Moscow, Russia – April 3, 2009 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces the completion of the open subscription placement of its preferred shares.

The preferred shares placement was completed April 2, 2009, when the procedures of payment and transition of shares to the buyer occurred. During the placement process only one offer to purchase the preferred shares of the Company was submitted. The preferred shares were purchased by one of Mechel’s subsidiaries, Skyblock Limited. According to the international financial reporting standards of US GAAP used by the Company, the issued shares have become treasury stocks.

Placement of the preferred shares through public offering in amount of 138,756,915 started on April 1, 2009. In compliance with the resolution of Mechel OAO’s Board of Directors, the nominal value of each preferred registered book-entry share is RUR10.0 (about USD 0.3).