MECHEL REPORTS CONTRACT PERTAINING TO ELGA PROJECT’S REALIZATION WITH
VNESHECONOMBANK PROJECT FUNDING

Moscow, Russia — April 09, 2014 – Mechel OAO (NYSE: MTL), one of the leading
Russian mining and metals companies, announces signing a contract with Austria’s
Binder company for engineering services on designing the technological coal
drying line for Elga Coal Complex’s first stage.
According to the contract, Binder assumes obligations as to designing the coal
drying line which will be enclosed in the production cycle at the washing plant
with the annual capacity of 9 million tonnes of coking coal. This plant is part
of Elga Coal Complex’s first stage, and its construction is scheduled to begin
in the first quarter of 2015.
According to the contract, project works are due to be completed by the end of
2014, when the decision on whether to extend cooperation with Binder to include
supplies of project equipment for the washing plant will be made. The
equipment’s cost is estimated to total some 50 million euros.
The contract will be paid for from funds granted by the state corporation
Vnesheconombank as 2.5-billion-dollar project financing for development of Elga
Coal Complex’s first stage. The first stage includes completion of the railway’s
construction and building a coal mining and processing complex whose capacity
will reach 11.7 million tonnes of run-of-mine coal by 2017.
“Elga is a key project for all of Russia’s coal industry. Its development will
enable Mechel to consolidate its position in the Far East and its reputation as
a major coal exporter to Asia Pacific. Implementing state-of-the-art
technologies from Binder, one of top global producers of drying equipment, will
enable us to ensure high quality of products supplied by the Elga deposit. As
such, we highly appreciate cooperation with Binder and hope it can be extended
to long term,” Mechel Mining Management Company OOO’s Chief Executive Officer
Pavel Shtark noted.

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Mechel OAO
Ekaterina Videman
Tel: + 7 495 221 88 88
ekaterina.videman@mechel.com

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Mechel is an international mining and steel company which employs over 80,000
people. Its products are marketed in Europe, Asia, North and South America,
Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled
products, ferroalloys, heat and electric power. All of its enterprises work in a
single production chain, from raw materials to high value-added products.
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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.