Moscow, Russia - December 9, 2004 - Mechel Steel Group (NYSE: MTL) announces a conference call, organized by Brunswick UBS, with senior management of the company who will speak on the situation regarding the latest developments.

Please find attached details of the call.

TIME: 9:30 a.m. EST; 2:30 p.m. GMT; 5:30 p.m. Moscow time
Password: Metals
Chairperson: Fedor Tregubenko, Brunswick UBS Metals and Mining Analyst

DIAL IN NUMBERS:

UK Call In Number 020 7162 0193
International Call In Number: + 44 (0) 20 7162 0193
US Toll-Free Call In Number +1 888 222 0364

REPLAY NUMBERS (December 9th – December 16th):

UK Instant Replay:
Start Date: 09/12/04
Delete Date: 16/12/04
Dial in number +44 (0) 20 7031 4064
Freephone number 0800 358 1860 (UK Only)
Passcode: 636936

US Instant Replay:
Start Date: 09/12/04
Delete Date: 16/12/04
Dial in number +1 954 334 0342
Free phone number: +1 888 365 0240
Passcode: 636936

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Mechel Steel Group OAO
Irina Ostryakova
Director of Communications
Phone: 7-095-258-18-28
Fax: 7-095-258-18-38
irina.ostryakova@mechel.com

Financial Dynamics
Investor Relations: Eric Boyriven/Jim Olecki
Press: Scot Hoffman
Phone:+1 212 850-5600

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Mechel Steel Group is a Russian metals and mining company, uniting producers of steel, rolled products, hardware, coal, iron ore concentrate, and nickel. Mechel Steel Group products are marketed domestically and internationally.

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Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Mechel Steel Group, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements. We refer you to the documents Mechel Steel Group files from time to time with the U.S. Securities and Exchange Commission, including our Form F-1. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our Form F-1, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of our recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or ADRs, financial risk management and the impact of general business and global economic conditions.