- Mechel presented its FY2013 results on May 15, 2014, reporting consolidated revenue down 19% year-over-year to $8.6 billion due to asset disposals and weaker prices. - The mining segment continued to dominate consolidated EBITDA, accounting for 66% of the total. However, EBITDA declined across all segments. - The company reported a net loss of $2.9 billion for 2013 due to bad debt provisions and write-offs resulting from asset disposals.

1. FY2013 RESULTS PRESENTATION
MAY 15, 2014

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. -3
15
0.6
23
5
33
-4
0.3
11
SEGMENTS OVERVIEW
REVENUE FROM THIRD PARTIES EBITDA BY SEGMENTS
$ 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, result of disposed companies (incl.the result from their disposal) 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
10,631 8,576 2,089 1,885
32
96
147
124
62
211
127
64
202
148
49
196
83
35
122
Mining Steel Ferroalloys Power Consolidated*
4Q12 1Q13 2Q13 3Q13 4Q13
FY2013
5%
29%
66%
FY2012
Consolidated revenue down 19% y-o-y to $8.6 bn on asset
disposals and weaker prices
Bad debt provisions and write-offs due to assets disposals
result in a Net Loss of $2.9 bn for 2013
Mining segment continues to dominate in the consolidated
EBITDA with its share of 66%
60% 58% 59% 55%
32% 32% 33% 33%
1% 1% 1% 1%
7% 9% 7% 11%
FY12 FY13 3Q13 4Q13
Steel Mining Ferroalloys Power
3%
27%
70%

5. MINING SEGMENT
$ Mln
CASH COSTS, US$/TONNE COS STRUCTURE
$2,128 mn $1,842 mn
5
REVENUE, EBITDA(1)
678
770
693 695
626
142
136
130 110
149
4%
14%
15%
18%
11%
0%
30%
60%
0
300
600
900
4Q12 1Q13 2Q13 3Q13 4Q13
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, result of disposedcompanies (incl.the result from their disposal) provision for amounts due from related parties and losses from discontinued
operations, net of income tax.
Segment’s EBITDA down to $83 in 4Q13 largely due to 10%
revenue decrease on lower volumes
Cash costs at Russian assets up on seasonal factors
Cash costs at Bluestone up 29% q-o-q as most of its
capacity is idled due to unfavorable pricing environment
41
29
45
115
43
34
52
88
39
31
53
78
34 32
43
86
35 37
51
111
Coal SKCC Coal YU Iron Ore Bluestone
4Q12 1Q13 2Q13 3Q13 4Q13
51%
43%
20%
23%
9%
11%
14% 16%
6% 7%
FY12 FY13
Other
Depreciation and
depletion
Energy
Staff costs
Raw materials and
purchased goods

6. MINING SEGMENT
6
REVENUE BREAKDOWN BY REGION AVERAGE SALES PRICES FCA, US$/TONNE
*Restated to include middlings
EXTERNAL SALES STRUCTURE
214
93
69
51
59
207
95
63
52
92
199
83
66
52
77
178
71
57
49
78
176
78
66
44
85
Coke Coking coal Anthracite and PCI Steam coal* Iron ore
4Q12 1Q13 2Q13 3Q13 4Q13
Share of met coal sales is stable y-o-y at 64% of Segment’s
revenue
Anthracite & PCI volumes up 16% y-o-y endorsing our strategy
of diversifying met coal portfolio
Coal shipments to China grow x1.3 to 39% y-o-y of overall sales
as we continue expansion into Asia Pacific
Share of 3d party iron ore sales down 43% q-o-q as we
switched to supplying our steel segment
43% 39% 37% 40%
21% 25% 26%
27%
11% 8% 7%
8%
2% 2%
2%
3%
8% 9% 9%
9%
13% 15% 17%
11%
2% 2% 2% 2%
FY12 FY13 3Q13 4Q13
Coking coal Anthracitesand PCI Coke Coking products Steam coal Iron ore Other
27% 27% 26% 27%
14% 14% 14% 13%
9%
2% 1% 3%
29% 39% 42% 38%
12% 10% 10% 11%
5% 4% 2% 5%
4% 4% 5% 3%
FY12 FY13 3Q13 4Q13
Russia Europe CIS China Asia w/o China Middle East Other

7. STEEL SEGMENT
7
CASH COSTS, US$/TONNE COS STRUCTURE
REVENUE, EBITDA(1)
$5,644 mn $4,379mn
$ Mln
1,492
1,343
1,359
1,225
1,029
72
70 50
50
73
6%
4%
5%
4%
3%
-5%
-2%
1%
4%
7%
10%
13%
0
500
1,000
1,500
4Q12 1Q13 2Q13 3Q13 4Q13
Revenues (lhs) Intersegment revenues(lhs) Adj. EBITDA margin (rhs)
502
437 444
494
439 447
472 468 479
504
419 425
507
436 448
Billets* Wire Rod Rebar
4Q12 1Q13 2Q13 3Q13 4Q13
78% 76%
8% 9%
9% 10%
2% 2%3% 3%
FY12 FY13
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, result of disposed companies (incl.the result from their disposal) provision for amounts due from related parties and losses from discontinued
operations, net of income tax.
Segment’s revenue down 16% due to seasonal demand
slowdown and termination of resale business with Estar…
…with cash costs slightly up on seasonal factors…
…resulting in 4Q13 EBITDA decreasing to $35 mn
Bottom line affected by $70 mn of related parties bad debt
provision and $17 mn of FX loss
* Domestic sales

8. 60% 65% 66% 68%
19%
18% 18% 18%
4%
2%
10%
12% 13% 12%
6% 3% 2% 1%1% 1% 1%
FY12 FY13 3Q13 4Q13
Russia Europe Asia CIS Middle East Other
STEEL SEGMENT
8
REVENUE BREAKDOWN BY REGION AVERAGE SALES PRICES FCA, US$/TONNE
EXTERNAL SALES STRUCTURE
16% 10% 7% 5%
26%
29% 32% 30%
2% 3% 3%
3%
14% 17% 17% 19%
7% 8% 8% 9%
14% 15% 16% 16%
8% 8% 8% 7%
13% 10% 9% 11%
FY12 FY13 3Q13 4Q13
Semi-finished steel products Rebar Stainless flat products
Carbon long products Forgings and stampings Hardware
Carbon flat Other
511
677
3910
2411
927
700
490
635
3999
2505
912
689
491
620
3776
2391
879
710
533
607
3530
2457
835
663
535
594
3501
2183
873
676
Semi-finished
steel products
Rebar Stainlessflat
products
Forgingsand
stampings
Hardware Carbon flat
4Q12 1Q13 2Q13 3Q13 4Q13
(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, result of disposed companies (incl.the result from their disposal) provision for amounts due from related parties and losses from discontinued
operations, net of income tax.
Sales of rebar decrease by 7% y-o-y due to disposal of loss-
making Romanian steel plants
Share of semi-finished products down 57% y-o-y as we launch
the universal mill at Chelyabinsk and terminate resale
business with Estar
Share of Russia and CIS goes up to 77% of Segment sales as
we gradually exit our European operations

9. AVERAGE FERROSILICON SALES PRICES AND CASH COSTS, US$/TONNE
FERROALLOYS SEGMENT*
REVENUE, EBITDA(1)
9
$ Mln
19
20
22
20 19
10
11
10
8 8
-11%
2%
15% 10%
1%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
0
4Q12 1Q13 2Q13 3Q13 4Q13
Revenues (lhs) Intersegment revenues (lhs) Adj. EBITDA margin (rhs)
* As of December 31, 2013, a number of companies of the ferroalloys segment met criteria for classification as discontinued operations under US GAAP and were disclosed as a separate component from Mechel
Group’s continuing operations retrospectively for all comparative periods presented.
(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, result of disposed companies (incl.the result from their disposal) provision for amounts due from related parties and losses from discontinued operations, net of income
tax.
Revenue down 6% q-o-q due to decrease of FeSi sales and
weaker pricing
FeSi cash costs up by 5% as electricity price grows
$269 mn write-off on disposed chrome assets affects bottom
line
Nickel and chrome business results deconsolidated as
Discontinued operations
REVENUE BREAKDOWN BY REGION
1256 1242
1199
1142
1110
907
961
903
823 863
4Q12 1Q13 2Q13 3Q13 4Q13
sales price Cash costs
82%
57% 62%
68%
1%
16%
31%
28%
25%
1%
12% 10% 7%
FY12 FY13 3Q13 4Q13
Russia Europe Asia Other

10. POWER SEGMENT
10
AVERAGE ELECTRICITY SALES PRICES AND CASH COSTS (RUSSIA), US$/MWH COS STRUCTURE
REVENUE, EBITDA(1)
$ Mln
$880 mn $884 mn
220
227
169
149
209
118
123
101
98
115
4%
7%
1%
-2%
3%
-20%
-10%
0%
10%
20%
30%
40%
50%
0
100
200
300
4Q12 1Q13 2Q13 3Q13 4Q13
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, result of disposed companies (incl.the result from their disposal) provision for amounts due from related parties and losses from discontinued
operations, net of income tax.
Revenue up 40% q-o-q due to high season
Cash cost down 19% as sales of heat and electricity grow
EBITDA back to black with $11 mn
53.8 56.2
52.5 54.4 55.4
24.5
26.2
29.0
35.0
28.2
4Q12 1Q13 2Q12 3Q12 4Q13
Sales price Cash costs
88% 88%
3% 4%
6% 6%
1% 1%2% 1%
FY12 FY13
Other
Depreciation
Energy
Staff costs
Raw materials and
purchased goods

11. Consolidated P&L
11
REVENUE DYNAMICS REVENUE, EBITDA(1) AND NET PROFIT
Consolidated EBITDA down 38% q-o-q to $122 mn due to lower profitability in the mining and steel segments affected by price and
sales deterioration
4Q2013 bottom line affected by write offs of $274 mn as a result of discontinued operations, $79 mn of bad debt provisions and FX loss
of $14 mn
4Q2013 FINANCIAL PERFORMANCE Q-O-Q HIGHLIGHTS:
$ Mln$ Mln
2,089
1,885
-227 22
0
1,000
2,000
3Q2013 Volume Price 4Q2013
2409 2360
2243
2089
1885
147 211 202 196 122
-1114
-321
-1799
-127
-681
6%
9% 9% 9%
6%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
(1,900)
(1,400)
(900)
(400)
100
600
1,100
1,600
2,100
2,600
4Q12 1Q13 2Q13 3Q13 4Q13
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, result of disposed companies (incl.the result from their disposal) provision for amounts due from related parties and losses from discontinued
operations, net of income tax.

12. Cash Flow Statements
12
NET CASH FLOW
Continuing working capital management added another $108 mn
in Q4 to the CFO that totaled $324 mn for FY2013
Inventory reduction release another $101 mn in Q4 to add up to
$507 million inventory release for FY2013
CAPEX is halved y-o-y standing at $558 mn in 2013 as main
investment projects near their completion stage and Elga CAPEX
secured through VEB project financing
FY’11* FY’12 FY’13
* Excluding the effect of loan to Estar
399
1,311
324
-1,674
-839
-180
2,079
-792
-162
Operating activities Investment activities Financial activities
OPERATING CASH FLOW DYNAMICS
$ Mln
249
83
8
223
10
4Q12* 1Q13* 2Q13* 3Q13 4Q13
* Сertain reclassifications to conform with the current period presentation
-558
441
-63
-180
CAPEX Asset Disposals Other 2013 Investment
Cash Flow
2013 INVESTMENT CASH FLOW BREAKDOWN

13. 0 49 - - - -
685
1,674 1,527
1,308
578
175
645
580
101
225
38
212
281
-
-
-
103
-
-
-
123
111
70
51
32
1,070
2,745
2,459
1,460
835
0
500
1000
1500
2000
2500
3000
14.5.14 2014 2015 2016 2017 2018 and
after
Renewable lines Other term loans (w/o VEB) russian
Other term loans foreign Expiration of put options on bonds
Maturity of bonds Expiration of financial lease
Successful refinancing and improved liquidity to service upcoming
maturities
In 1Q2014 RUR 21.5 bln was redeemed or refinanced.
Cash and available credit lines total $0.5 bln as of April 30, 2014.
Net debt was reduced by US$560 mn, reaching US$ 8.6 bln as of
April 30, 2014.
Agreement reached with VTB to refinance $0.5 bln of debt
maturing on 2014, reducing short-term debt.
DEBT PROFILE AS OF APRIL 30, 2014
RUR
51%USD
42%
EUR
7%
Russian
Banks
68%
13
DEBT MATURITY SCHEDULE AS OF MAY 14, 2014DEBT MATURITY SCHEDULE AS OF DECEMBER 6, 2013 **
Foreign
Banks
25%
Bonds
7%
78 130
99
1,302
2,139 2,147
1,443
777
427
197 296
-
-
-
-
-
-
-
13
168
118
77
57
24
190
2,027
2,453 2,520
1,499
801
0
500
1000
1500
2000
2500
3000
6.12.13 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
** assuming refinancing of GBP lines of 2009 and changes in schedule of VTB – lease from December 20, 2013
69
340
31
440
Cash
Other undrawn credit
lines
78
394
31
503
Cash
Other undrawn credit lines
ECA undrawn amount

14. Revenue 1,885 2,089 -9.8%
Cost of sales (1,315) (1,445) -9.0%
Gross margin 30.2% 30.8%
Operating profit / (loss) (136) 39 -
Operating margin -6.1% 1.6%
Adjusted EBITDA(1) 122 196 -37.8%
Adjusted EBITDA(1) margin 6.5% 9.4%
Net Income / (loss) (681) (127) 436.2%
Net Income margin -36.2% -6.1%
Sales volumes(2), ‘000 tonnes
Mining segment 5,279 6,148 -14.1%
Steel segment 1,277 1,564 -18.4%
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, result of disposed companies (incl.the result from their disposal) 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 4Q13 3Q13 CHANGE, %
14