MECHEL ANNOUNCES JORC SUMMARY OF ORE RESERVES AND RESOURCES
Moscow, Russia – August 8, 2011 - Mechel OAO (NYSE: MTL), one of the leading
Russian mining and metals companies, announces a JORC summary of its ore
reserves and mineral resources as of May 1, 2011.
Based on the review prepared by IMC Group Consulting Ltd., the total JORC
Equivalent Coal Ore Reserves and Resources as of May 1, 2011 were 3,271 million
tonnes and 4,373 million tonnes, respectively, while total JORC Equivalent Iron
Ore Reserves and Resources as of May 1, 2011 were 267 million tonnes and 427
million tonnes, respectively.
Commenting on the announcement, Igor Zyuzin, Chairman of Mechel OAO’s Board of
Directors and CEO of Mechel Mining OAO, said:
"We are delighted to announce the substantial JORC reserves and resources for
the Company, demonstrating the quality of our mining asset base and positioning
us as one of the largest metallurgical coal producers globally by reserves and
resources. Our resource base is sufficient to ensure a dramatic increase in
production of metallurgical coals and help consolidate Mechel Mining OAO’s
position as one of the world’s largest coal producers and suppliers. We continue
to focus on growing our mining business through development of our reserves
including at Elga, where production will begin in August 2011 and is expected to
reach 9 million tonnes a year by 2015 and 27 million tonnes a year by 2021. We
will also look for opportunities to enhance our resource base beyond the
existing portfolio, as well as adding more reserves through exploration and
targeted acquisitions. In line with our stated strategy, we continue to evaluate
the possibility of a public listing of the mining division of the Company, which
we believe will enable Mechel Mining to have better access to capital,
crystallize value for our shareholders and provide access to additional growth
opportunities."

The detailed reserves and resources summary is presented in exhibit 1.