MECHEL RECEIVES LENDERS’ APPROVAL ON WAIVERS AND AMENDMENTS TO CREDIT FACILITIES

Moscow, Russia – April 4, 2013 – Mechel OAO (NYSE: MTL), one of the leading
Russian mining and metals companies, announces reaching an agreement with an
international syndicate of lender banks on getting approval for waivers and
amendments to certain major credit facilities.
Mechel’s talks with over 25 leading international and Russian banks regarding
some financial covenants our subsidiary Mechel Mining expected to breach under
its US$ 1 billion pre-export facility due to uncertain market conditions and a
period of decline in market prices for its products, were successfully completed
in a very short time.
Lenders reconfirmed their long-standing and full support through their agreement
to the waivers and changes to financial covenants for 2013, as well as certain
changes to the financial covenants. The changes to these parameters will
increase Mechel Group's financial and operational flexibility, which is
important considering volatility on key financial and commodity markets.
“The international bank syndicate’s decision once again confirms their high
trust in Mechel Group as a quality borrower despite volatility on our key
markets. By their agreement, the lenders demonstrated Mechel their support for
its development strategy, where ongoing deleveraging measures are a key part. It
must also be noted that the agreement with the international lender bank
syndicate will enable the Group to continue implementing several key large-scale
investment projects announced earlier, aimed at consolidating its leading
positions in mining and steelmaking,” Mechel OAO’s Chief Financial Officer
Stanislav Ploschenko said.

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Mechel OAO
Anton Lapin
Tel: +7 495 221-88-88
antonlapin@mechel.ru
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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, nickel, ferrochrome, ferrosilicon, steel, rolled products,
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.