Moscow, Russia — April 30, 2013 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces its Board’s dividend recommendation.

On April 30, 2013, Mechel’s Board of Directors held a meeting confirming recommendations to the annual general shareholders’ meeting regarding the payment of dividends based upon the results of the 2012 fiscal year:

• the Board recommended not to pay an annual dividend with respect to ordinary shares;

• the Board recommended an annual dividend of 0.05 rubles per one preferred share (approximately $0.0016 per one preferred share and $0.0008 per one preferred ADR*).

Dividends must be paid within 60 days of being declared at the annual general shareholders’ meeting.

The Board recommended to Mechel OAO’s general shareholders’ meeting to divide profit from the 2012 fiscal year as follows:

• to allocate 6,937,845.75 rubles (approximately $221,969.16*) for payment of dividends for listed preferred shares;

• to leave 19,174,169,396.24 rubles (approximately $613,457,599.88*) unallocated.

The list of persons entitled to take part in the general shareholders’ meeting and the list of persons entitled to receive dividends for the 2012 fiscal year will be made based on the data in the Shareholders’ Register as of May 17, 2013. The annual general shareholders’ meeting will be held on June 28, 2013, at the address: 1 Krasnoarmeyskaya Ul., Moscow, Russian Federation.

* Based on the Russian Central Bank exchange rate of 31.2559 RUR/$ as of April 30, 2013.