Moscow, Russia – March 26, 2009 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces the starting date to place its preferred shares through public offering.

The decision to increase the company’s charter capital through placing its preferred shares through public offering and the Prospectus of Securities were approved by the resolution of Mechel OAO’s Board of Directors on May 14, 2008. The Russian Federal Financial Markets Service registered 55 million of Mechel preferred shares with the nominal value of RUR10.0 each on June 5, 2008.

As a result of the resolution adopted by Mechel’s Board of Directors, amendments were made on the Issue and Prospectus of Securities, and the preferred shares were suspended on September 19, 2008. These amendments were regarding the quantity of the preferred shares issue, which increased to 138,756,915 shares with the nominal value of RUR10.0 each.

The Russian Federal Financial Markets Service registered the amendments to the Resolution on the Issue and Prospectus of Securities on October 23, 2008, and the placement resumed on October 24, 2008.

On March 25, 2009, Mechel’s Chief Executive Officer established that the new date to start placing the preferred shares would be on April 1, 2009.

The preferred share offer price is to be determined by Mechel’s Board of Directors after the state registration of the share issue and no later than the placement starting date.