MECHEL ANNOUNCES CLOSING OF A DEAL TO ACQUIRE COKING COAL ASSETS OF BLUESTONE
COAL CORP.

Moscow, Russia – May 08, 2009 – Mechel OAO (NYSE: MTL), one of the leading
Russian mining and metals companies, today announced that its subsidiaries have
closed the acquisition, which was reported on April 22 2009, of U.S. entities
Bluestone Industries, Inc., a West Virginia corporation, Dynamic Energy, Inc., a
West Virginia corporation, JCJ Coal Group, LLC, a Delaware limited liability
company and some of its West Virginia affiliates (together “Bluestone”),
privately-held West Virginia-based coal businesses engaged in the mining,
processing and sale of premium quality hard coking coal. The aggregate merger
consideration is $436 million paid in cash (including $36 million interest
paid), approximately 83.3 million preferred shares, plus the assumption of
approximately $132 million of net debt. Other business activities conducted by
the owners of Bluestone Coal Corp., including steam coal operations in Kentucky
and other non-coal operations, were not included in the transaction.

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Mechel OAO
Ilya Zhitomirsky
Phone: + 7 495 221 88 88
ilya.zhitomirsky@mechel.com
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Mechel is one of the leading Russian companies. Its business includes four
segments: mining, steel, ferroalloy and power. Mechel unites producers of coal,
iron ore concentrate, steel, rolled products, ferroalloys, hardware, heat and
electric power. Mechel 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, 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 files from time to time with the U.S. Securities and
Exchange Commission, including our Form 20-F. 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 20-F, 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.