Moscow, Russia – May 26, 2009 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announced a two month extension of its bridge loan taken to finance the acquisition of Oriel Resources Ltd. (Great Britain).

On May, 22, 2009, following negotiations with the banking syndicate which provided Mechel with a one-year loan for financing of Oriel Resources Ltd. (Great Britain) acquisition, an agreement for a two month payment term extension was reached. The new payment date is July, 15, 2009.

The Company and creditor banks representatives agreed on the basic principles of the bridge loan refinancing for a term of up to 3.5 years, and the extension period will be used to execute the agreement. At the moment the participating banks of the syndicate are in the process of internal procedures performing in order to get the final approval of this agreement conditions.