MECHEL CARBON PRODUCTS

for steel, lime, soda and other industrial applications

June 2010

2

Disclaimer

This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Mechel OAO (Mechel) or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. Any purchase of securities should be made solely on the basis of information Mechel files from time to time with the U.S. Securities and Exchange Commission. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Mechel or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.

This presentation 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.

The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.

3

Mechel Business Highlights

Financial Performance

Source: Company Information, audited consolidated US GAAP financial statements

Mechel at a Glance

Largest coking coal producer in Russia & TOP-5 largest producer

globally Largest and highest quality coking coal reserves base in Russia One of the lowest-cost coking coal producers worldwide Strategically positioned to expand coal exports to fast growing

Asian market Leading long steel producer positioned to supply fast growing

Russian market High self-sufficiency of steel business in key raw materials Own infrastructure allows to establish secured access to final

customer Successful track record of acquisitions Experienced management team & best in class corporate

governance among Russian companies Assets in Russia, USA, Romania, Lithuania, Bulgaria, Kazakhstan Shares are listed on New York Stock Exchange, MICEX, RTS

Sales and Marketing

Logistics

Power

Mining

Steel Ferroalloys

2006 2007 2008

4,398 6,684 Sales

EBITDA

EBITDA margin, %

Net Income

1,068 1,659

24.3% 24.8%

603 913

US$ mln

9,951

2,047

20.6 %

1,141

Mechel Business Model

2009

5,754

998

17.3 %

74

4

M&A – Significant Factor in Achieved Growth

Mining - Coal Mining – Iron Ore Steel Power LogisticsFerroalloys

1990 … 2000 2001 2002 2003 2004 2005 2006 2007 2008

7 mining operations in South Kuzbass

Beloretsk Metallurgical Plant

Vyartsilya Metal Products Plant

Mechel Targoviste

Izhstal

Port Posiet

Yakutugol (25%+1)

Port Kambarka

Moscow Coke and Gas Plant

Ductil Steel

Oriel Resources

Southern UralsNickel Plant

ChelyabinskMetallurgical

Plant

Korshunov Mining Plant

Urals Stampings Plant

Mechel Campia Turzii

Mechel Nemunas

Bratsk Ferroalloy Plant

Southern Kuzbass Power Plant

Kuzbass Power Sales Company

Toplofikatsia Rousse (49%)

Yakutugol (75%-1) and Elgaugol (69%)

Port Temryuk

HBL Holding

2009

Bluestone

2010

Laminorul Plant

Notes: Only acquisitions of controlling stakes are shown unless otherwise indicated

Broad Geographic Production

5

Russian Federation

Lithuania

Romania

Bulgaria

Kazakhstan

United States

Mechel BluestoneWest Virginia

Elga Coal Deposit

Yakutugol

Korshunov Miming Plant

Southern Kuzbass Coal Company

Chelyabinsk Metallurgical PlantUrals Stampings Plant

Beloretsk Metallurgical Plant

Izhstal

Moscow Coke and Gas Plant

Vyartsilya Metal Products Plant

Mechel Nemunas

Mechel Campia Turzii

Buzau Plant

Mechel Targoviste

Otelu Rosu Plant

Port Posiet

Port Vanino (project)

Port Temryuk

Port Kambarka

Tikhvin Smelting Plant

Shevchenko Nickel Deposit

Voskhod Chrome Mining Plant

Southern Urals Nickel Plant

Bratsk Ferroalloys Plant

Southern Kuzbass Power Plant

Toplofikatsia Rousse

Moscow

Mining

Steel

Ferroalloys

Power

Port

Head office

Mechel is a Russian vertically integrated mining, steel, ferroalloys and power group. The company's mining business consists of coal and iron ore mines in Russia and United States.

Mechel operates coal mines located in the Kuznetskiy basin in the southwestern Siberia, in the Sakha Republic in eastern Siberia, and in the Appalachian coking coal basin, West Virginia.

Grades of Coal

KRASNOGORSKY AMSSH 0-25 mm (WASHED)(SOUTHERN KUZBASS, RUSSIA)

TM (ar), % 9-11, 13 max

ASH (d), % 11-13, 14 max

VM (d), % 3-4, 4.5 max

S (d), % 0.2-0.3, 0.4 max

CV (NAR), Kcal/kg 6200, 6000 minHGI 40

Phosphorus, % 0.020

Nitrogen (d), % 1.2-1.5

SiO2, % 60

Alkaline, % 3.3

Sizing 0-25 mm

0-0.5 mm, % 10

0.5 - 1.0 mm, % 15

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KRASNOGORSKY AO/AK 20-90 mm (WASHED)(SOUTHERN KUZBASS, RUSSIA)

TM (ar), % 9-10, 12 max

ASH (d), % 9-11, 12 max

VM (d), % 3-4, 4.5 max

S (d), % 0.3, 0.5 max

GCV (d), Kcal/kg 7000, 6700 minHGI 40

Phosphorus, % 0.020

Nitrogen (d), % 1.2-1.5

SiO2, % 60

Alkaline, % 3.3

Sizing 20-90 mm

0-20 mm 15% max

KRASNOGORSKY TPKO 25-200 mm(SOUTHERN KUZBASS, RUSSIA)

TM (ar), % 5-7, 8 max

ASH (d), % 9-11, 13 max

VM (d), % 6 min - 9 max

S (d), % 0.3, 0.5 max

CV (NAR), Kcal/kg 7000, 6500 min

HGI 40

Phosphorus, % 0.040

Nitrogen (d), % 1.8

SiO2, % 55

Alkaline, % 2.9

Sizing 25-200 mm

0-20 mm 20% max

SIBIRGINSKY PCI 0-25 mm (WASHED)(SOUTHERN KUZBASS, RUSSIA)

TM (ar), % 8, 9 max

ASH (d), % 9, 10 max

VM (d), % 12-14, 10 min - 15 max

S (d), % 0.3-0.4, 0.5 max

CV (NAR), Kcal/kg 7100, 6800 min

HGI 70

Phosphorus, % 0.025, 0.035 max

Nitrogen (d), % 2

SiO2, % 50

Alkaline, % 3.3

Sizing 0-25 mm

OLZHERASSKY PCI 0-25 mm (WASHED)(SOUTHERN KUZBASS, RUSSIA)

TM (ar), %: 8-9, 10 max

ASH (d), %: 8-9, 10 max

VM (d), %: 32-34, 30 min

S (d), %: 0.2-0.3, 0.4 max

CV (NAR), Kcal/kg: 6500, 6400 min

HGI 60

Phosphorus, % 0.020, 0.025 max

Nitrogen (d), % 1.9

SiO2, %: 45

Alkaline, %: 1.8

Sizing 0-25 mm

KRASNOGORSKY MED VOL 0-25 mm(SOUTHERN KUZBASS, RUSSIA)

TM (ar), % 8, 9 max

ASH (d), % 10-13, 14 max

VM (d), % 6-8, 9 max

S (d), % 0.3-0.35, 0.4 max

CV (NAR), Kcal/kg 6600, 6400 min

HGI 40

Phosphorus, % 0.040, 0.045 max

Nitrogen (d), % 1.8

SiO2, % 60

Alkaline, % 3.3Sizing 0-25 mm

Most of Mechel’s coal exports out of Russia and East Coast US consist of low and mid volatile coking coals, low volatile coals, low and high volatile PCI coals, and fine and sized anthracite coals. End-users are mainly coke plants and steel mills located all over the world.

Grades of Coal

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REDFOX COKING COAL(MECHEL BLUESTONE, USA)

TM (ar), %: 6-7.5, max 8.5ASH (d), %: 7.5, max 8.0VM (d), %: 24.5, min 23 %, max 26S (d), %: 1.25 typ, max 1.4FSI: 8.5Oxidation: 98 +92Reflectance: 1.25Fluidity: min 500 DDPMSize: 0-50 mm

KEYSTONE COKING COAL (MECHEL BLUESTONE, USA)

TM (ar), %: 6-7.5, max 8.5ASH (d), %: 5.5-6, max 6.5VM (d), %: 19, min 17 - max 21S (d), %: 0.80, max 1FSI: 8.0Oxidation: 98, +92Reflectance: 1.5Fluidity: min 50 DDPMSize: 0-50 mm

CLEAR CREEK COKING COAL(MECHEL BLUESTONE, USA)

TM (ar), %: 6-7, max 8.5ASH (d), %: 6-6.5, max 7.0VM (d), %: 26-27, min 25 - max 28S (d), %: 0.9, max 1FSI: 8.5 8.5Oxidation: 94, +90Reflectance: 1.21Fluidity: min 200 DDPMSize: 0-50 mm

K9 COKING COAL(YAKUTUGOL, RUSSIA)

TM (ar), %: 7.50 typ, 8.00 maxASH (ad), %: 9.50 - 10.50, 11.5 maxVM (ad), %: 16.0-21.0, 22 maxS (ad): 0.23-0.30, 0.35 maxPhosphorus (ad), %: 0.025 typ, 0.05 maxPlastometer index "Y": over 8FSI: 7-9Size: 0-30 mm

OS/KS COKING COAL(SOUTHERN KUZBASS, RUSSIA)

TM (ar), %: 9.0, 10.0 maxASH (d), %: 9.5, 10.5 maxVM (d), %: 24 maxS (d), %: 0.5, 0.6 maxPlastometer index "Y": 10 minNCV, Kcal/kg: 6900 minSize: 0-100 mm

OLZHERASSKY GZHO SOFT COKING COAL(SOUTHERN KUZBASS, RUSSIA)

TM (ar), %: 10.0 maxASH (d), %: 10.0 maxVM (d), %: 38 maxS (d), %: 0.5 maxPlastometer index "Y": 10 minNCV, Kcal/kg: 6400 minSize: 0-25/50 mm

COKE BREEZE 0-10 mm

TM (ar), % 18-19, 20 max

ASH (d), % 12-13, 14 max

Balast (TM+ASH,ar),%: 32% max

VM (d), %: 1.5-1.7, 1.8 max

S (d), %: 0.3-0.4, 0.6 max

GCV (d), Kcal/kg 6800, 6700 min

Phosphorus, % 0.030, 0.045 max

Nitrogen (d), % 1.55

SiO2, % 50

Alkaline, % 3.3

Sizing: 0-10 mm

0-1 mm, % 38 max

0-0.5 mm, % 16-18%

0.5-1.0 mm, % 10-15%

1-5 mm, % 50-60%

5-10 mm, % 10-15%

MECHEL CREEK COKING COAL(MECHEL BLUESTONE, USA)

TM (ar), %: 6-7, max 8.5ASH (d), %: 6-6.5, max 7.0VM (d), %: 28, min 26 - max 30S (d), %: 0.9, max 1.0FSI: 8.5 8.5Oxidation: 97, +92Reflectance: 1.2 1.2Fluidity: min 2000 DDPMSize: 0-50 mm

8

Murmansk

Arkhangelsk

Russian Federation

Moscow

Temruyk

Azov

Mariupol

Latvia

VentspilsRiga

Liepaja

Yuzhny

Ukraine

Posiet

Moscow

Ghent

Belgium

Gdansk

Poland

Swinoujscie

Germany

Duisburg

Dunkerque

FranceFosGijon Bilbao

Spain

Europe

EregliIzmir

TurkeyIskenderun

Murmansk

Arkhangelsk

Ravenna

Marghera

Savona

Italy

Swansea

Immingham

UK

Port

Head office

Loadports in:

- Russia- Ukraine- Latvia

Disports in:

- Belgium- Poland- Germany- Netherlands- France- Spain- Turkey- Italy- UK

Logistics including 3rd parties

Antwerpen

Amsterdam

Rotterdam

Netherlands

Production:

Mining

Overview

Production: 2007 2008 2009 2010E

‘000t ‘000t ‘000t ‘000t

Coal 21,195 26,393 17,782 26,543

Coking Coal 10,419 15,148 10,243 15,907

Anthracite 1,948

PCI 1,159

Steam Coal 10,775 11,244 7,539 7,529

Iron ore concentrate

4,963 4,700 4,208 5,000

Yakutugol

Located in Yakutiya close to Neryungri

2 open-pit mines and 1 underground mine

Elga Coal Deposit

Located in Siberia close to Kemerovo

4 open pit mines and 3 underground mines

Southern Kuzbass Coal Company

Located in Zheleznogorsk-Ilimsky close to Irkutsk, central Siberia

3 open pit iron ore mines

Korshunov Mining Plant

Largest coking coal producer in Russia & one of the largest

producers globally Largest and highest quality coking coal reserves base in Russia

Mechel Mining

Yakutugol

Southern Kuzbass Coal Company

Elga Coal Deposit

Mechel Bluestone

Korshunov Mining Plant

Coal

Iron Ore

Coal

Iron Ore

9

10

Bluestone

Key markets post acquisition: United States, Europe, Asia-Pacific and South America

JORC reserves and resources: 462.03 mln tonnes (1)

Proved Reserves: 218.14 mln tonnes (1)

Inferred Resources: 243.89 mln tonnes (1)

Reserves may be increased up to 860 mln tonnes as a result of a drilling program

5 open pit and 5 underground mines

Located near Norfolk port which accepts Capesize vessels

Plans to increase production up to 7 mln tonnes per a year

Establishment of global coal platform

Diversification and improving of quality of

coking coal reserves grades

Access to the Atlantic seaborne market

Kentucky

PennsylvaniaOhio

West frontage of coal deposit available for

exploitation

Source: West Virginia Geological and Economic Survey

Overview of Bluestone Coal Group Situated in Low Volatility Coal Deposit Area (West Virginia)

Coal Reserves Structure

High quality, only coal cleaning is necessary Low ash content - 3.0-6.5 (vs. Yakutugol K9 concentrate – 10.1,

Southern Kuzbass OS concentrate – 11.2)

Mid volatility 6%

High volatility 12%

Low volatility 82%

Low and mid volatility coal enjoys a price premium of 10-15%

All CAPEX necessary to grow up the production have been made till 2009. 5-year plan is $130 mln

Low debt level ($135 mln out of which $40 mln is working capital loans)

Bluestone production history and forecast

2006 2007 2008 2009 2010E

2.4 2.5 2.6 2.5

4.0

raw coal production

mln

to

nn

es

Notes: (1) As of January 1, 2010

Elga Deposit Project – Expanding Coal Presence

Development of one of the largest

untapped high quality coal deposits

globally

Quality shift in production volumes &

product mix

Enlarged market

positions & enhanced margins

Coal reserves: 2.2 bt:

Coal type: premium hard coking coal, semi soft and

steam coal

Expected full annual capacity: up to 30 mt of raw coal

Recovery ratio up to 60%

11

Elga Coal Deposit

Production forecast in 2010-2021

Currently: Construction of 310 km railway link to BAM

Identified CAPEX on railroad construction and deposit

development in 2010-2012: US$1.9 bn

First coal output target: 4Q2010

Seaborne sales through new Mechel’s port Vanino

terminal operations to be constructed

12

8

12

24

25

25

33

36

0 10 20 30 40 50 60

SUEK

KRU

Severstal

Evraz

Sibuglemet

Raspadskaya

Mechel

Largest Coking Coal Producer in Russia and One of the Largest Producers Globally

Mt

Source: Company analysis of financial report of comparable companies

Notes: (1) Including PCI coal

Source: Central Dispatching Department of the Fuel and Energy Complex

Notes: (1)Yakutugol and Southern Kuzbass production volumes are included into Mechel’s numbers

World Major Coking Coal Concentrate Production (excl. China) in 2008

Mt Bluestone

10

10

12

12

11

15

23

55

3

0 10 20 30 40 50 60

Peabody

Massey Energy

Alpha NR

Xstrata

Mechel

Anglo Am.

Teck Coal

BMA(1)

Russian Raw Coking Coal Aggregate Production in 2007-2009(1)

13

Largest Coking Coal Reserves Base in Russia and Diversified Coal Grade Portfolio of the Highest Quality

Res

erve

bas

e

1st 2nd 3rd 4th 5th

According to the Russian resource estimation methodology, Mechel controls the largest coking coal reserve base among Russian producers

which is more than 3x times bigger in size than the one of the closest peer

The Company has a highly diversified portfolio of coal grades for both coking and steam coals which allows to efficiently serve all customer needs

Coking coal grades

From semi-soft to high quality hard

Steam coal grades Wide range including metallurgical coal

Total = 1,772 mln tonnes

Total = 2,519.7 mln tonnes

Total = 462.03 mln tonnes

- Steam coal- Coking coal

Yakutugol BluestoneSouthern Kuzbass

Coking Coal Reserves of Key Russian Producers Coal Reserves Structure

Source: Rosinformugol, Company Information

14

Strategically Positioned to Expand Coal Exports to Growing Asia-Pacific and Atlantic Seaborne Markets

Major coking coal producing countries

Target markets for Mechel’s coking coal supplies

Target markets for Mechel’s steam coal supplies

Major steam coal producing countries

Australia

Indonesia

Canada

USA

India

Taiwan

JapanChina

Russia

Yakutugol

South Kuzbass

Port Posiet

Pechorskiy coal basin

South-Yakutian coal basin

Kuznetskiy

Yuzhnyi

St. Petersburg

Murmansk

Mechel BluestoneMechel Bluestone

Brasil

Major coking coal producing countries

15

Own Infrastructure Allows to Establish Secured Access to Final Customer

Legend

Lithuania

Russia

KazakhstanPort Posiet

Moscow

Port Kambarka

Romania

Port TemryukBulgaria

Mechel Transports

BAM railway

planned railway to Elga Deposit

Ca. 3,900 railcars

Elga Deposit

Vladivostok

Korshunov Mining Plant

China

Mongolia

Vanino

- Up to 9.0 mln tonnes in 2011- Currently loads Handysize

vessels- Panamax loadings are planned

- Up to 25.0 mt- Loads up to Capesize

vessels- Project stage

Azov Sea

Kama River

Operational Results Overview

Products 2009, thousand tonnes

2008, thousand tonnes

Coal 17,782 26,393

    Coking coal 10,243 15,148

    Steam coal 7,539 11,244

Iron Ore Concentrate 4,208 4,700

Chromite Ore Concentrate 211 -

Nickel 16 16

Ferrosilicon (65% and 75%) 86 84

Ferrochrome (65%) 83 58

Hardware 627 719

Rolled Products 5,357 5,392

     Flat Products 345 357

     Long Products 3,099 3,348

     Billets 1,913 1,687

Steel 5,496 5,909

Coke (6%) 3,233 3,32616

17

Vertically Integrated Mining and Metals Platform

Source: Company Information

Notes: (1) Based on installed generating capacity of Toplofikatsia Rousse

Mining Steel Transportation/Logistics Power

Integrated power business with its own raw material

resources, power generating facilities and extensive client

base

Coal/Coke Southern Kuzbass: 4

open pit and 3 underground mines, 4 washing plants, 1 coke plant

Yakutugol and Elgaugol operations: 1 washing and 1 coke plant

Bluestone Coal: 8 open pit and 5 underground mines

Controls 26% of coal washing capacity in Russia

Holds 16% in Mezhdurechye

Iron ore Korshunov GOK, Irkutsk

region 3 open-pit iron ore mines

Limestone Pugachev limestone

quarry, Urals

Domestic assets Chelyabinsk

Metallurgical Plant (ChMP)

Izhstal Beloretsk Metallurgical

Plant Vyartsilya Metal

Products Plant Urals Stampings Plant Moscow Coke and Gas

Plant

International assets Mechel Targoviste

(Romania) Mechel Campia Turzii

(Romania) Otelu Rosu plant

(Romania) Buzau plant (Romania) Mechel Nemunas

(Lithuania)

Mining Steel

Domestic Mechel Trading

HouseInternational Mechel Trading

AG Mechel Service

Global

Transportation Mostly railway

Port Kambarka Capacity of 1 mt

of cargo per year

Total Power GeneratingCapacity of 1,200 MW (1)

Assets Southern Kuzbass

Power Plant 554 MW Urals Stampings Plant

3.5 MW Toplofikatsia Rousse 400

MW (1)

Chelyabinsk Metallurgical Plant 230 MW

Moscow Coke and Gas Plant 30 MW

Domestic sales Mechel Trading

HouseInternational sales Mechel Trading

AG Mechel Carbon

AG

Coal and iron ore Railway and by

shipNickel Rail to ChMP or

to St. Petersburg/ Kaliningrad for export

Mecheltrans Own 4,150

railcars 25.8 mt of

Mechel’s cargo transported in 2007

Port Posiet Capacity of 3.5 mt

of cargo per year, mostly coal

Used primarily for shipments to Japan and South Korea

Port Temryuk Capacity of 2.5 mt

of cargo per year

Ferroalloys

Ferrochrome Tikhvin Smelter, near St.

Petersburg

Chrome ore Voskhod Chrome mine

in Kazakhstan

Ferrosilicon Bratsk Ferroalloys Plant

Ferronickel Southern Urals Nickel

Plant

Nickel ore 1 open-pit mine in

Chelyabinsk region 1 open-pit mine in

Orenburg region Shevchenko nickel

deposit in Kazakhstan

Contacts

18

Contact for Sales:

Mechel Trading LtdOberdorfstrasse 11CH-6340 BaarSwitzerland

Tel.: + 41 41 768 45 00Fax: + 41 41 768 45 01info@mechelgroup.com