Moscow, Russia – March 27, 2008 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces that it posted the Offer Document and Form of Acceptance to Oriel’s shareholders on March 26, 2008.

The posting of the Offer Document represents the formal offer (“Offer”) by Mechel for the entire issued and to be issued share capital of Oriel Resources plc (“Oriel”).

The Offer proposes that Oriel shareholders will receive 219.86 US cents in cash for each Oriel share, which based on an exchange rate of 1.9992 USD:GBP, being the rate as at the close of business on March 25, 2008, is equivalent to 109.97 pence per Oriel share.

The Offer values the entire issued and to be issued share capital of Oriel at approximately US$1,498 million (£749 million).

Capitalized terms used in this announcement are as defined in the Offer announcement and Offer Document, both dated March 26, 2008.