MECHEL’S BOARD OF DIRECTORS RECOMMENDS SHAREHOLDERS TO APPROVE DEALS WITH
CREDITORS

Moscow, Russia — February 4, 2016 – Mechel OAO (MICEX:MTLR, NYSE: MTL), a
leading Russian mining and metals company, reports that the company’s Board of
Directors made the following recommendations for voting at Extraordinary General
Shareholders’ Meeting scheduled for March 4, 2016.
In compliance with task appointed by the Board, Special Committee of independent
directors commissioned an independent consultant — Renaissance Capital –
Financial Consultant Ltd — to prepare a fairness opinion.
Based on the unanimous view of the Special Committee, which was worked out on
the basis of the independent consultant’s expert opinion, the company’s Board of
Directors recommended Mechel OAO’s extraordinary general shareholders’ meeting
to approve the transactions of providing and changing suretyships and pledges
provided by the company to the following lenders: Sberbank PJSC, Gazprombank
(Joint Stock Company),  VTB Bank (PJSC) and the syndicate of banks as
transactions that meet Mechel OAO’s interests.
The Board of Directors also recommended Mechel OAO’s extraordinary general
shareholders’ meeting to approve the new amended versions of the company
charter, regulation on the General Shareholders Meeting of the company and
regulation on the Board of Directors of the company.
The Board of Directors also recommended the following people as having requisite
qualifications and experience to be elected Board members at the General
Shareholders meeting:
1. Alexander N. Kotsky
2. Vladimir V.Gusev;
3. Yury N. Malyshev;
4. Igor V. Zyuzin;
5. Alexey G. Ivanushkin;
6. Vladimir Yu. Korovkin;
7. Alexander D. Orischin;
8. Oleg V. Korzhov;
9. Tigran G. Khachaturov.
Documents for EGM are available on Mechel’s website in Shareholders and
Investors section.
http://www.mechel.ru/shareholders/corporate_governance/shareholders_meeting/
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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 67,000
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.