Moscow, Russia – May 7, 2010 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, today announced the pricing of a public offering (the "Offering") by certain selling shareholders of preferred shares and preferred American Depositary Shares, each representing an interest in one-half of one preferred share ("Preferred ADSs").

The preferred shares and Preferred ADSs are being offered by James C. Justice II, James C. Justice III, James C. Justice Companies Inc. and Jillean L. Justice (the "Selling Shareholders"). The Selling Shareholders have agreed to sell 30,500,000 Preferred ADSs (representing 15,250,000 preferred shares). The price has been set at US$7.50 per Preferred ADS.

The Selling Shareholders have granted the Joint Bookrunners the right for a period of 30 days to purchase up to an additional 4,500,000 Preferred ADSs solely to cover over-allotments, if any.

The Offering has been registered with the U.S. Securities and Exchange Commission ("SEC") under an automatic shelf registration statement filed by Mechel.

Morgan Stanley and Renaissance Securities (Cyprus) Limited have acted as Joint Global Coordinators and Joint Bookrunners for the Offering. A copy of the prospectus relating to the Offering can be obtained on the EDGAR website operated by the SEC or by contacting the underwriters for the Offering through Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, NY 10036, United States of America, tel: +1 (866) 718 1649 (attention of Prospectus Department, 180 Varick Street, New York, NY 10014, e-mail: prospectus@morganstanley.com); or, for requests from the United States, through RenCap Securities, Inc., 780 3rd Avenue, 20th Floor, New York, NY 10017, USA, tel: +1 (212) 824 1099 (attention of David Kuzmanich and John Duffy) and, for requests outside the United States, Renaissance Capital Limited, One Angel Court, Copthall Avenue, London, EC2R 7HJ, United Kingdom, tel: + 44 (20) 7367 7777 (attention of Brien McMahon and Robert Hagon).