MECHEL ANNOUNCES ADR-TO-SHARE RATIO CHANGE

Moscow, Russia — December 29, 2015 – Mechel OAO (MICEX:MTLR, NYSE: MTL), one of
the leading Russian mining and metals companies, announces a ratio change to its
NYSE-listed American Depositary Receipt (“ADR”) program from the current one (1)
ADR per one (1) ordinary share to one (1) ADR per two (2) ordinary shares.
The change is aimed to bring the ADR price into compliance with the NYSE
listing’s standards requiring that an ADR’s average closing price over 30
consecutive trading days must not be lower than 1 US dollar. The anticipated
effective date for the ratio change is January 12, 2016. The ADRs for preferred
shares remain unchanged.
On the close of the business day prior to the ratio change taking effect, ADR
holders will receive one (1) new ADR for every two (2) ADRs held.  Any resulting
fractional ADRs will receive cash compensation. No action is required by ADR
holders.


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Mechel OAO
Alexey Lukashov
Tel: + 7 495 221 88 88
alexey.lukashov@mechel.com

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Mechel is an international mining and steel company which employs over 70,000
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.