Moscow, Russia – April 26, 2010 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, today announced the launch 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 propose to offer up to 49,952,488 preferred ADSs, representing 24,976,244 preferred shares, outside the Russian Federation, in addition to an offering of preferred shares to Russian and international investors. The price range has been set at between US$21.00 and US$27.60 per preferred share and US$10.50 and US$13.80 per preferred ADS.

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 will be acting 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).