| |                    | ||||
+---------------+-+--------------------+-++++
+---------------+-+--------------------+-++++
|Profit         | |                    | ||||
+---------------+-+--------------------+-++++
|Average number of shares during period| ||||
+---------------+-+--------------------+-++++
+---------------+-+--------------------+-++++
+---------------+-+--------------------+-++++



+-------------+---------------------++++++
|Equity/share:|                     ||||||
+-------------+---------------------++++++
+-------------+---------------------++++++
|Equity attributable to shareholders||||||
+-----------------------------------++++++
|Number of shares at end of period  ||||||
+-------------+---------------------++++++
+-------------+---------------------++++++
+------+--------------------------+-----+++++
+------+--------------------------+-----+++++
|Return on equity (ROE), %:       |     |||||
+------+--------------------------+-----+++++
+------+--------------------------+-----+++++
|Profit|                          |     |||||
+------+--------------------------+x 100+++++
|Total equity (average for period)|     |||||
+------+--------------------------+-----+++++
+------+--------------------------+-----+++++
+----------------+---------------+------+---------+--------+-------------+-----+
+----------------+---------------+------+---------+--------+-------------+-----+
|Return on capital employed (ROCE) before tax, %:          |             |     |
+----------------+---------------+------+---------+--------+-------------+-----+
+----------------+---------------+------+---------+--------+-------------+-----+
|Profit before tax + interest and other financial expenses |             |     |
+----------------------------------------------------------+-------------+x 100|
|Balance sheet total - non-interest bearing liabilities (average for     |     |
|period)                                                                 |     |
+----------------+---------------+------+---------+--------+-------------+-----+
+----------------+---------------+------+---------+--------+-------------+-----+
+----------------+---------------+------+---------+--------+-------------+-----+
|Return on capital employed (ROCE) after tax, %:           |             |     |
+----------------+---------------+------+---------+--------+-------------+-----+
+----------------+---------------+------+---------+--------+-------------+-----+
|Profit + interest and other financial expenses   |        |             |     |
+-------------------------------------------------+--------+-------------+x 100|
|Balance sheet total - non-interest bearing liabilities (average for     |     |
|period)                                                                 |     |
+----------------+---------------+------+---------+--------+-------------+-----+
+----------------+---------------+------+---------+--------+-------------+-----+
+----------------+---------------+------+---------+--------+-------------+-----+
|Gearing, %:     |               |      |         |        |             |     |
+----------------+---------------+------+---------+--------+-------------+-----+
+----------------+---------------+------+---------+--------+-------------+-----+
|Net interest bearing liabilities|      |         |        |             |     |
+----------------+---------------+x 100 +---------+--------+-------------+-----+
|Total equity    |               |      |         |        |             |     |
+----------------+---------------+------+---------+--------+-------------+-----+
+----------------+---------------+------+---------+--------+-------------+-----+
+----------------+---------------+------+---------+-+------+-------------+-----+
|Equity to assets ratio, %:      |      |           |      |             |     |
+----------------+---------------+------+-----------+------+-------------+-----+
+----------------+---------------+------+-----------+------+-------------+-----+
|Total equity    |               |      |           |      |             |     |
+----------------+---------------+------+x 100      +------+-------------+-----+
|Balance sheet total - advances received|           |      |             |     |
+----------------+---------------+------+-----------+------+-------------+-----+
+----------------+---------------+------+---------+-+------+-------------+-----+
+----------------+---------------+------+---------+--------+-------------+-----+
|Free cash flow: |               |      |         |        |             |     |
+----------------+---------------+------+---------+--------+-------------+-----+
+----------------+---------------+------+---------+--------+-------------+-----+
|Operating cash flow                              |        |             |     |
+-------------------------------------------------+--------+-------------+-----+
|- capital expenditures on maintenance investments|        |             |     |
+---------------------------------------+---------+--------+-------------+-----+
|+ proceeds from sale of fixed assets   |         |        |             |     |
+----------------+---------------+------+---------+--------+-------------+-----+
|= Free cash flow|               |      |         |        |             |     |
+----------------+---------------+------+---------+--------+-------------+-----+
+----------------+---------------+------+---------+--------+-------------+-----+
|Cash conversion, %:             |      |         |        |             |     |
+----------------+---------------+------+---------+--------+-------------+-----+
+----------------+---------------+------+---------+--------+-------------+-----+
|Free cash flow  |               |      |         |        |             |     |
+----------------+x 100          +------+---------+--------+-------------+-----+
|Profit          |               |      |         |        |             |     |
+----------------+---------------+------+---------+--------+-------------+-----+


+---------------------------------------+-----+-----+-------+-----+
|REPORTING SEGMENTS                     |     |     |       |     |
+---------------------------------------+-----+-----+-------+-----+
+---------------------------------------+-----+-----+-------+-----+
|NET SALES                              |     |     |       |     |
+---------------------------------------+-----+-----+-------+-----+
|EUR million                            | 1-3/| 1-3/|4/2009-|1-12/|
|                                       | 2010| 2009| 3/2010| 2009|
+---------------------------------------+-----+-----+-------+-----+
|Mining and Construction Technology     |  472|  528|  2,019|2,075|
+---------------------------------------+-----+-----+-------+-----+
|Energy and Environmental Technology    |  332|  397|  1,458|1,523|
+---------------------------------------+-----+-----+-------+-----+
|Paper and Fiber Technology             |  364|  287|  1,485|1,408|
+---------------------------------------+-----+-----+-------+-----+
|Valmet Automotive                      |   11|   21|     46|   56|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and other            |    -|    -|      -|    -|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and others total     |   11|   21|     46|   56|
+---------------------------------------+-----+-----+-------+-----+
|Intra Metso net sales                  |   -9|  -13|    -42|  -46|
+---------------------------------------+-----+-----+-------+-----+
|Metso total                            |1,170|1,220|  4,966|5,016|
+---------------------------------------+-----+-----+-------+-----+
+---------------------------------------+-----+-----+-------+-----+
|SHARE IN PROFITS OF ASSOCIATED COMPANIES     |     |       |     |
+---------------------------------------+-----+-----+-------+-----+
|EUR million                            | 1-3/| 1-3/|4/2009-|1-12/|
|                                       | 2010| 2009| 3/2010| 2009|
+---------------------------------------+-----+-----+-------+-----+
|Mining and Construction Technology     |  0.0|  0.0|    0.3|  0.3|
+---------------------------------------+-----+-----+-------+-----+
|Energy and Environmental Technology    |  0.1|  0.3|    1.1|  1.4|
+---------------------------------------+-----+-----+-------+-----+
|Paper and Fiber Technology             |  0.0|  0.0|   -1.1| -1.2|
+---------------------------------------+-----+-----+-------+-----+
|Valmet Automotive                      |    -|    -|      -|    -|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and other            |    -|    -|      -|    -|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and others total     |    -|    -|      -|    -|
+---------------------------------------+-----+-----+-------+-----+
|Metso total                            |  0.1|  0.3|    0.3|  0.5|
+---------------------------------------+-----+-----+-------+-----+
+---------------------------------------+-----+-----+-------+-----+
|OPERATING PROFIT (LOSS)                |     |     |       |     |
+---------------------------------------+-----+-----+-------+-----+
|EUR million                            | 1-3/| 1-3/|4/2009-|1-12/|
|                                       | 2010| 2009| 3/2010| 2009|
+---------------------------------------+-----+-----+-------+-----+
|Mining and Construction Technology     | 38.1| 54.9|  182.0|198.8|
+---------------------------------------+-----+-----+-------+-----+
|Energy and Environmental Technology    | 23.5| 27.7|  113.9|118.1|
+---------------------------------------+-----+-----+-------+-----+
|Paper and Fiber Technology             | 11.3|-18.2|   30.3|  0.8|
+---------------------------------------+-----+-----+-------+-----+
|Valmet Automotive                      | -7.1| -0.3|  -15.0| -8.2|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and other            |  3.7| -5.5|   -6.7|-15.9|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and others total     | -3.4| -5.8|  -21.7|-24.1|
+---------------------------------------+-----+-----+-------+-----+
|Metso total                            | 69.5| 58.6|  304.5|293.6|
+---------------------------------------+-----+-----+-------+-----+
+---------------------------------------+-----+-----+-------+-----+
|OPERATING PROFIT (LOSS), % OF NET SALES|     |     |       |     |
+---------------------------------------+-----+-----+-------+-----+
|%                                      | 1-3/| 1-3/|4/2009-|1-12/|
|                                       | 2010| 2009| 3/2010| 2009|
+---------------------------------------+-----+-----+-------+-----+
|Mining and Construction Technology     |  8.1| 10.4|    9.0|  9.6|
+---------------------------------------+-----+-----+-------+-----+
|Energy and Environmental Technology    |  7.1|  7.0|    7.8|  7.8|
+---------------------------------------+-----+-----+-------+-----+
|Paper and Fiber Technology             |  3.1| -6.3|    2.0|  0.1|
+---------------------------------------+-----+-----+-------+-----+
|Valmet Automotive                      |-64.5| -1.4|  -32.6|-14.6|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and other            |  n/a|  n/a|    n/a|  n/a|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and others total     |  n/a|  n/a|    n/a|  n/a|
+---------------------------------------+-----+-----+-------+-----+
|Metso total                            |  5.9|  4.8|    6.1|  5.9|
+---------------------------------------+-----+-----+-------+-----+
+---------------------------------------+-----+-----+-------+-----+
|EBITA                                  |     |     |       |     |
+---------------------------------------+-----+-----+-------+-----+
|EUR million                            | 1-3/| 1-3/|4/2009-|1-12/|
|                                       | 2010| 2009| 3/2010| 2009|
+---------------------------------------+-----+-----+-------+-----+
|Mining and Construction Technology     | 39.5| 55.6|  186.7|202.8|
+---------------------------------------+-----+-----+-------+-----+
|Energy and Environmental Technology    | 28.4| 32.3|  132.4|136.3|
+---------------------------------------+-----+-----+-------+-----+
|Paper and Fiber Technology             | 18.5|-14.0|   49.0| 16.5|
+---------------------------------------+-----+-----+-------+-----+
|Valmet Automotive                      | -7.1| -0.3|  -14.9| -8.1|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and other            |  4.5| -4.8|   -3.9|-13.2|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and others total     | -2.6| -5.1|  -18.8|-21.3|
+---------------------------------------+-----+-----+-------+-----+
|Metso total                            | 83.8| 68.8|  349.3|334.3|
+---------------------------------------+-----+-----+-------+-----+
+---------------------------------------+-----+-----+-------+-----+
|EBITA, % OF NET SALES                  |     |     |       |     |
+---------------------------------------+-----+-----+-------+-----+
|%                                      | 1-3/| 1-3/|4/2009-| 1-12|
|                                       | 2010| 2009| 3/2010|/2009|
+---------------------------------------+-----+-----+-------+-----+
|Mining and Construction Technology     |  8.4| 10.5|    9.2|  9.8|
+---------------------------------------+-----+-----+-------+-----+
|Energy and Environmental Technology    |  8.6|  8.1|    9.1|  8.9|
+---------------------------------------+-----+-----+-------+-----+
|Paper and Fiber Technology             |  5.1| -4.9|    3.3|  1.2|
+---------------------------------------+-----+-----+-------+-----+
|Valmet Automotive                      |-64.5| -1.4|  -32.4|-14.5|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and other            |  n/a|  n/a|    n/a|  n/a|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and others total     |  n/a|  n/a|    n/a|  n/a|
+---------------------------------------+-----+-----+-------+-----+
|Metso total                            |  7.2|  5.6|    7.0|  6.7|
+---------------------------------------+-----+-----+-------+-----+
+---------------------------------------+-----+-----+-------+-----+
|ORDERS RECEIVED                        |     |     |       |     |
+---------------------------------------+-----+-----+-------+-----+
|EUR million                            | 1-3/| 1-3/|4/2009-|1-12/|
|                                       | 2010| 2009| 3/2010| 2009|
+---------------------------------------+-----+-----+-------+-----+
|Mining and Construction Technology     |  559|  385|  1,834|1,660|
+---------------------------------------+-----+-----+-------+-----+
|Energy and Environmental Technology    |  356|  265|  1,388|1,297|
+---------------------------------------+-----+-----+-------+-----+
|Paper and Fiber Technology             |  461|  279|  1,566|1,384|
+---------------------------------------+-----+-----+-------+-----+
|Valmet Automotive                      |   11|   21|     46|   56|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and other            |    -|    -|      -|    -|
+---------------------------------------+-----+-----+-------+-----+
|Group Head Office and others total     |   11|   21|     46|   56|
+---------------------------------------+-----+-----+-------+-----+
|Intra Metso orders received            |  -21|   -8|    -52|  -39|
+---------------------------------------+-----+-----+-------+-----+
|Metso total                            |1,366|  942|  4,782|4,358|
+---------------------------------------+-----+-----+-------+-----+


+-----------------------------------+-----+-----+-----+------+-----+
|QUARTERLY INFORMATION              |     |     |     |      |     |
+-----------------------------------+-----+-----+-----+------+-----+
+-----------------------------------+-----+-----+-----+------+-----+
+-----------------------------------+-----+-----+-----+------+-----+
+-----------------------------------+-----+-----+-----+------+-----+
|NET SALES                          |     |     |     |      |     |
+-----------------------------------+-----+-----+-----+------+-----+
|EUR million                        | 1-3/| 4-6/| 7-9/|10-12/| 1-3/|
|                                   | 2009| 2009| 2009|  2009| 2010|
+-----------------------------------+-----+-----+-----+------+-----+
|Mining and Construction Technology |  528|  531|  492|   524|  472|
+-----------------------------------+-----+-----+-----+------+-----+
|Energy and Environmental Technology|  397|  357|  350|   419|  332|
+-----------------------------------+-----+-----+-----+------+-----+
|Paper and Fiber Technology         |  287|  359|  356|   406|  364|
+-----------------------------------+-----+-----+-----+------+-----+
|Valmet Automotive                  |   21|   14|    7|    14|   11|
+-----------------------------------+-----+-----+-----+------+-----+
|Group Head Office and other        |    -|    -|    -|     -|    -|
+-----------------------------------+-----+-----+-----+------+-----+
|Group Head Office and others total |   21|   14|    7|    14|   11|
+-----------------------------------+-----+-----+-----+------+-----+
|Intra Metso net sales              |  -13|  -14|   -9|   -10|   -9|
+-----------------------------------+-----+-----+-----+------+-----+
|Metso total                        |1,220|1,247|1,196| 1,353|1,170|
+-----------------------------------+-----+-----+-----+------+-----+
+-----------------------------------+-------+----+-----------+-------+-------+
+-----------------------------------+-------+----+-----------+-------+-------+
|OPERATING PROFIT (LOSS)            |       |    |           |       |       |
+-----------------------------------+-------+----+-----------+-------+-------+
|EUR million                        |   1-3/|4-6/|       7-9/| 10-12/|   1-3/|
|                                   |   2009|2009|       2009|   2009|   2010|
+-----------------------------------+-------+----+-----------+-------+-------+
|Mining and Construction Technology |   54.9|46.0|       53.7|   44.2|   38.1|
+-----------------------------------+-------+----+-----------+-------+-------+
|Energy and Environmental Technology|   27.7|29.7|       32.9|   27.8|   23.5|
+-----------------------------------+-------+----+-----------+-------+-------+
|Paper and Fiber Technology         |  -18.2|-1.6|       27.6|   -7.0|   11.3|
+-----------------------------------+-------+----+-----------+-------+-------+
|Valmet Automotive                  |   -0.3|-2.6|       -5.5|    0.2|   -7.1|
+-----------------------------------+-------+----+-----------+-------+-------+
|Group Head Office and other        |   -5.5|-5.6|        5.4|  -10.2|    3.7|
+-----------------------------------+-------+----+-----------+-------+-------+
|Group Head Office and others total |   -5.8|-8.2|       -0.1|  -10.0|   -3.4|
+-----------------------------------+-------+----+-----------+-------+-------+
|Metso total                        |   58.6|65.9|      114.1|   55.0|   69.5|
+-----------------------------------+-------+----+-----------+-------+-------+
+-----------------------------------+-------+----+-----------+-------+-------+
|EBITA                              |       |    |           |       |       |
+-----------------------------------+-------+----+-----------+-------+-------+
|EUR million                        |   1-3/|4-6/|       7-9/| 10-12/|   1-3/|
|                                   |   2009|2009|       2009|   2009|   2010|
+-----------------------------------+-------+----+-----------+-------+-------+
|Mining and Construction Technology |   55.6|46.9|       54.7|   45.6|   39.5|
+-----------------------------------+-------+----+-----------+-------+-------+
|Energy and Environmental Technology|   32.3|34.1|       37.1|   32.8|   28.4|
+-----------------------------------+-------+----+-----------+-------+-------+
|Paper and Fiber Technology         |  -14.0| 1.4|       32.4|   -3.3|   18.5|
+-----------------------------------+-------+----+-----------+-------+-------+
|Valmet Automotive                  |   -0.3|-2.6|       -5.5|    0.3|   -7.1|
+-----------------------------------+-------+----+-----------+-------+-------+
|Group Head Office and other        |   -4.8|-5.1|        5.9|   -9.2|    4.5|
+-----------------------------------+-------+----+-----------+-------+-------+
|Group Head Office and others total |   -5.1|-7.7|        0.4|   -8.9|   -2.6|
+-----------------------------------+-------+----+-----------+-------+-------+
|Metso total                        |   68.8|74.7|      124.6|   66.2|   83.8|
+-----------------------------------+-------+----+-----------+-------+-------+
+-----------------------------------+-------+----+---+-------+-------+-------+
|CAPITAL EMPLOYED                   |       |        |       |       |       |
+-----------------------------------+-------+--------+-------+-------+-------+
|EUR million                        |Mar 31,|June 30,|Sep 30,|Dec 31,|Mar 31,|
|                                   |   2009|    2009|   2009|   2009|   2010|
+-----------------------------------+-------+--------+-------+-------+-------+
|Mining and Construction Technology |  1,221|   1,191|  1,111|  1,072|  1,109|
+-----------------------------------+-------+--------+-------+-------+-------+
|Energy and Environmental Technology|    686|     659|    626|    524|    512|
+-----------------------------------+-------+--------+-------+-------+-------+
|Paper and Fiber Technology         |    468|     475|    427|    636|    675|
+-----------------------------------+-------+--------+-------+-------+-------+
|Valmet Automotive                  |     19|      20|     27|     28|     26|
+-----------------------------------+-------+--------+-------+-------+-------+
|Group Head Office and other        |    493|     816|    956|  1 108|    921|
+-----------------------------------+-------+--------+-------+-------+-------+
|Group Head Office and others total |    512|     836|    983|  1 136|    947|
+-----------------------------------+-------+--------+-------+-------+-------+
|Metso total                        |  2,887|   3,161|  3,147|  3,368|  3,243|
+-----------------------------------+-------+--------+-------+-------+-------+
+-----------------------------------+-------+--------+-------+-------+-------+
|ORDERS RECEIVED                    |       |        |       |       |       |
+-----------------------------------+-------+--------+-------+-------+-------+
|EUR million                        |   1-3/|    4-6/|   7-9/| 10-12/|   1-3/|
|                                   |   2009|    2009|   2009|   2009|   2010|
+-----------------------------------+-------+--------+-------+-------+-------+
|Mining and Construction Technology |    385|     398|    420|    457|    559|
+-----------------------------------+-------+--------+-------+-------+-------+
|Energy and Environmental Technology|    265|     278|    250|    504|    356|
+-----------------------------------+-------+--------+-------+-------+-------+
|Paper and Fiber Technology         |    279|     335|    369|    401|    461|
+-----------------------------------+-------+--------+-------+-------+-------+
|Valmet Automotive                  |     21|      14|      7|     14|     11|
+-----------------------------------+-------+--------+-------+-------+-------+
|Group Head Office and other        |      -|       -|      -|      -|      -|
+-----------------------------------+-------+--------+-------+-------+-------+
|Group Head Office and others total |     21|      14|      7|     14|     11|
+-----------------------------------+-------+--------+-------+-------+-------+
|Intra Metso orders received        |     -8|      -5|    -15|    -11|    -21|
+-----------------------------------+-------+--------+-------+-------+-------+
|Metso total                        |    942|   1,020|  1,031|  1,365|  1,366|
+-----------------------------------+-------+--------+-------+-------+-------+
+-----------------------------------+-------+--------+-------+-------+-------+
|ORDER BACKLOG                      |       |        |       |       |       |
+-----------------------------------+-------+--------+-------+-------+-------+
|EUR million                        |Mar 31,|June 30,|Sep 30,|Dec 31,|Mar 31,|
|                                   |   2009|    2009|   2009|   2009|   2010|
+-----------------------------------+-------+--------+-------+-------+-------+
|Mining and Construction Technology |  1,347|   1,196|  1,103|  1,041|  1,182|
+-----------------------------------+-------+--------+-------+-------+-------+
|Energy and Environmental Technology|  1,182|   1,035|    939|  1,032|  1,073|
+-----------------------------------+-------+--------+-------+-------+-------+
|Paper and Fiber Technology         |  1,438|   1,304|  1,330|  1,380|  1,516|
+-----------------------------------+-------+--------+-------+-------+-------+
|Valmet Automotive                  |      -|       -|      -|      -|      -|
+-----------------------------------+-------+--------+-------+-------+-------+
|Group Head Office and other        |      -|       -|      -|      -|      -|
+-----------------------------------+-------+--------+-------+-------+-------+
|Group Head Office and others total |      -|       -|      -|      -|      -|
+-----------------------------------+-------+--------+-------+-------+-------+
|Intra Metso order backlog          |    -33|     -23|    -32|    -38|    -51|
+-----------------------------------+-------+--------+-------+-------+-------+
|Metso total                        |  3,934|   3,512|  3,340|  3,415|  3,720|
+-----------------------------------+-------+--------+-------+-------+-------+
+-----------------------------------+-------+--------+-------+-------+-------+
+-----------------------------------+-------+--------+-------+-------+-------+
|PERSONNEL                          |Mar 31,|June 30,|Sep 30,|Dec 31,|Mar 31,|
|                                   |   2009|    2009|   2009|   2009|   2010|
+-----------------------------------+-------+--------+-------+-------+-------+
|Mining and Construction Technology | 10,826|  10,344| 10,014|  9,541|  9,550|
+-----------------------------------+-------+--------+-------+-------+-------+
|Energy and Environmental Technology|  6,387|   6,349|  6,119|  6,060|  5,873|
+-----------------------------------+-------+--------+-------+-------+-------+
|Paper and Fiber Technology         | 10,090|   9,858|  9,475| 10,459| 10,326|
+-----------------------------------+-------+--------+-------+-------+-------+
|Valmet Automotive                  |    618|     636|    636|    679|    705|
+-----------------------------------+-------+--------+-------+-------+-------+
|Group Head Office and other        |    391|     421|    419|    427|    494|
+-----------------------------------+-------+--------+-------+-------+-------+
|Group Head Office and others total |  1,009|   1,057|  1,055|  1,106|  1,199|
+-----------------------------------+-------+--------+-------+-------+-------+
|Metso total                        | 28,312|  27,608| 26,663| 27,166| 26,948|
+-----------------------------------+-------+--------+-------+-------+-------+


Notes to the Interim Review


We have prepared this Interim Review in accordance with IAS 34 'Interim
Financial Reporting'. The same accounting policies have been applied as in the
annual financial statements. This Interim Review is unaudited.

New accounting standards

IFRS 9
IASB has published a new standard IFRS 9 'Financial instruments: Recognition and
measurement'. The standard represents the first milestone in the IASB's planned
replacement of IAS 39. It addresses classification and measurement of financial
assets. The next steps involve reconsideration and re-exposure of the
classification and measurement requirements for financial liabilities,
impairment testing methods for financial assets, and development of enhanced
guidance on hedge accounting. We are currently evaluating the effects on our
financial statements, and expect the standard to have major impacts on the
accounting of financial instruments.
IFRS 9 becomes effective for the financial statements or periods beginning after
January 1, 2013. It is still subject to endorsement by the European Union, and
the endorsement process has been postponed.
Provided that the standard has received endorsement by the European Union, we
will apply the standard for the financial year beginning on January 1, 2013.

Subpoena from the United States Department of Justice requiring Metso to produce
documents
In November 2006, Metso Minerals Industries, Inc., our U.S. subsidiary, received
a subpoena from the Antitrust Division of the United States Department of
Justice calling for Metso Minerals Industries, Inc. to produce certain
documents. The subpoena relates to an investigation of potential antitrust
violations in the rock crushing and screening equipment industry. We are
co-operating fully with the Department of Justice.

Shares and share capital
At the end of March 2010, our share capital was EUR 240,982,843.80 and the
number of shares was 150,348,256. The number of shares includes 714,681 Metso
shares held by the parent company, which represent 0.5 percent of all the shares
and votes. The average number of shares outstanding in first quarter of 2010,
excluding Metso shares held by the Parent Company, was 149,839,765 and the
average number of diluted shares was 149,929,214.
During February-March 2010, we executed a repurchase of 300,000 of our own
shares relating to our share-based management incentive program decided on in
October 2009 (Metso Share Ownership Plan 2010-2012). The average purchase price
of the shares was EUR 23.47 and the total amount EUR 7,040,303.60.
During the first quarter, 5,064 shares were returned from Metso Share Ownership
Plan participants to the Parent Company due to employment terminations.
Our market capitalization, excluding Metso shares held by the Parent Company,
was EUR 3,578 million on March 31, 2010.
Metso is not aware of any valid shareholders' agreements regarding the ownership
of Metso shares or voting rights.

Share-based incentive plans
Metso's share ownership plans are part of the remuneration and commitment
program for the management of the Group and the businesses. For further
information, see www.metso.com/investors

Share ownership plan (SOP) for 2009-2011
In October 2008, the Board of Directors approved a new share ownership plan for
the years 2009-2011. The SOP includes one three-year earnings period and
required participants' personal investment in Metso shares at the beginning of
the program. Any possible reward from the plan requires continued employment
with Metso and reaching the financial targets set for the plan. The SOP has
about 90 participants and the rewards paid corresponds a maximum of around
370,000 Metso shares. The plan will not have diluting effect on the share value.
Members of the Executive Team may receive a maximum of 77,400 shares as share
rewards in the SOP 2009-2011.

Share ownership plan (SOP) for 2010-2012
In October 2009, the Board of Directors approved a similar share ownership plan
for the years 2010-2012. The plan includes one three-year earnings period and
required participants' personal investment in Metso shares. Any possible reward
from the plan require continued employment with Metso and reaching the financial
targets set for the plan. The program has about 90 participants and the rewards
paid corresponds a maximum of around 340,000 Metso shares. The plan will not
have diluting effect on the share value. Members of the Executive Team may
receive a maximum of 77,400 shares as share rewards in the SOP 2010-2012.

Trading of Metso shares
The number of Metso Corporation shares traded on the NASDAQ OMX Helsinki
Exchange during January-March was 67,073,941 shares, equivalent to a turnover of
EUR 1,619 million. The share price on March 31, 2010 was EUR 23.91 and the
average trading price for the period was EUR 24.14. The highest quotation during
the review period was EUR 27.47 and the lowest EUR 20.91.
Metso's ADSs (American Depositary Shares) are traded in the United States on the
OTC market. On March 31, 2009, the closing price of an ADS was USD 33.40. Each
ADS represents one share.

Disclosures of changes in holdings
BlackRock Investment Management (UK) Limited announced that on February
24, 2010 the BlackRock, Inc. holding in shares of Metso amounted to 7,563,054
shares, which corresponds to 5.03 percent of the total amount of shares and
votes in Metso Corporation.
BlackRock Investment Management (UK) Limited announced that on March 19, 2010
the BlackRock, Inc. holding in shares of Metso Corporation fell below the 5
percent threshold. The holding amounted to 7,298,453 shares, which corresponds
to 4.85 percent of the total amount of shares and votes in Metso Corporation.

Credit ratings
There were no changes in credit ratings during the first quarter of 2010.
Current ratings are from November 2009, Moody's Investor's Service confirmed
Metso's Baa2 long-term credit rating and the outlook remained negative. Standard
and Poor's confirmed on February 2009, our BBB long-term credit rating and
changed the outlook from stable to negative. At the same time our short-term
credit rating was lowered from A-2 to A-3.



Metso's financial reporting in 2010
The Interim Review for January-June 2010 will be published on July 29, 2010 and
the Interim Review for January-September 2010 on October 28, 2010 respectively.


Metso is a global supplier of sustainable technology and services for mining,
construction, power generation, automation, recycling and the pulp and paper
industries. We have about 27,000 employees in more than 50 countries.
www.metso.com

Further information, please contact:
Jorma Eloranta, President and CEO, Metso Corporation, tel. +358 (0)204 84 3000

Olli Vaartimo, Executive Vice President and CFO, Metso Corporation, tel. +358
(0)204 84 3010

Johanna Henttonen, Vice President, Investor Relations, Metso Corporation, tel.
+358 (0)204 84 3253


Metso Corporation

Olli Vaartimo
Executive Vice President and CFO

Johanna Henttonen
Vice President, Investor Relations

Distribution:
NASDAQ OMX Helsinki Ltd
Media
www.metso.com