Mechel : Announces ADR-to-Share Ratio Change

Moscow, Russia - December 29, 2015 - Mechel OAO (MICEX:MTLR, NYSE: MTL), one of the leading Russian mining and metals companies, announces a ratio change to its NYSE-listed American Depositary Receipt ('ADR') program from the current one (1) ADR per one (1) ordinary share to one (1) ADR per two (2) ordinary shares.

The change is aimed to bring the ADR price into compliance with the NYSE listing's standards requiring that an ADR's average closing price over 30 consecutive trading days must not be lower than 1 US dollar. The anticipated effective date for the ratio change is January 12, 2016. The ADRs for preferred shares remain unchanged.
On the close of the business day prior to the ratio change taking effect, ADR holders will receive one (1) new ADR for every two (2) ADRs held. Any resulting fractional ADRs will receive cash compensation. No action is required by ADR holders.

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Mechel OAO
Alexey Lukashov
Tel: + 7 495 221 88 88
[e-mail]

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Mechel is an international mining and steel company which employs over 67,000 people. Its products are marketed in Europe, Asia, North and South America, Africa. Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, heat and electric power. All of its enterprises work in a single production chain, from raw materials to high value-added products.

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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.