Ěoscow, Russia – July 20, 2009 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces successful closing of the deal for refinancing its short-term credit facilities totaling 2.6 billion US dollars raised to purchase assets in Yakutia and Oriel Resources Ltd.

As was announced earlier, negotiations with syndicates of banks that provided Mechel with credit facilities for acquisition of Yakutugol Holding Company OAO and Elgaugol OAO in October, 2007 and Oriel Resources Ltd. (Great Britain) in April, 2008, resulted in signing the agreement on refinancing of these facilities in the period of up to 3.5 year on July 10, 2009.

On Friday, July 17, 2009 Mechel signed all its refinancing operations documentation. Currently the bridge loan which was taken for Oriel Resources acquisition is fully repaid.

27 banks were participants of the deal. Mechel’s legal adviser on the deal was Gide Loyrette Nouel company.