MECHEL OAO ANNOUNCES PAYMENT OF DIVIDENDS BASED ON THE RESULTS FOR 2007 FISCAL
YEAR

Moscow, Russia – January 13, 2009 – Mechel OAO (NYSE: MTL), one of the leading
Russian mining and metals companies, announces a dividend payment (including
taxes) of RUR10,974,744,749.12 (approximately US$378.4 million as of December
31, 2008), based on the Company’s results for the 2007 fiscal year.
Mechel OAO has allocated for its annual dividend payment to shareholders for the
2007 fiscal year the total of RUR10,981,222,253.10 (approximately US$378.6
million as of December 31, 2008) (including taxes), or RUR26.38 (approximately
US$0.9 as of December 31, 2008) per one ordinary registered book-entry share.
The amount of funds allocated to pay the annual dividend is over 50% of the
company’s net profit for 2007 according to US GAAP.
As of December 31, 2008, all funds to pay the dividend to the holders of
Mechel’s ADRs were transferred to the account of the Company’s depositary bank
(Deutsche Bank), which will distribute them before January 15, 2009.
Total dividends of RUR6,477,503.98 (approximately US$223 thousand as of December
31, 2008), or 0.06% of the allocated amount, were not distributed to certain
shareholders due to their failure to fulfill their obligations to provide
information on their bank details required to transfer the dividends.

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Mechel OAO
Ilya Zhitomirsky
Phone: + 7 495 221 88 88
ilya.zhitomirsky@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, steel, rolled products, ferroalloys, 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.