Moscow, Russia – May 23, 2014 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces its Board’s dividend recommendation.

On May 23, 2014, Mechel’s Board of Directors held a meeting confirming recommendations to the annual general shareholders’ meeting regarding the payment of dividend based upon the results of the 2013 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 $0.0015 per one preferred share and $0.0007 per one preferred ADR*).

Dividends must be paid by bank transfer in time specified by Russian law.

The Board recommended to Mechel OAO’s general shareholders’ meeting to divide part of unallocated profit from the previous years as follows:

- to allocate 6,937,845.75 rubles (approximately $202,387.57*) for payment of dividends for listed preferred shares;

- to leave 90,416,010,077.27 rubles (approximately $2,637,573,222.79*) unallocated.

The Board also recommended that the list of persons entitled to receive dividends for the 2013 fiscal year is made based on the data in the Shareholders’ Register as of July 11, 2014. The annual general shareholders’ meeting will be held on June 30, 2014, at the address: 1 Krasnoarmeyskaya Ul., Moscow, Russian Federation.

*Based on the Russian Central Bank exchange rate of 34,28 RUR/$ as of May 23, 2014.

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Mechel OAO

Ekaterina Videman

Phone: +7 495 221-88-88

ekaterina.videman@mechel.com