Mechel announces Board of Directors’ resolutions

Mechel, one of the leading Russian mining and metals companies, announces decision of the board of directors to convene the annual general shareholders' meeting of Mechel OAO.

The Board of Directors of Mechel OAO (the Company) held a meeting on April 8, 2011. The following resolutions were adopted at the meeting:

1. To convene the Annual General Shareholders’ Meeting of Mechel OAO on June 6, 2011. The General Shareholders’ Meeting will be held at: 1 Krasnoarmeyskaya str., Moscow, Russian Federation, in the conference hall, at 14:00 local time.

2. To approve the following agenda for the Annual General Shareholders’ Meeting:

- Approval of the Company’s Annual Report.

- Approval of the Company’s Annual Financial Statements inclusive of the Income Statement (Profit and Loss Accounts).

- Distribution of the Company’s profit, including payment (declaration) of dividends, based on the results of the financial year.

- Election of members of the Company’s Board of Directors.

- Election of members of the Company’s Review Commission.

- Approval of the auditor of the Company.

- Approval of the revised Charter of the Company.

- Approval of the revised Bylaw on the Collective Executive Body (the Management Board) of the Company.

- Approval of the revised Bylaw on the Board of Directors of the Company.

- Approval of the revised Bylaw on the Sole Executive Body (the general director) of the Company.

- Approval of related-party transactions.

3. To prepare the list of the shareholders eligible to take part in the Annual General Shareholders’ Meeting based on the data in the Shareholders’ Register as of April 20, 2011.

The Board of Directors determined the procedure of announcing to the shareholders of the Annual General Shareholders’ Meeting, the text of this announcement, the list of information materials to be offered the shareholders in preparation for the Annual General Shareholders’ Meeting and the procedure for providing such materials.

Should a decision to pay dividends be taken by the shareholders, the list of persons with the right to receive dividends for common and preferred shares will be prepared on the date that the list of the shareholders eligible to take part in the Annual General Shareholders’ Meeting will be prepared (April 20, 2011).