Mechel Announces Bridge Loan Extension

MOSCOW - Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals
companies, announced a two month extension of its bridge loan taken for the
acquisition of Oriel Resources Ltd.

On March 25, 2009, following negotiations with the banking syndicate
which provided Mechel a one-year loan for the Oriel Resources Ltd. (United
Kingdom) acquisition, an agreement for a two month payment term extension was
reached. The new payment date is May 15, 2009.

The prolongation period will be used to complete negotiations with the
bank participants of the syndicate aiming at refinancing the bridge loan with
long term instruments.

Mechel is one of the leading Russian companies. Its business includes
four segments: mining, steel, ferroalloys and power. Mechel unites producers
of coal, iron ore concentrate, nickel, steel, rolled products, hardware, heat
and electric power. Mechel products are marketed domestically and
internationally.

Some of the information in this press release may contain projections or
other forward-looking statements regarding future events or the future
financial performance of Mechel, as defined in the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution
you that these statements are only predictions and that actual events or
results may differ materially. We do not intend to update these statements.
We refer you to the documents Mechel files from time to time with the U.S.
Securities and Exchange Commission, including our Form 20-F. These documents
contain and identify important factors, including those contained in the
section captioned “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in our Form 20-F, that could cause the actual
results to differ materially from those contained in our projections or
forward-looking statements, including, among others, the achievement of
anticipated levels of profitability, growth, cost and synergy of our recent
acquisitions, the impact of competitive pricing, the ability to obtain
necessary regulatory approvals and licenses, the impact of developments in
the Russian economic, political and legal environment, volatility in stock
markets or in the price of our shares or ADRs, financial risk management and
the impact of general business and global economic conditions.

Source: Mechel OAO

Ilya Zhitomirsky of Mechel OAO, +7-495-221-88-88, ilya.zhitomirsky at mechel.com