MECHEL ANNOUNCES SIGNING LONG-TERM PARTNERSHIP AGREEMENT WITH BELAZ

Moscow, Russia — November 28, 2011 – Mechel OAO (NYSE: MTL), one of the leading
Russian mining and metals companies, announces the signing of a long-term
partnership agreement with BelAZ OAO during the session of the Supreme State
Council of the Union State of Russia and Belarus held on the level of heads of
state.
Mechel OAO’s Chairman of the Board of Directors Igor Zyuzin and BelAZ OAO’s
General Director Pyotr Parkhomchik signed the long-term partnership agreement in
the presence of Russian President Dmitry Medvedev, Belarusian President
Alexander Lukashenko, Russian Prime Minister Vladimir Putin, Belarusian Prime
Minister Mikhail Myasnikovich, Chairman of the Federation Council of Russian
Federation’s Federal Assembly Valentina Matviyenko, Chairman of the Republic
Council of Belarus Republic’s National Assembly Anatoly Rubinov, Chairman of the
State Duma of Russian Federation’s Federal Assembly Boris Gryzlov and Chairman
of the Chamber of Representatives of Belarus Republic’s National Assembly
Vladimir Andreychenko.
Mechel OAO and BelAZ OAO agreed in principle to sign the agreement for a 10-year
partnership in August 2011, when Mechel OAO’s delegation headed by the company’s
Chairman of the Board of Directors Igor Zyuzin visited Minsk by Belarusian Prime
Minister Mikhail Myasnikovich’s invitation to discuss ways to improve Mechel
Group’s ties with Belarusian enterprises.
The long-term partnership agreement provides for supplies of BelAZ-produced
mining dump trucks to Mechel’s enterprises, supplies of spare parts for those
trucks, setting up production of cargo platforms for BelAZ mining dump trucks on
Mechel’s plants, certification of a Mechel subsidiary as one of BelAZ’s service
centers in the Russian Federation.
Mechel Group’s mining division, which is one of BelAZ’s chief customers in
Russia, plans to acquire mining dump trucks mainly for use on the Elga coal
deposit with estimated reserves of 2.2 billion tonnes of coking coal, which is
located in southeastern Republic of Sakha (Yakutia). Mining at this deposit,
which is one of the world’s largest, commenced in August 2011.
“The signed agreement consolidates reliable and fruitful ties between Mechel and
Belarusian Autoworks. The attention and support given to our companies’
partnership on the highest level are proof of the strategic importance of our
joint efforts. I consider this a key event and the first step which will help
streamline and develop Mechel OAO’s friendly ties with our current and future
partners within the framework of the Union State and the Eurasian Economic
Community. This is particularly important for Mechel Group, as our company owns
assets in Kazakhstan and is a longstanding and efficient partner for companies
based in other member-states of the Eurasian Economic Community,” Mechel OAO’s
Chairman of the Board of Directors Igor Zyuzin said.

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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.