Moscow, Russia – July 05, 2010 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces that Annual General Shareholders’ Meeting was held on June 30, 2010.

The following key resolutions were adopted by shareholders at the meeting:

• To pay dividends of 1.09 rubles per one ordinary share (about $0.03 per one ADR)* and a dividend of 3.29 rubles per one preferred share (approximately $0.1)*. Dividend payment should be maid in cash by wire transfer not later than December 31, 2010.

The total dividend, the Board of Directors recommended to the Annual General Shareholders’ Meeting, amounts to 453,735,112.05 rubles (about $14,545,496.02) for ordinary shares. The total dividend for preferred shares, recommended by the Board of Directors to the Annual General Shareholders’ Meeting, amounts to 456,510,250.35 rubles. ($14,634,459.3)*.

• To elect the following people to Mechel’s Board of Directors:

- Igor Zyuzin (Member of the Board of Directors) **;

- Alexander Yevtushenko (Independent Member of the Board of Directors);

- Vladimir Polin (Member of the Board of Directors);

- Vladimir Gusev (Independent Member of the Board of Directors);

- Roger Ian Gale (Independent Member of the Board of Directors);

- Arthur David Johnson (Independent Member of the Board of Directors);

- Seraphim Kolpakov (Independent Member of the Board of Directors);

- Valentin Proskurnya (Independent Member of the Board of Directors);

- Igor Kozhukhovsky (Independent Member of the Board of Directors).

• To approve Annual Report and Annual Financial Statements, inclusive of the Income Statement (Profit and Loss Accounts) of the Company and to appoint Energy Consulting/Audit ZAO as the auditor of Mechel OAO (Moscow).

• To approve related-party transactions on the terms defined by General Shareholders’ Meeting.

* According to the Russian Central Bank exchange rate of 31.1942 RUR/US $ as of July, 5, 2010.

** Was elected the Chairman of Mechel OAO Board of Directors at the Board Meeting on June 30, 2010.