MECHEL REPORTS RESUMPTION OF MINING AT NEW-OLZHERASSK UNDERGROUND MINE

Moscow, Russia — November 16, 2011 – Mechel OAO (NYSE: MTL), one of the leading
Russian mining and metals companies, announces that coal mining at
New-Olzherassk Underground mine has been resumed.
By the year’s end, New-Olzherassk’s section # 21-1-7 is planned to yield some
352,000 tonnes of coal. The long wall face’s industrial reserves are estimated
at some 3 million tonnes.
The breakage face is equipped with mechanized shield supports made by ZF of
China and a shearer, a face conveyor and a rear conveyor by Joy Mining Machinery
of Britain, which allows the company to use a unique top coal caving method
enabling thick seam mining in one coal layer of up to 10 meters. This technology
proved the best for the mine’s geological conditions.
Mining in the production area of New-Olzherassk Underground mine, which belongs
to Southern Kuzbass Coal Company, was suspended in August 2010 due to coal
self-heating.
***
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, ferrochrome, ferrosilicon, steel, 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.