MECHEL REPORTS LAUNCH OF CHROME BRIQUETTE PRODUCTION AT TIKHVIN FERROALLOY PLANT

Moscow, Russia — February 21, 2012 – Mechel OAO (NYSE: MTL), one of the leading
Russian mining and metals companies, reports the launch of a chrome briquette
producing workshop at Tikhvin Ferroalloy Plant, which is part of Mechel’s
ferroalloys division.
The launch of the workshop producing chrome briquettes out of concentrate of
small-fraction chrome ore will increase the furnaces’ capacity from 12 to 14.4
MW, significantly broaden the plant’s ore base and fully use the dust formed
during the gas purification process.
The briquette-producing workshop will have the monthly production capacity of
5,500 tonnes of chrome briquettes.
Investment in the project totaled over 350 million rubles (nearly 11.8 million
US dollars*).
Mechel Ferroalloys Management OOO’s Chief Executive Officer Gennady Ovchinnikov
noted: “Chrome briquette production will not only increase output of high-carbon
ferrochrome to the maximum by raising the furnaces’ capacity, but will also
ensure ecological safety as we utilize the chrome-containing dust from gas
purification. The chrome briquette production will shortly be up to its designed
capacity.”
* Based upon the Russian Central Bank exchange rate of 29.78 RUR/$ as of
February 21, 2012.

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

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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.