|Exhibit 4.1
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|SERVICE AGREEMENT
|-----------------



| | Metso
Corporation (referred to below as Metso) and  Jorma Olavi Eloranta
(010251-0578) (referred to below  as JE) have, as of the date hereof, agreed
on the  position of the Chief Executive Officer of Metso, and  the terms and conditions
applicable thereto, as  follows:
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|1. Assumption of Position
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| | JE shall
assume the position of the Chief Executive  Officer of Metso and the President of the
Metso Group,  and the duties relating thereto, as of March 1, 2004.
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|2. Duties
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| | JE shall
perform the duties of the Chief Executive  Officer of Metso and the President of Metso
Group. He  shall manage the business operations of Metso, and  shall have responsibility
for performing the duties of  chief executive officer under the Finnish Companies  Act.
JE shall report of his actions to the Board of  Directors of Metso.
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|3. Compensation
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| | JEs
monetary salary shall be EUR 35,000 per month.
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| | In addition to
the monetary salary, the compensation  shall include a free company car and a free phone.
The  monetary salary shall be reviewed annually by March 31.
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| | In addition to
the salary, JE has the right to receive  a bonus based on the development of the results
of the  company. The Board of Directors of Metso shall decide  upon the basis for bonus
payment each year separately.  It is the intention to confirm the bonus criteria for  the
year 2004 by January 15, 2004.
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| | In addition,
JE shall have the right to receive 30,000  of Metsos 2001 options, and 100,000 of
Metsos 2003A  options. JE shall not have the right to dispose of or  exercise any
of the 2001 options prior to March 1,  2005, and is required to return the 2001 options
if his  employment is terminated prior to March 1, 2005.
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|4. Pension and Insurance
|------------------------



| | JEs
pension level shall be 60% of his base salary and  he shall retire at the age of 60. The
base salary for  the calculation of the pension level shall be the  average monthly
salary, calculated based on the  compensation in accordance with the Finnish Employees
Pensions Act (TEL) during the four full calendar years period immediately prior to
the termination of  employment. The additional pension scheme needed in  addition to the
statutory
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| |  | 
| |  | 



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| | pension scheme
shall be  covered by a voluntary pension scheme taken from a life  insurance company. JE
shall be entitled to receive a  free letter regarding the voluntary pension scheme.
Metso Groups executive managements group pension  insurance policies shall be
applied to the pension.
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| | JE shall be
covered by the accident insurance, travel  insurance and liability insurance on the same
terms as  the other members of the management of the company.
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| | In addition to
the general insurance policies, JE shall  be covered by Metsos managements
group life insurance  policy. The policy shall cover the costs of treatment  required due
to an illness or accident, insurance  against incapacity to work and life insurance on
the  terms specified in the insurance contract.
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|5. General Terms
|----------------



| | The general
employment term practice, applicable from time to time to the employment of clerical
personnel, shall be applied to the annual vacation, sick pay and other general
employment terms, provided, however, that in case JE will be incapable of working due to
an illness or accident, he shall be entitled to receive full salary for the period of
six months and, thereafter, half (1/2) salary for the following six months.
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| | The annual
paid vacation for the year 2004 shall be a  full five weeks vacation.
| | ---------------------------------------------------------------------------------



| | The general
rules and policies of the company in force  from time to time shall be applied to
employment  inventions and other intellectual property.
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|6. Perquisite Positions
|-----------------------



| | JE shall not
have the right, without the prior written  consent of the Chairman of the Board of
Directors to be  separately granted on a case-by-case basis, to  participate in the
activities of any other company or  entity, or to enter into any other, paid or unpaid,
employment or service agreement.
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|7. Confidentiality
|------------------



| | JE shall not
disclose to third parties any secret  information concerning Metso, the foregoing having
the  widest meaning possible.
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| | The
confidentiality undertaking shall remain in force  for five years after the termination
of this service  agreement.
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| | -2- | 
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|8. Continuation of Employment
|-----------------------------



| | After the
assumption of the duties of the Chief  Executive Officer, the employment shall continue
indefinitely until either party terminates it, in the  case of Metso, with a six-month
notice or, in the case  of JE, with a three-month notice.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | In the event
JE terminates this service agreement for  cause (a demerger of Metso is not considered to
constitute such cause, provided that JE is offered a  position as a Chief Executive
Officer in either of the  demerged parts of Metso, with terms similar to those of  this
agreement) for which Metso is responsible, or in  the event Metso terminates this service
agreement, JE  shall be entitled to receive compensation corresponding  to his 24 months salary
(including monetary salary and  benefits, but excluding any bonuses).
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|9. Counterparts
|---------------



| | This agreement
has been executed in two identical  counterparts, one for each party.
| | ------------------------------------------------------------------------------------



| | In Helsinki,
November 30, 2003
| | ------------------------------



| | /s/ JORMA ELORANTA
      Jorma Eloranta | /s/ MATTI KAVETVUO
      Metso Corporation
      By Matti Kavetvuo, Chairman
      of the Board of Directors of
      Metso Corporation, authorized
      by the Board of Directors
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| | -3- | 
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