Moscow, Russia – October 16, 2008 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announced today its operational results for the first nine months of 2008.

Product First nine months of 2008, thousand tonnes First nine months of 2008 vs. first nine months of 2007, % Coal 20,702 + 54   Coking Coal 12,409 + 95   Steam Coal 8,293 + 17   Coal concentrate* 11,213 + 30   Coking 9,264 + 41   Steam 1,949 - 7   Iron ore concentrate 3,620 -2.5   Nickel 14 + 6   Ferrosilicon 67 n/a   Ferrochrome** 48 n/a   Hardware 604 + 16   Forgings 60.4 - 0.7   Stampings 71.3 - 0.3   Rolled Products 4,313 + 11   Flat Products 309 - 0.4   Long Products 2,716 + 18   Semi-Finished Products 1,288 + 1   Steel 4,745 + 4   Pig iron 2,781 - 2   Coke 2,699 - 8,2   Electric power generation (ths. kWh) 3,108,359 +55

* The coal concentrate has been produced from part of the raw coal output

** The data provided relate to results for the second quarter 2008.

Mechel Management OOO Chief Executive Officer Vladimir Polin commented on the operational results for the first nine month of 2008: “Mechel continues to implement its long term strategy of transitioning to the manufacturing of downstream products with high added value in its steel segment and increasing production efficiency in all of its business segments. Consolidation of Yakutugol OAO enabled us to significantly increase our coal output and coal concentrate production. Due to our acquisition of Romanian producer Ductil Steel in Spring 2008, we also increased steel product output and strengthened our positions in the promising Eastern European market. An insignificant reduction in our coke production was due to the planned overhaul of coke oven battery No. 4 at Mechel’s Chelyabinsk Metallurgical Plant. Output of pig iron was also reduced due to the planned overhauls of our blast furnaces. We also increased our output of long products and downstream products with high added value by reducing production of semi-finished products. Our production of flat steel was determined by the market demand for these products.”

Mr. Polin continued: “Mechel’s ferroalloy business has gained a new impetus for further development, driven by the integration of Oriel Resources’ assets into Mechel. The commissioning of the new mining and processing plant at the Voskhod chrome ore deposit in September 2008 will enable us to supply our Tikhvin Ferroalloy Smelting Plant with a high quality raw material. Tikhvin Ferroalloy Smelting Plant provides us with ferrochrome, which is one of the key components in producing various grades of stainless steel. Thus, we expect to achieve enhanced synergy in our steel segment.”