Previously, Mr. Tsikanov (52) was Acting General Director of Mechel’s Yakutugol OJSHC subsidiary. In his new position, Mr. Tsikanov will be responsible for the strategic development of Mechel OAO’s economic and management organization, management accounts policies and planning, and implementation of internal management and control systems.

Mechel OAO Chief Executive Officer Igor Zyuzin said, “We are pleased that such a respected, professional and highly experienced economist and executive will continue working in our team in the new senior level position. The appointment of Mr. Tsikanov to the position of Senior Vice President on Economic and Management confirms the importance and significance of a high quality and efficient operating management and control system for Mechel. With such an extensive network of subsidiaries and a wide marketing and sales infrastructure, it is difficult to overestimate the role of professional economic management for Mechel. We are confident that Mr. Tsikanov’s knowledge and competence will enable the Company to implement management accounts policies and principles more efficiently, thus further enhancing the development of Mechel’s business.”

Prior to being appointed Acting General Director of Yakutugol OJSHC in October 2007, Mr. Tsikanov was General Director of Elgaugol OAO from 2005 to 2007. From 2004 to 2005 he was Senior Vice President of Yukos-Moscow OOO. From 1993 to 2005, he held various positions in the government agencies, including: Deputy Minister of Economic Development and Trade of the Russian Federation, from 2000 to 2004; Deputy Minister of Economy of the Russian Federation, from 1997 to 2000; First Deputy Head of the Administrative Program for Economy Stabilization and Development of the Kabardino-Balkarian Republic from January to August 1997; and Minister of Economy of the Kabardino-Balkarian Republic from 1993 to 1997. He worked in various scientific institutes of the Academy of Sciences of the USSR and Russia from 1977 to 1993. Mr. Tsikanov holds doctorate in economics and professorship.