Moscow, Russia – October 17, 2008 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces the transfer of its ordinary registered book-entry shares listed on the RTS stock exchange onto the A2-level quotation list.

On October 17, 2008, RTS open joint-stock company made a decision on transfer of Mechel OAO’s ordinary registered book-entry shares, state registration number 1-01-55005-E as of April 29, 2003, onto A2-level quotation list of securities admitted for trading on the RTS.

Mechel OAO’s ordinary registered shares have been listed on RTS OAO quotation list B since June 29, 2004.

Shares of the other issuers currently trading within the A2-level quotation list include: Aeroflot OAO, Tatneft OAO, Mosenergo OAO, Rostelecom OAO.

Shares of the Company are already listed on the New York Stock Exchange and the MICEX Stock Exchange Closed Joint-Stock Company. Mechel OAO has issued a total of 416,270,745 ordinary shares with a nominal value of 10 (ten) rubles each.

“The transfer of Mechel’s shares into the higher-level quotation list is reflective of the Company’s leadership position, allows the potential for Mechel to raise its liquidity and increases the Company’s exposure to a broader scope of prospective investors notwithstanding the current situation in the worldwide stock markets. Looking forward, we are certain, that as a result of our strategic investment program, which is targeted at enhancing the mining business and increasing the efficiency of out steel segment, we will be able to strengthen our position in the world market, increase synergies and promote production profitability, that will altogether allow us to increase shareholder value,” Mechel OAO Chief Financial Officer Stanislav Ploschenko commented.