MECHEL OAO ANNOUNCES THE RESULTS OF ITS ANNUAL GENERAL SHAREHOLDERS’ MEETING

Moscow, Russia – July 05, 2010 – Mechel OAO (NYSE: MTL), one of the leading
Russian mining and metals companies, announces that Annual General Shareholders’
Meeting was held on June 30, 2010.

The following key resolutions were adopted by shareholders at the meeting:
• To pay dividends of 1.09 rubles per one ordinary share (about $0.03 per one
ADR)* and a dividend of 3.29 rubles per one preferred share (approximately
$0.1)*. Dividend payment should be maid in cash by wire transfer not later than
December 31, 2010.
The total dividend, the Board of Directors recommended to the Annual General
Shareholders’ Meeting, amounts to 453,735,112.05 rubles (about $14,545,496.02)
for ordinary shares. The total dividend for preferred shares, recommended by the
Board of Directors to the Annual General Shareholders’ Meeting, amounts to
456,510,250.35 rubles. ($14,634,459.3)*.
• To elect the following people to Mechel’s Board of Directors:
- Igor Zyuzin (Member of the Board of Directors) **;
- Alexander Yevtushenko (Independent Member of the Board of Directors);
- Vladimir Polin (Member of the Board of Directors);
- Vladimir Gusev (Independent Member of the Board of Directors);
- Roger Ian Gale (Independent Member of the Board of Directors);
- Arthur David Johnson (Independent Member of the Board of Directors);
- Seraphim Kolpakov (Independent Member of the Board of Directors);
- Valentin Proskurnya (Independent Member of the Board of Directors);
- Igor Kozhukhovsky (Independent Member of the Board of Directors).

• To approve Annual Report and Annual Financial Statements, inclusive of the
Income Statement (Profit and Loss Accounts) of the Company and to appoint Energy
Consulting/Audit ZAO as the auditor of Mechel OAO (Moscow).

• To approve related-party transactions on the terms defined by General
Shareholders’ Meeting.

* According to the Russian Central Bank exchange rate of 31.1942 RUR/US $ as of
July, 5, 2010.
** Was elected the Chairman of Mechel OAO Board of Directors at the Board
Meeting on June 30, 2010.
***
Mechel OAO
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com
***
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, nickel, steel, ferrochrome, ferrosilicon, rolled products,
hardware, heat and electric power. Mechel products are marketed domestically and
internationally.

***
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.