- Mechel presented its financial results for fiscal year 2012, with consolidated revenue down 10% to $11.3 billion due to weaker commodity prices. - The steel segment increased its share of total revenue to 60% and saw relatively stronger performance, with its EBITDA share growing to 23%. - The mining segment saw a 13% decline in revenue due to lower sales volumes and one-off charges, resulting in negative EBITDA for the quarter.

1. FY2012 RESULTS PRESENTATION
APRIL 15, 2013

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
2

3. FINANCIAL HIGHLIGHTS

4. 57% 60% 63% 62%
33% 29% 29% 27%
4% 4% 3% 3%
6% 7% 5% 8%
FY11 FY12 3Q12 4Q12
Steel Mining Ferroalloys Power
SEGMENTS OVERVIEW
Diversified business model: Mining down while steel holds up.
REVENUE FROM THIRD PARTIES EBITDA BY SEGMENTS
Consolidated revenue down 10% y-o-y to $11.3 bn on
weaker commodity prices
Bad debt provisions and write-off of $1.6 bn result in a Net
Loss of $1.7 bn for 2012.
A relatively stronger steel segment increased its share in the
consolidated revenue to 60%
The steel segment share in EBITDA grew to 23% on
efficiency improvements
$ Mln
$ Mln
(1) Adjusted EBITDA represents EBTIDA adjusted by forex gain/loss, interest income, net income on the disposal of non-current assets, amount attributable to non-controlling interests gain/loss from remeasurement of
contingent liabilities at fair value, impairment of long-lived assets and goodwill, provision for amounts due from related parties and losses from discontinued operations, net of income tax.
4
Steel Mining Ferroalloys Power
EBITDA(1) BY SEGMENTS
12,541 11,275 2,711 2,521
49
358
-7
29 37
465
91
302
-7
6
-0,6
391
75
305
-3
-6
5
376
76
33
-31
15 7
100
Steel Mining Ferroalloys Power Cons.adj. Consolidated
1Q12 2Q12 3Q12 4Q12
FY2011
2%2%
13%
83%
FY2012
3%
23%
78%
-4%

5. MINING SEGMENT
Demand volatility and one-offs affect the profitability
$ Mln
CASH COSTS, US$/TONNE COS STRUCTURE
$2,324 mn $2,131 mn
5
REVENUE, EBITDA(1)
39
33
42
113
42
36
45
100
42
32
45
88
39
28
43
89
41
29
45
115
Coal SKCC Coal YU Iron Ore Bluestone
4Q11 1Q12 2Q12 3Q12 4Q12
55%
51%
18%
20%
9% 9%
14% 14%
4% 6%
FY11 FY12
Other
Depreciation and
depletion
Energy
Staff costs
Raw materials and
purchased goods
(1) Adjusted EBITDA represents EBTIDA adjusted by forex gain/loss, interest income, net income on the disposal of non-current assets, amount attributable to non-controlling interests gain/loss from remeasurement of
contingent liabilities at fair value, impairment of long-lived assets and goodwill, provision for amounts due from related parties and losses from discontinued operations, net of income tax.
945
895
781
676
213
193
168
143
31%
28%
32%
4%
-10%
20%
50%
0
300
600
900
1 200
1Q12 2Q12 3Q12 4Q12
Revenues (lhs) Intersegment revenues(lhs) Adj. EBITDA margin (rhs)
Segments EBITDA down to $33 mn due to:
• 13% revenue decrease
• 7% COGS growth (incl. $19 mn inventory write-down)
• 12 % growth in S&D expenses due to geography change
• $66 mn of reversals and one-off accruals for tax
contingencies and trade dispute settlement
Cash costs slightly up on seasonal factors but still under
control
Cash cost at Bluestone up due to temporary idling of
operations

6. 53%
44% 42% 37%
17%
21% 22%
22%
9%
9% 10%
11%
2%
2% 2%
3%
7%
8% 9%
9%
9% 13% 14% 16%
3% 3% 1% 2%
FY11 FY12 3Q12 4Q12
Coking coal Anthracitesand PCI Coke Coking products
Steam coal Iron ore Other
MINING SEGMENT
Solution: rebalancing geography of sales
6
REVENUE BREAKDOWN BY REGION AVERAGE SALES PRICES FCA, US$/TONNE
Coking coal sales down 25% q-o-q due to decrease in export
sales to Europe and Ukraine by 16%.
Sales to China grew to 29%, balancing out reduction of demand
elsewhere although at a lower spot price.
Iron ore sales volumes up 18% as domestic sales of iron ore
grew 2x due to better pricing
*Restated to include middlings
EXTERNAL SALES STRUCTURE
291
181
104
43
101
263
142
101
54
82
236
129
96
49
84
229
122
80
49
65
214
93
69
51 59
Coke Coking coal Anthracite and PCI Steam coal* Iron ore
4Q11 1Q12 2Q12 3Q12 4Q12
25% 25% 25%
32%
18% 14% 16%
14%
13%
9% 8%
5%
19% 30% 27%
29%
16% 13% 18% 10%
3% 5% 4% 7%
6% 4% 2% 3%
FY11 FY12 3Q12 4Q12
Russia Europe CIS China Asia w/o China Middle East Other

7. STEEL SEGMENT
Structural changes improve EBITDA margin…
7
CASH COSTS, US$/TONNE COS STRUCTURE
REVENUE, EBITDA(1)
Revenue down 8% q-o-q due to seasonal demand slowdown
Structural adjustments relieve pressure on profitability…
… resulting in stable EBITDA at $76 mn
Bottom line affected by $887 mn of write-downs and bad
debt provisions.
$6,341 mn $6,026 mn
$ Mln
1 541
1 649
1 898
1 700
1 557
76
79
67
50
73
-3%
3%
5%
4%
5%
-5%
-2%
1%
4%
7%
10%
13%
0
500
1 000
1 500
2 000
4Q11 1Q12 2Q12 3Q12 4Q12
Revenues (lhs) Intersegment revenues(lhs) Adj. EBITDA margin (rhs)
545
503 511
494 499 515
436 452
470
409 431
452
408
437 444
Billets* Wire Rod Rebar
4Q11 1Q12 2Q12 3Q12 4Q12
80% 78%
8% 8%
9% 10%
2% 2%1% 2%
FY11 FY12
Other
Depreciation
Energy
Staff costs
Raw materials and
purchased goods
*Carbon and low-alloyed billets
(1) Adjusted EBITDA represents EBTIDA adjusted by forex gain/loss, interest income, net income on the disposal of non-current assets, amount attributable to non-controlling interests gain/loss from remeasurement of
contingent liabilities at fair value, impairment of long-lived assets and goodwill, provision for amounts due from related parties and losses from discontinued operations, net of income tax.

8. 54% 56% 60% 61%
23% 19%
17% 20%
1% 3% 2%
2%6% 11% 12%
13%11%
7% 7%
4%5% 4% 2% 0%
FY11 FY12 3Q12 4Q12
Russia Europe Asia CIS Middle East Other
STEEL SEGMENT
… and withstand demand slowdown with better product mix
8
REVENUE BREAKDOWN BY REGION AVERAGE SALES PRICES FCA, US$/TONNE
EXTERNAL SALES STRUCTURE
Downward price trend countered by a change in product mix
Sales of semi-finished steel products down in Q4 due to a
shut-down of DEMZ
Share of sales to Europe and share of flat products sales up
after consolidation of Cognor
21% 19% 18% 16%
23% 25% 26% 26%
3% 2% 2% 2%
17% 15% 15% 14%
7% 7% 6% 7%
13% 13% 14% 14%
7% 7% 5% 8%
9% 12% 14% 13%
FY11 FY12 3Q12 4Q12
Semi-finished steel products Rebar Stainless flat products
Carbon long products Forgings and stampings Hardware
Carbon flat Other
583 686
4332
2703
919 742
550
692
4303
2647
932
734551
692
4195
3082
891 724533
684
4038
2545
894
700
517
677
3910
2411
927
700
Semi-finished
steel products
Rebar Stanless flat
products
Forgingsand
stampings
Hardware Carbon flat
4Q11 1Q12 2Q12 3Q12 4Q12
(1) Adjusted EBITDA represents EBTIDA adjusted by forex gain/loss, interest income, net income on the disposal of non-current assets, amount attributable to non-controlling interests gain/loss from remeasurement of
contingent liabilities at fair value, impairment of long-lived assets and goodwill, provision for amounts due from related parties and losses from discontinued operations, net of income tax.

9. CASH COSTS, US$/TONNE COS STRUCTURE
Nickel
FERROALLOYS SEGMENT
Shutdown of nickel plant and one-offs depress profitability in Q4
REVENUE, EBITDA(1)
Revenue down 25% due to price volatility and reduction of Ni
sales.
Cash cost demonstrate different dynamics:
• FeSi up 7% due as electricity price grows
• Cr flat
• Cr concentrate down 25% due to better geological
conditions
Provisions related to SUNP shut-down and bad receivables
result in a negative EBITDA of $31 mn in 4Q12
Bottom line affected by $23 mn write-down on mineral
licenses in Shevchenko nickel deposit
9
$ Mln
$644 mn $539 mn
116
125
132
91
69
16
28 22
23
14
-9%
-5% -5% -3%
-37%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
0
50
100
150
200
4Q11 1Q12 2Q12 3Q12 4Q12
Revenues (lhs) Intersegment revenues(lhs) Adj. EBITDAmargin (rhs)
51% 49%
10% 9%
18% 18%
13% 16%
8% 8%
FY11 FY12
Other
Depreciation
Energy
Staff costs
Raw materials and
purchased goods
4Q11 1Q12 2Q12 3Q12 4Q12
912
2.08K
877
2.05K
845
2.06K
848
2.11K
907
2.10K
Ferrosilicon Chrome
184 172 149 151
113
Chrome Ore
Concentrate
20.6K
21.4K
19.1K
19.7K
N/A
(1) Adjusted EBITDA represents EBTIDA adjusted by forex gain/loss, interest income, net income on the disposal of non-current assets, amount attributable to non-controlling interests gain/loss from remeasurement of
contingent liabilities at fair value, impairment of long-lived assets and goodwill, provision for amounts due from related parties and losses from discontinued operations, net of income tax.

10. 28% 30%
36%
44%
56% 49% 37%
31%
8%
12%
14% 13%
8% 9% 13% 12%
FY11 FY12 3Q12 4Q12
Russia Europe Asia Other
FERROALLOYS SEGMENT
… but lay ground for better performance in the future
10
REVENUE BREAKDOWN BY REGION AVERAGE SALES PRICES FCA, US$/TONNE
EXTERNAL SALES STRUCTURE
Share of Ni sales down q-o-q due to halting production at
Southern Urals Nickel Plant in 4Q12
Cr sales up due to inventories liquidation
Cut of Ni production led to Russia sales grow to 44% of the
total
4Q11 1Q12 2Q12 3Q12 4Q12
Nickel Ferrosilicon Chrome
1 340
1 309
1 227
1 299
1 254
2 180 2 184
2 218
1 928
1 891
54%
40% 35%
12%
18%
16% 21%
27%
22%
31% 26%
42%
4%
11% 16% 15%
2% 2% 2% 4%
FY11 FY12 3Q12 4Q12
Nickel Ferrosilicon Chrome Chrome ore Other
18 064
19 126
17 202
15 327
16 314

11. POWER SEGMENT
A steady contribution to diversification
11
AVERAGE ELECTRICITY SALES PRICES AND CASH COSTS (RUSSIA), US$/MWH COS structure
REVENUE, EBITDA(1)
Revenue up 57% q-o-q due to high season
Cash costs down 19% as sales of heat and electricity grow
EBITDA back to black with $15 mn
$ Mln
51,7 53,5 54,7 53,8
25,8
28,0
30,1
24,5
1Q12 2Q12 3Q12 4Q12
Sales price Cash costs
89% 88%
3% 3%
6% 6%
1% 1%
1% 2%
FY11 FY12
Other
Depreciation
Energy
Staff costs
Raw materials and
purchased goods
$932 mn $932 mn
230
168
140
220
136
113
109
126
8%
2%
-2%
4%
-5%
-3%
-1%
1%
3%
5%
7%
9%
11%
13%
15%
0
100
200
300
400
1Q12 2Q12 3Q12 4Q12
Revenues (lhs) Intersegment revenues(lhs) Adj. EBITDA margin (rhs)
(1) Adjusted EBITDA represents EBTIDA adjusted by forex gain/loss, interest income, net income on the disposal of non-current assets, amount attributable to non-controlling interests gain/loss from remeasurement of
contingent liabilities at fair value, impairment of long-lived assets and goodwill, provision for amounts due from related parties and losses from discontinued operations, net of income tax.

12. Consolidated P&L
Q4 takes the hit… but clears the path for a bounce back in 2013.
12
REVENUE DYNAMICS REVENUE, EBITDA(1) AND NET PROFIT
Consolidated EBITDA down 73% q-o-q to $100 mn due to lower profitability and one-offs in the mining and ferroalloys segments
Q4 net result affected by $910 mn of one-off write-downs and $44 mn of loss from discontinued operations totaling $1,114 mn of net loss
4Q2012 FINANCIAL PERFORMANCE Q-O-Q HIGHLIGHTS:
$ Mln$ Mln
2 711
2 521
-187
79 -82
0
1 000
2 000
3 000
3Q2012 Volume Acquisitions Price 4Q2012
2949
3093
2711
2521
465 391 376
100218
-823
55
-1114
16% 13% 14%
4%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
(1 200)
(700)
(200)
300
800
1 300
1 800
2 300
2 800
3 300
1Q12 2Q12 3Q12 4Q12
Revenue (lhs) Adj. EBITDA (lhs) Net profit (lhs) Adj. EBITDA
(1) Adjusted EBITDA represents EBTIDA adjusted by forex gain/loss, interest income, net income on the disposal of non-current assets, amount attributable to non-controlling interests gain/loss from remeasurement of
contingent liabilities at fair value, impairment of long-lived assets and goodwill, provision for amounts due from related parties and losses from discontinued operations, net of income tax.

13. Cash Flow Statements
Record operating cashflow despite volatile markets
13
OPERATING CASH FLOW DYNAMICS NET CASH FLOW
Continuing production adjustment and working capital management added another $208 mn to the CFO in Q4 resulting in a record $1,31
bn operating cashflow in 2012.
Investment cashflow minimized to $43 mn in Q4 allowing for debt reduction
Superior CFO in 2012 allowed to finance the entire capex and repay $577 mn of debt before FX adjustments
$ Mln FY’10 FY’11*
270*
306
456
208
(50)
150
350
1Q12 2Q12 3Q12 4Q12
Operating cashflow
FY’12
(148)
399
1 311
(1 120)
(1 674)
(839)
1 210
2 079
(792)
Operating activities Investment activities Financial activities
* Excluding the effect of loan to Estar * Excluding the effect of loan to Estar

14. IMPROVING DEBT MATURITY PROFILE
Net debt stable at USD 9.6 bln (including financial lease) as of
April 10, 2013
Debt repayments of approximately USD 0.32 bln in 2012
(reduction of gross debt excluding FX effect)
Cash and available credit lines total USD 1.1 bln as of April 10,
2013; in line with remaining 2013 maturities
A new RUR 40 bln (~ USD 1.3 bln) 5 year facility from VTB has
substantially eased the liquidity pressure from repayments in
2013.
DEBT PROFILE AS OF APRIL 10, 2013 (W/O PRO FORMA)
RUR
58%
USD
35%
EUR
7%
Russian
Banks
51%
14
DEBT MATURITY SCHEDULE AS OF APRIL 10, 2013 WITH PRO FORMADEBT MATURITY SCHEDULE AS OF DECEMBER 1, 2012
235 210
3 1
78
1 287
2 048
1 699
578 544-
86
483
483
483
-
-
482
-
322
-
-
14
148
120 72
44
45
327
2 213
2 654
2 577
1 105
588
0
500
1000
1500
2000
2500
3000
3500
4000
1.12.12 2012 2013 2014 2015 2016 2017 and
after
Renewable lines
Other term loans
Expiration of put options on bonds
Maturity of bonds
Expiration of financial lease
141
736
293
1 170
Cash
Other undrawn credit lines
ECA undrawn amount
152 33 -
636
2 105 2 117
1 385
1 047
413
15
483
322
483
-
-
160
-
-
-
-
-
126
140
86
51
37
15
1 090
2 761
2 525
1 919
1 083
427
0
500
1000
1500
2000
2500
3000
3500
4000
31.3.13 2013 2014 2015 2016 2017 2018 and
after
Renewable lines
Other term loans
Expiration of put options on bonds
Maturity of bonds
Expiration of financial lease
Foreign
Banks
23%
Bonds
26%
173
587
329
1 089
Cash
Other undrawn credit lines
ECA undrawn amount

15. Revenue 2,521 2,711 -7.0%
Cost of sales (1,882) (1,978) -4.9%
Gross margin 25.4% 27.1%
Operating profit / (loss) (933) 129 -
Operating margin -37.0% 4.8%
Adjusted EBITDA(1) 100 376 -73.3%
Adjusted EBITDA(1) margin 4.0% 13.9%
Net Income / (loss) (1 114) 55 -
Net Income margin -44.2% 2.0%
Sales volumes(2), „000 tonnes
Mining segment 5,570 5,862 -5.0%
Steel segment 1,872 2,072 -9.7%
FINANCIAL RESULTS OVERVIEW
(1) Adjusted EBITDA represents EBTIDA adjusted by forex gain/loss, interest income, net income on the disposal of non-current assets, amount attributable to non-controlling interests gain/loss from remeasurement of contingent
liabilities at fair value, impairment of long-lived assets and goodwill, provision for amounts due from related parties and losses from discontinued operations, net of income tax..
(2) Includes sales to the external customers only
US$ MILLION UNLESS OTHERWISE STATED 4Q12 3Q12 CHANGE, %
15