MANAGEMENT PRESENTATION May 2014

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 2

MECHEL AT A GLANCE

Mining 32%

Steel 58%

Ferroalloys 1%

Power 9%

Mining 66%

Steel 29%

Ferroalloys 1%

Power 5%

LEADING VERTICALLY INTEGRATED MINING & METALS COMPANY

MECHEL INTEGRATED BUSINESS MODEL

OPERATING HIGHLIGHTS, SALES

Mining Segment

Source: Company data

- Production share of divested assets

719 586

2012 2013

Crude Steel, production Long products Billets Flat products

16.4 16.6

5.9 5.9 4.4 4.2

2012 2013

Met Coal Steam Coal Iron ore concentrate

Steel Segment

‘000 t

onnes

4

Steel Mining Ferroalloys Power

FINANCIAL HIGHLIGHTS

2013 Revenue Breakdown 2013 EBITDA Breakdown

Mining

Steel

SALES & MARKETING

LOGISTICS

6.5

4.1

2.6

4.7

3.5

690

‘000 t

onnes

INVESTMENT HIGHLIGHTS

5

Best-in-class global coking coal producer and exporter

with attractive growth profile

• One of the largest metallurgical coal producers globally

• One of the leading exporters on the seaborne market

• Developing one of the largest coking coal deposits globally

Superior asset quality

• One of the largest coal reserves base globally

• Core assets positioned at the lower bound of the global cost curve

• Ability to supply steel producers with a full range of metallurgical coal

• First newly built rolling mill for high-speed long rails in Russia

Strategically positioned to

supply both Asia-Pacific and Atlantic seaborne markets

• Uniquely positioned to supply metallurgical coal to attractive Asia Pacific markets

• Access to key Far Eastern, European and US ports

• Lower transportation cost to supply key growth markets in Asia

• Own infrastructure including ports and rolling stock, secures access to end customers and export markets

Vertically integrated steel business model

• Steel business is virtually self-sufficient in coal and iron ore

• Established distribution and sales platform in core markets

Leading steel producer • Largest specialty steel producer in Russia

• Second largest long steel producer in Russia

• Largest distribution platform in Russia

Port Temryuk

Russian Federation

Lithuania

Kazakhstan

Elga Coal Complex Yakutugol

Korshunov Mining Plant

Southern Kuzbass

Coal Company

Chelyabinsk Metallurgical Plant

Urals Stampings Plant

Beloretsk Metallurgical Plant

Izhstal

Moscow Coke

and Gas Plant

Vyartsilya Metal Products Plant

Port Posiet

Port Vanino*

Port Kambarka

Bratsk Ferroalloy Plant Southern Kuzbass

Power Plant

Moscow Mechel Coke

Ukraine

Mechel

Nemunas

BROAD GEOGRAPHIC FOOTPRINT TARGETING GROWTH MARKETS

USA Mechel Bluestone

West Virginia

REVENUE BREAKDOWN BY

MARKET (2013)

Mining Segment

Russia 27%

Europe 14%

CIS 9%

China 29%

Asia w/o China 12%

Middle East 5%

Other 4%

Steel Segment

Russia 60%

Europe 19%

Asia 4%

CIS 10%

Middle East 6%

Other 1%

Source: Company data

Mining

Steel

Ferroalloys

Power

Port

Head office

6

*Access to port secured by contractual agreements

Mongolia

China

TSO

%

of Total

Ordinary 416,270,745 75%

Preferred 138,756,915 25%

Preferred Publicly Trading 57,209,577 10%

Preferred held by Justice family 26,044,572 5%

Preferred Share held by Mechel as treasury

55,502,766 10%

Total 555,027,660 100%

CAPITAL STRUCTURE

CAPITALIZATION AND OWNERSHIP STRUCTURE

Preferred Shares

Ordinary Shares

Public Float

32.6%

Igor Zyuzin

67.4%

Public Float

41%

Justice Family

19%

Mechel

40%

Source: Company data

OWNERSHIP STRUCTURE

7

NARROWED STRATEGY USING KEY COMPETITIVE ADVANTAGES FOR VALUE GROWTH

GROWTH IN SHAREHOLDER VALUE

BASED ON VERTICALLY-INTEGRATED BUSINESS

MODEL

TOP-3 global metcoal producer 1

Leader in Russia and CIS construction steel market 2

Leader in specialty steel, stainless steel and hardware production 3

Optimization of asset structure to deleverage Net debt/EBITDA below 2:1 in the medium term 4

8

VERTICALLY INTEGRATED MINING & STEEL BUSINESS MODEL WITH FOCUS ON COMPETITIVE ADVANTAGES

Production Consumption

Source: Company data

5.6

4.3

Iron Ore Feed, 2013 Coking Coal Concentrate, 2013

MM

t

MM

t

Coke, 2013

4

11.3

1.9

2.8 MM

t

Sea Port capacity, 2013

MM

t

Cargo turnover, 2013

MM

t

5th largest metallurgical coal

producer globally* with ability

to supply steel producers with

a wide range of metallurgical

coal types, coke and iron

ore concentrate.

Own infrastructure

helps to establish access to

end customers.

42.3

12.7

12.1

5.7

3.6

9.3

Production Consumption Production Consumption

Shipped through

own ports

Shipped overall

(excl. US ports)

Own rolling stock Overall

9

Power, 2013

bln

KW

h

6.1

4.0

Production Consumption

- Volumes shipped through Vanino port

*Ex-China

4 361

3 690

2 576

1 602

1 500

1112

1 082

826

411

350

0 1 000 2 000 3 000 4 000 5 000

BMA

Mechel

Evraz

Vale

Alpha Natural Resources

Peabody

BHP

Anglo-American

Walter Energy

Glencore Xstrata

33,8

31,2

25,6

20,1

16,4

15,9

12,1

11,8

11,6

7,9

0 10 20 30 40

BMA

Anglo-American

Teck

Alpha Natural Resources

Mechel

Peabody

Rio Tinto

Xstrata

Walter-Energy

BHP

LEADING GLOBAL METALLURGICAL COAL PRODUCER

2nd largest metallurgical coal reserve base

5th largest metallurgical coal producer globally with superior leverage to metallurgical coal

One of the largest global exporters of coking coal

Top Ten Metallurgical Coal Exporters in 2013 Ten Largest Metallurgical Coal Producers in 2013 Ten Largest Metallurgical Coal Producers by

Metallurgical Coal Reserves

MMt MMt

Source: Wood Mackenzie 2013 (1) Including 50% share of BMA (2) Including PCI and anthracite export

Source: Company Filings All production numbers shown on an attributable saleable basis unless otherwise disclosed (1) Met coal with some minor thermal coal production (2) Small part may be third-party purchased coal (3) 100% for consolidated entities and attributable for JVs and associates (4) South Walker+Poitrel. BHP/Mitsui – 80/20 (5) Coking coal concentrate+PCI+Anthracites (6) Met coal only (7) With IIIawarra project

Source: Company Filings, IMC All reserve numbers shown on a 100% run-of-mine basis unless otherwise disclosed (1) Assumes 100% of disclosed reserves are metallurgical (2) On a saleable, attributable basis (3) Reserves as of 30 June 2012 (4) Adjusted for acquisition of Raspadskaya

10

(1)

(2)

MMt (1)

(1)

(1)

65

22

22

18

17

15

14

14

13

11

0 20 40 60 80

BHP Billiton

Teck

Anglo American

Peabody

Alpha

Glencore Xstrata

Rio Tinto

Walter Energy

Mechel

Vale S.A.

(3)

(4))

(3)

(4)

(6)

(2)

(1)

(2)

(5)

(7)

(6)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

LOW COST COKING COAL PRODUCER

Source: AME

Notes: (1) FOB excluding land freight and port costs

Source: AME

Cumulative Production (%)

Australia USA & Canada Russia Other

Cumulative Production (%)

Australia USA & Canada Russia Other

0

50

100

150

200

0

50

100

150

200

Yakutu

gol Mechel B

lended

0

50

100

150

200

0

50

100

150

200

Mechel B

lended

U$/t

Yakutu

gol

post - Elga

About 80% of coking coal by open pit

Access to cheap labor Low production cost

Low raw material costs

ESTIMATED EXPORT COKING COAL COST CURVE (FCA(1)) ESTIMATED EXPORT COKING COAL COST CURVE (FOB)

U$/t

11

150

100

50

150

100

50

Mechel

Bluestone

Mechel

Bluestone

Port Posiet

Yakutugol Southern

Kuzbass

Indonesia

Brazil

USA

Canada

Europe

Australia

India

Japan China

Russia

99.8 mn t(1)

211.7 mn t(2)

ABILITY TO SUPPLY ALL METCOAL MARKETS

Major coking coal

exporting regions

Target markets for Mechel’s

coking coal supplies

Target markets for Mechel’s

steam coal supplies

Major coking coal

importing regions

Mechel’s routes

3rd parties routes

Size of respective

seaborne coking coal markets

Notes: (1) total seaborne met coal imports (2013 est), Europe (incl. CIS), Latin America, Mexico

(2) total seaborne met coal imports (2013 est), China, India, Japan, South Korea.

* FY2013 coal production

Source: MCQ47

Diversification / enhancement of sales channels to the fast-growing Asian and European markets

Extensive range of metcoal grades allow for diversified product portfolio to serve a variety of customer needs

Mechel’s own ports on the Sea of Japan and Azov Sea serve as a stable gateways to export markets

Freight rates from port Norfolk

(Panamax 75 000 t)

to Brasil $14 pmt

to Rotterdam $15 pmt

to Northern China $38 pmt Freight rates from port Posiet

(Handysize 22 000 t)

to Northern China $12.25 pmt

to Yangtze River $13.25pmt

to Southern China $16.35 pmt

to Thailand $17.65 pmt

to Philippines $18 pmt

to Indonesia $19.75 pmt

India (West Coast / East Coast)

$33 / $27 pmt

to Japan $12 pmt

2.4 mn t*

15.1 mn t * 9.9 mn t *

2.4 mn t *

12

Freight rates from port Vanino

(45 000 t)

to Northern China $13 pmt

to Yangtze River $13.75 pmt

to Southern China $15 pmt

to Thailand $16 pmt

to Philippines $16.50 pmt

to Indonesia $16.50 pmt

India (West Coast / East Coast)

$25/ $20 pmt

to Japan $12 pmt

Port Vanino

• Logistics flexibility on the Sea of

Azov and Black Sea

• Potential to increase export of coking

coal, PCI and anthracite to Europe

• Existing port capacity – 2 mln tonnes

• Target capacity - 4 mln tonnes

• Rolling stock of more than 8,500

railcars

• Ensures uninterrupted transportation

• Reduces dependency on Russian

Railways, state-owned and

independent freighters

• Increase access to Asian coal

customers via seaborne market

• Existing port capacity – 7 million

tonnes per year

• Target capacity - 9 mn tonnes

(Panamax vessels) after 2nd stage of

modernization

MECHEL’S INFRASTRUCTURE ALLOWS SECURED ACCESS TO FINAL CUSTOMERS

• Increases logistics flexibility to Asian

coal customers via seaborne market

securing exports from Elga

• Total turnover up to 10 million tonnes

of cargo per year

• Shorter transportation distances –

lower rail and vessel freights

TEMRYUK PORT MECHEL TRANS TRANSPORTATION COMPANY

POSIET PORT VANINO PORT*

13

* Access to port secured by contractual agreements

KEY PROJECT CHARACTERISTICS

4.7 7.0

1.8

1.8

10.0

0,0

5,0

10,0

15,0

20,0

2012 2013

Posiet Temryuk Vanino

6.5

18.8

TEMRYUK POSIET VANINO

EXISTING

CAPACITY 1.8 MMt per year 7.0 MMt per year 10.0 MMt per year

TARGET

CAPACITY 4.2 MMt per year 9 MMt per year na

DEVELOPMENT

STAGE Modernization Modernization na

VESSEL TYPE River-to-sea

vessels

Panamax (post

modernization) Panamax

TIMING 2017 na na Source: Company data

Notes: * Volumes secured by contractual agreements

Elga Coal Complex Yakutugol

Southern

Kuzbass

Port Posiet

Port Vanino Port Temryuk

OWN SEAPORT FACILITIES

OWN SEAPORT ANNUAL TURNOVER CAPACITIES, MMt *

MECHEL TRANS – ACCESS TO SEABORNE MARKET

14

Access to main customers in Asia-Pacific and

Europe secured through own ports infrastructure

Port capacity aligned with expected growth in

export volumes

Source: Company data

MECHEL SERVICE GLOBAL -- MAP OF DISTRIBUTION HUBS

110 storage sites and service centers throughout Russia,

CIS & Europe

Real time market intelligence and pricing feedback

Opportunity to address specific customer needs and sell

more high-marginal, value-added products

ADVANTAGES

PRODUCT PRODUCTION

VOLUME, 2013

‘000 tonnes

RUSSIAN

PRODUCTION

SHARE

RANK

Spring

wire 1 62% 51

Wire

products 1 33% 631

Wire rod 1 35% 947

High-

tensile wire 2 46% 55

Flat

stainless

steel 1 65% 31

Rebar 2 19% 1,502

LEADER IN SPECIALTY, STAINLESS STEEL & HARDWARE

15

Geographies of presence of Mechel Service

Mechel Service facilities to remain within Group

Mechel Service facilities to be divested

Disposal of East-European steel assets deprived MSG of existing

synergies with Mechel Group

Selling inventory - additional funds for deleverage

Focus on higher opportunity costs projects

MECHEL SERVICE GLOBAL (ex Russia) DIVESTMENT RATIONALE

4 569 5 156 6 632 7 755 8 576 8 972 9 624

2 377 3 262

3 910 3 974

3 908 4 140 4 071

60 58 62

66 67 69 71

0

20

40

60

80

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

20 000

2009 2010 2011 2012 2013 2014 2015

Rebar Shapes Residential Construction

LEADER IN RUSSIA & CIS CONSTRUCTION STEEL MARKET

REBAR CONSUMPTION IN RUSSIA

16 Source: Company data, Ministry of Transport of the Russian Federation, Russian Railways data

‘000 tonnes

E E

Source: Metal-Courier, Company data

#2 LONG STEEL PRODUCER IN RUSSIA WITH 19% SHARE IN

REBAR PRODUCTION

Growth in residential construction – CAGR 3%

2018 FIFA World Cup expected rebar consumption 1.8 mln

tonnes

The government of Moscow is expected to invest up to US$20

billion in 2014-2015 for road construction in the city

Ministry of Transport of the Russian Federation announced

updated transport development strategy until 2030 where

investment in high speed and ultra-high speed railways may

reach $270bn, of which $197bn will be spent on ultra-high

speed (350-400km/h) and $73bn on high-speed railways.

Main projects:

• Ultra-high speed railway Kazan-Samara (560 km);

• Moscow-Kazan-Ekaterinburg ultra-high speed rail link;

• 13 high speed links (main investment on Khabarovsk-

Vladivostok railway line of 774 km);

• Ultra-high speed railway Moscow-Kazan (770 km);

• High speed railway Moscow- Nizhny Novgorod (400 km).

Growing long steel consumption in Russia is driven by…

37%

5%

5%

EXPECTED RUSSIAN MARKET SHARE BY 2017

Rails Angles Channels

Spring wire Steel rope

36%

RUSSIAN MARKET SHARE IN 2013

Rebar

19%

62%

34%

Beams

ALIGNING ASSETS STRUCTURE WITH STRATEGY

Mining Segment

Korshunov Mining

Plant

Iron Ore

Yakutugol

Southern Kuzbass

Coal Company

Elga Coal

Deposit

Bluestone

Coal

Coke

Mechel Coke

Moscow Coke and

Gas Plant

Steel Segment

Vyartsilya Metal Products Plant

Beloretsk Metallurgical Plant

Urals Stampings Plant

Mechel Targoviste

(Romania)

Mechel Campia Turzii

(Romania)

Chelyabinsk Metallurgical Plant

Buzau Plant

(Romania)

Otelu Rosu Plant

(Romania)

Izhstal

Donetsk Electrometallurgical Plant

Laminorul Plant

(Romania)

Mechel Nemunas (Lithuania)

Ferroalloys Segment

Ferronickel

Ferrochrome

Ferrosilicon

Southern Urals Nickel

Plant

Tikhvin Ferroalloy Plant

Voskhod Chrome

Mining Plant

(Kazakhstan)

Bratsk Ferroalloy Plant

Uvatskoye Deposit of

Quartzite

Power Segment

Toplofikatsia Rousse

Power Plant -

Southern Kuzbass

Power Plant

Kuzbass Power

Sales Company

Generation

Distribution

Distribution

Mechel Service Global *

(ex Russia)

Mechel Trading House

Mechel Carbon

Mechel-Mining Trading

House

Mechel Trading

Mechel Service OOO

(Russia)

Invicta (UK)

Group 1

Group 2

17

Improvement in financial results and cash flow

Immediate deleverage

Deal closed

Deal closed

Deal closed

Deal closed

Deal closed

Deal closed

Deal signed

Deal closed

* Divestment in progress through inventory sell down

Mothballed

Deal closed

Deal closed

KEY DEVELOPMENTS

2013 2018E

ELGA DEPOSIT: RAMP UP SECURED BY VEB PROJECT FINANCING

CURRENT STATUS

FIRST STAGE PRODUCTION RAMP-UP, ROM MMt KEY PROJECT METRICS

0.2

LOCATION

OPERATIONAL

DETAILS

COAL TYPE

RESERVES

JORC STANDARDS

• Country Russia

• Location South-East of Yakutia

• Mine Type 100% OP

• Start of operations August 2011

• High volatile hard coking coal

• Steam coal

• Middlings

• 2.2 billion tonnes as of December 31, 2012

• Elga coal deposit reserves account for 67% of total

reserves of Mechel

• Russia, Asia-Pacific countries TARGET MARKETS

LOCATION OF OPERATIONS

Mongolia

Yakutugol Elga

Port Vanino

Port Posiet China

Japan Kazakhstan

Source: Company data

19

12.0

Railroad in place

Wash plant up & running

Workers settlement under construction

Existing capacity up to 2.5 mn tonnes of coal

VEB project financing of 1st stage of Elga development: up to12 mn tons

of coal mined by 2018

Once 9 mn tons of coal is mined and processed at Elga, the project

should become operating cashflow positive

FURTHER EXPANSION

CAPACITY

PRODUCTS

CAPEX

TARGET

CONSUMERS

High-speed and low-temperature up to 100 meter long rails

H-beams, channel bars, angles and grooves

US$ 715 mn

Up to 1.1 mn t

Russian Railways

Off-take secured by a 20-year supply agreement

Russian Railways Strategy till 2030 provides for additional railway

construction of more than 20,000 km, including more than 12,000 km

of high-speed tracks

Construction industry

TIMING 2009 – 2013

UNIVERSAL ROLLING MILL – STRUCTURAL SHIFT IN LONG STEEL PRODUCTS PORTFOLIO

Increased Output of High Value-Added Products

Enhanced Profitability of Steel Division

Structural Shift in the Long Steel Portfolio

RAILS PRICING

KEY PROJECT CHARACTERISTICS

Source: Metal-Courier, Company data

20

1044

982

963

920

710

653

637

630

711

652

637

631

1 650

1596

1 597

1386

1 466

1413

1 310

1310

592

530

517

504

0 500 1000 1500 2000

Average 1H2012

Average 2H2012

Average 1H2013

Average 2H2013

Billets (FOB ЧМ Россия)

Rails 100m length (DES Vladivostok)

Rails 100m length (DES St. Petersburg)

L-bar (FOB Турция)

Channel bar (FOB Турция)

Beams (DAP Казахстан)

Mill

CURREN PROJECT STATUS

• The mill launched in July 2013

• H-beams sales to 3d parties ongoing

• Rails to be supplied to Russian Railways for certification in 1H 2014

BUSINESS UPDATE

21

Comments

Mining segment

Run-of-mine coal production flat

PCI sales grow by 36% on the back of increased supplies to

Asia Pacific and Western Europe offsetting 8% decrease in

anthracites sales due to softer demand

Weaker domestic demand resulted in decrease of coking coal

sales. Growth in export sales is limited due to shipping delays

after floods in Russia Far Eastern regions

Coke sales decrease due to the shutdown of one of its largest

consumer - Southern Urals Nickel Plant

Steel segment:

Decrease in production volumes due to disposal of loss-making

Romanian and Ukrainian steel plants

Billets sales down due to the reduction of resale to third parties

and most of Chelyabinsk plant’s billets are processed internally in

line with strategy of increasing the share of high value added

steel products

SALES, thousand tonnes 2013 2012 2013 vs. 2012, %

Coking coal concentrate 11,051 11,542 -4

PCI 3,308 2,428 +36

Anthracites 2,202 2,391 -8

Steam Coal 5,898 5,910 0

Iron ore concentrate 4,166 4,390 -5

Coke 2,976 3,561 -16

Ferrosilicon 94 78 +20

Long Products 3,541 4,073 -13

Flat products 586 719 -18

Billets 690 2,602 -73

Stampings 102 111 -8

Hardware and welded mesh 852 976 -13

PRODUCTION, thousand tonnes 2013 2012

2013 vs. 2012, %

Coal (run-of-mine) 27,516 27,763 -1

Pig iron 3,743 4,161 -10

Steel 4,650 6,532 -29

Sales dynamics reflects market volatility with

production stable across all business segments

*Excluded are the data on chrome sales due to the sale of Voskhod Mining Plant and Tikhvin Ferroalloy

Plant to Turkey’s Yildirim Group, which was announced on August 1, 2013.

*Excluded are the data on nickel sales due to the December 2012 halting of Southern Urals Nickel Plant

due to negative trends in the global nickel market and unfavorable prognosis for this market in the

foreseeable future.

FINANCIAL HIGHLIGHTS

-3

15

0.6

23

533

-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. 23

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%

MINING SEGMENT

$ Mln

CASH COSTS, US$/TONNE COS STRUCTURE

$2,128 mn $1,842 mn

24

REVENUE, EBITDA(1)

678

770693 695

626

142

136130 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

4334

52

88

3931

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

MINING SEGMENT

25

REVENUE BREAKDOWN BY REGION AVERAGE SALES PRICES FCA, US$/TONNE

*Restated to include middlings

EXTERNAL SALES STRUCTURE

214

93

69

5159

207

95

6352

92

199

8366

52

77

178

7157

49

78

176

7866

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 Anthracites and 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

STEEL SEGMENT

26

CASH COSTS, US$/TONNE COS STRUCTURE

REVENUE, EBITDA(1)

$5,644 mn $4,379mn

$ Mln

1,492

1,3431,359

1,2251,029

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 447472 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

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

27

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 Stainless flat products

Forgings and 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

AVERAGE FERROSILICON SALES PRICES AND CASH COSTS, US$/TONNE

FERROALLOYS SEGMENT*

REVENUE, EBITDA(1)

28

$ Mln

19

2022

20 19

1011

108 8

-11%

2%

15% 10%

1%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

04Q12 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

POWER SEGMENT

29

AVERAGE ELECTRICITY SALES PRICES AND CASH COSTS (RUSSIA), US$/MWH COS STRUCTURE

REVENUE, EBITDA(1)

$ Mln

$880 mn $884 mn

220227

169149

209

118123

10198

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 56.252.5 54.4 55.4

24.526.2

29.035.0

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

CONSOLIDATED P&L

30

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

2,0891,885

-227 22

0

1,000

2,000

3Q2013 Volume Price 4Q2013

2409 23602243

20891885

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.

CASH FLOW STATEMENTS

31

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

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%

32

DEBT MATURITY SCHEDULE AS OF MAY 14, 2014 DEBT 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

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, %

33

APPENDIX

OPERATIONAL RESULTS OVERVIEW

SALES, thousand tonnes FY 2013 FY 2012 FY 2013 vs. FY 2012, % 4Q2013 3Q2013 4Q2013vs. 3Q2013, %

Coking coal concentrate 11,051 11,542 -4 2,702 2,615 +3

PCI 3,308 2,428 +36 741 1,124 -34

Anthracites 2,202 2,391 -8 599 472 +27

Steam Coal 5,898 5,910 0 1,399 1,508 -7

Iron ore concentrate 4,166 4,390 -5 1,083 1,097 -1

Coke 2,976 3,561 -16 685 729 -6

Ferrosilicon (65% and 75%) 94 78 +20 22 24 -8

Flat Products 586 719 -18 118 159 -26

Long Products 3,541 4,073 -13 793 936 -15

Billets 690 2,602 -73 40 91 -56

Hardware and welded mesh 852 976 -13 199 227 -12

Forgings 69 57 +20 16 16 +2

Stampings 102 111 -8 25 25 +1

Electric power generation (thousand kWh) 3,972,285 4,272,610 -7 1,081,517 734,734 +47

Heat power generation (Gcal) 6,694,467 7,945,674 -16 1,966,393 782,421 +151

PRODUCTION, thousand tonnes FY 2013 FY 2012 FY 2013 vs. FY 2012, % 4Q2013 3Q2013 4Q2013vs. 3Q2013, %

Coal (run-of-mine) 27,516 27,763 -1 7,086 7,028 +1

Pig iron 3,743 4,161 -10 835 913 -9

Steel 4,650 6,532 -29 1,002 1,098 -9

35

LARGEST INFRASTRUCTURAL PROJECTS IN RUSSIA TO SUPPORT GROWTH IN STEEL CONSUMPTION

36

(1) Source: Goldman Sachs Russian Infrastructure & Construction Report dated May 9, 2012 & Company data

# PROJECT TYPE TOTAL SPEND, US$BN CONSTRUCTION TIMELINE

1 High speed Railways (HSR-2)

(Moscow-Yekaterinberg) Railways 37.3 2014+

2 High speed Railways (HSR-1)

(Moscow-St.Petersburg) Railways 20.1 2013-2017

3 International transport corridor

(Europe-Western China) Highways 19.8 2013-2022

4 Prokhorovka-Bataysk Railways 18.1 2016+

5 Omsk railway bypass Railways 5.1 2015+

6 Polunochnoe-Salehard Railways 4.4 2015+

7 Belkomur Railways 4.4 2013-2017

8 Murmansk transportation hub Ports&Railways 3.7 2012-2015+

9 Kyzyl-Kuragino railway Railways 3.7 2012-2016

10 Vostochniy transportation hub Ports&Railways 3.5 2014-2015+

11 FIFA World Cup 2018 stadiums Stadiums 3.5 2010-2017

12 Novorossiysk transportation hub Ports&Railways 2.8 2011-2015+

13 Obskaya-Salehard-Nadym Railways 2.7 2012-2015

14 Baltysk port Sea port 2.6 2013-2015+

15 Taman port Ports&Railways 2.5 2013+2015+

16 Yakutsk railway line Railways 2.4 2012-2015+

17 Moscow Rail Ring Road Railways 1.5 2012-2016

18 Trans-Siberian route development Ports&Railways 1.4 2015+

37

ELGA DEPOSIT: RAILWAY, TECHOLOGICAL BASE, OPEN-PIT, MINING WORKS

ELGA WASHING PLANT

38

CHELYABINSK UNIVERSAL MILL

39

FIRST SHAPES PRODUCED AT UNIVERSAL ROLLING MILL

40