Moscow, Russia – March 2, 2009 – Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, announces the appointment of a new Chief Executive Officer at its Mechel Energo OOO subsidiary.

Mr. Viktor Gvozdev has been appointed to the position of Chief Executive Officer at Mechel Energo OOO. His activities will encompass strategic management of Mechel OAO’s power assets.

Mr. Arkady Germansky who held this position until now will perform operational management at Mechel Energo OOO as its Chief Operating Officer.

Previously, Mr.Gvozdev held the position of Chief Executive Officer at the Southern Generating Company TGK-8 OAO, from 2005 to 2007. Prior to that, he served as Chief Executive Officer of Nevinnomysskaya GRES OAO beginning in 2003. From 1999 through 2003 he held the position of First Deputy Chief Executive Officer/Chief Engineer of Novocherkasskaya GRES OAO. From 1996 to 1999 he was Head of Boiler and Repairing Workshop of Novocherkasskaya GRES OAO. His career started in 1985 at Chulmanskaya GRES (incorporated as Yakutskenergo OAO in 1994) where he occupied several positions until 1996.

Mr. Gvozdev has more than twenty years of experience in managing power generating plants. He graduated from Novocherkassk Polytechnics Institute with a major in electrical engineering and has attended advanced training courses on European Management and Corporate Development Management at the Academy of National Economy under the Government of the Russian Federation. He also had advanced training course at the Chicago Business School (U.S.). Additionally, he holds a Ph.D. in technology. Mr. Gvozdev was awarded with the “For the Merit for Russian Power Industry” Badge of Honor and holds several other awards and certificates of honor.

“We are glad that such an experienced and highly professional manager, as Mr. Viktor Gvozdev, has joined the management of Mechel Energo Company. This tough economic environment requires the decisions we take to be particularly carefully analyzed and studied, so we are doing our best to make the management teams of our facilities and sub-holdings stronger, as well by recruiting new experts. I believe that the joint efforts of the corporate management team will result in stable performance and further development of Mechel OAO’s power division,” Mechel OAO Senior Vice President Mr. Vladimir Polin commented.