9M2012 RESULTS PRESENTATION

1. 9M2012 RESULTS PRESENTATION
DECEMBER 12, 2012

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. 58% 60% 61% 63%
32% 30% 29% 29%
4% 4% 4% 3%6% 6% 6% 5%
9M11 9M12 2Q12 3Q12
Steel Mining Ferroalloys Power
SEGMENTS OVERVIEW
REVENUE FROM THIRD PARTIES EBITDA BY SEGMENTS
Consolidated revenue down 12% q-o-q to $2.7 bn
Net income up in Q3 to $55 mn vs net loss in Q2
Steel segment increased its share in the consolidated
revenue to 63% supported by a more stable pricing
environment than in other segments
Mining segment increased its share in the consolidated
EBITDA to 82%
$ 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 and provision for loan given to related parties,
4
Steel Mining Ferroalloys Power
EBITDA(1) BY SEGMENTS
9,617 8,751 3,086 2,715
153
512
3
-7
17
678
-50
593
-11
3 1,5
536
49
358
-7
28 36
463
91
302
-7
0,3
-0,6
385
75
305
-3 -7
4,7
375
Steel Mining Ferroalloys Power Cons.adj. Consolidated
3Q11 4Q11 1Q12 2Q12 3Q12
2Q 2012
24%
78%
-2%
3Q 2012
20%
82%
-1%-1%

5. Segment 3rd party revenue down 12% to $777 mn in Q3
largely driven by decrease in sales of coking coal and
weaker pricing
Despite falling prices segment‟s EBITDA grew $3 mn q-o-q
due to operating costs containment efforts
EBITDA margin of 32% - the highest for the year 2012
Cost control measures result at reduced cash cost across
all Russian operations
MINING SEGMENT
(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 and provision for loan given to related parties,
$ Mln
CASH COSTS, US$/TONNE COS STRUCTURE
$1,748 mn $1,618 mn
5
1 147 1 061
933 881 777
251
264
226
207
172
37%
45%
31%
28%
32%
0%
20%
40%
60%
0
400
800
1 200
3Q11 4Q11 1Q12 2Q12 3Q12
Revenues (lhs) Intersegment revenues (lhs) Adj. EBITDA margin (rhs)
REVENUE, EBITDA(1)
39 33
41
96
39
33
42
113
42
36
45
100
42
32
45
88
39
28
43
89
Coal SKCC Coal YU Iron Ore Bluestone
3Q11 4Q11 1Q12 2Q12 3Q12
49% 52%
19% 20%
8% 8%
13% 14%
11% 6%
9M11 9M12
Other
Depreciation and
depletion
Energy
Staff costs
Raw materials and
purchased goods

6. 26% 24% 21% 25%
18%
14%
11%
16%
13%
10%
10%
8%
17% 31%
36% 27%
17%
13% 13% 18%
4% 4% 4%
4%5% 4% 5% 2%
9M11 9M12 2Q12 3Q12
Russia Europe CIS China Asia w/o China Middle East Other
54%
47% 46% 43%
16%
21% 22% 22%
10% 8% 9% 10%
2%
2% 2% 2%
5%
4% 3% 5%
9% 13% 13% 14%
4% 5% 5% 4%
9M11 9M12 2Q12 3Q12
Coking coal Anthracitesand PCI Coke Coking products
MINING SEGMENT
6
REVENUE BREAKDOWN BY REGION AVERAGE SALES PRICES FCA, US$/TONNE
Anthracite sales to Europe grew 2-fold, increasing European
share in the revenue to 16%
Sales to premium markets with better pricing - Japan and South
Korea - increased by 8% and 3% respectively
Coking coal sales down 18% partly compensated by a 20%
growth in thermal coal and a 9% growth in iron ore sales
*Restated to include middlings
EXTERNAL SALES STRUCTURE
309
206
98
48
106
291
181
104
43
101
263
142
95
49
82
236
129
96
48
84
229
122
80
48
65
Coke Coking coal Anthracite and
PCI
Steam coal* Iron ore
3Q11 4Q11 1Q12 2Q12 3Q12

7. STEEL SEGMENT
7
CASH COSTS, US$/TONNE COS STRUCTURE
(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 and provision for loan given to related parties,
REVENUE, EBITDA(1)
Segment‟s revenue down 10% as volumes decreased by
13% due to lower sales of flat steel and 3rd party semi-
finished products
Due to higher sales to a stronger domestic market and
reduction of utilization rate at loss-making capacities in
Europe EBITDA held strong q-o-q at $75 mn
Lower raw materials resulted in rebar and billet cash cost
decrease by 4% and 6% respectively
$4,842 mn $4,640 mn
$ Mln
1 796
1 541
1 649
1 898
1 700
70
76
79
67
50
8%
-3%
3%
5%
4%
-5%
-2%
1%
4%
7%
10%
13%
0
500
1 000
1 500
2 000
3Q11 4Q11 1Q12 2Q12 3Q12
Revenues (lhs) Intersegment revenues(lhs) Adj. EBITDA margin (rhs)
575 575 585
545
503 511494 499 515
436 452 470
409 431
452
Billets* Wire Rod Rebar
3Q11 4Q11 1Q12 2Q12 3Q12
80% 79%
8% 8%
8% 9%
2% 2%2% 2%
9M11 9M12
Other
Depreciation
Energy
Staff costs
Raw materials and
purchased goods
*Carbon and low-alloyed billets

8. 52% 55% 53%
60%
24% 19% 18%
17%
1% 4% 7%
2%7% 10% 10%
12%
11%
9% 8% 7%
5% 3% 4% 2%
9M11 9M12 2Q12 3Q12
Russia Europe Asia CIS Middle East Other
STEEL SEGMENT
8
REVENUE BREAKDOWN BY REGION AVERAGE SALES PRICES FCA, US$/TONNE
(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 and provision for loan given to related parties,
EXTERNAL SALES STRUCTURE
Share of Russia and CIS up to 72% of sales where demand
remained relatively stable vs. Europe whose share
decreased to 17%
Share of semi-finished steel products down from 23% in Q2
to 18% in Q3 due to reduction of production at DEMZ and
lower 3rd party resale operations
Share of high-margin hardware increased to 14% of sales
23% 20% 23% 18%
22% 24% 24%
25%
3% 2% 2%
2%
16% 16% 14% 15%
6% 6% 6% 6%
13% 13% 12% 14%
7% 7% 6% 5%
10% 12% 13% 15%
9M11 9M12 2Q12 3Q12
Semi-finished steel products Rebar Stainless flat products
Carbon long products Forgings and stampings Hardware
Carbon flat Other
637 743
4903
2760
954
822
583 686
4332
2703
919
742
550
692
4303
2647
932
734551 692
4195
3082
891
724533
684
4038
2545
884
700
Semi-finished
steel products
Rebar Stanless flat
products
Forgingsand
stampings
Hardware Carbon flat
3Q11 4Q11 1Q12 2Q12 3Q12

9. CASH COSTS, US$/TONNE COS STRUCTURE
FERROALLOYS SEGMENT
REVENUE, EBITDA(1)
(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 and provision for loan given to related parties,
Reduction in Ni and Cr production and sales due to negative
margin resulted in revenue down by 31% q-o-q
As costs containment measures some of the smelting
capacity at Southern Urals Nickel Plant and Tikhvin chrome
plant idled
Production adjustments resulted in a 57% reduction of
negative EBITDA to just $3 mn
9
$ Mln
$492 mn $456 mn
104
116
125
132
91
60
16
28 22
232%
-9%
-5% -5%
-3%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
-40
10
60
110
160
210
3Q11 4Q11 1Q12 2Q12 3Q12
Revenues (lhs) Intersegment revenues(lhs) Adj. EBITDA margin (rhs)
51% 50%
10% 9%
18% 17%
13% 16%
8% 8%
9M11 9M12
Other
Depreciation
Energy
Staff costs
Raw materials and
purchasedgoods
3Q11 4Q11 1Q12 2Q12 3Q12
20.6K
21.4K
19.7K
20.6K
19.1K
Nickel
873
2.15K
912
2.05K
877
2.06K
845
2.11K
848
2.10K
Ferrosilicon Chrome
169 184 172 149 151
Chrome Ore
Concentrate

10. 29% 28% 25%
36%
57% 53%
50%
37%
5% 12%
18%
14%
9% 7% 7%
13%
9M11 9M12 2Q12 3Q12
Russia Europe Asia Other
FERROALLOYS SEGMENT
10
REVENUE BREAKDOWN BY REGION AVERAGE SALES PRICES FCA, US$/TONNE
EXTERNAL SALES STRUCTURE
Sales volumes of FeSi up 39% - mostly to the domestic
market - as modernized capacity ramped up catching the
price upside
With the sales of FeSi up and Ni and Cr down the share of
domestic market grew to 36% of the revenue
3Q11 4Q11 1Q12 2Q12 3Q12
Nickel Ferrosilicon Chrome
1 418
1 340
1 309
1 227
1 299
21 380
18 064
19 126
17 202
15 327 2 269
2 180 2 184
2 218
1 928
53%
45% 42%
35%
20%
14%
10% 21%
21%
29%
35% 26%
4% 11% 12%
16%
2% 1% 1% 2%
9M11 9M12 2Q12 3Q12
Nickel Ferrosilicon Chrome Chrome ore Other

11. POWER SEGMENT
11
AVERAGE ELECTRICITY SALES PRICES AND CASH COSTS (RUSSIA), US$/MWH COS structure
REVENUE, EBITDA(1)
Lowest season for power and heat generation resulted in a
16% q-o-q decrease in sales
Cash costs slightly up as volumes decrease
EBITDA down to negative $7 mn
(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 and provision for loan given to related parties,
$ Mln
53,5
51,5 51,9
54,4 55,7
50,1
33,8
25,8 28,0
30,1
3Q11 4Q11 1Q12 2Q12 3Q12
Sales price Cash costs
88% 88%
3% 3%
5% 6%
2% 1%
2% 2%
9M11 9M12
Other
Depreciation
Energy
Staff costs
Raw materials and
purchased goods
$728 mn $714 mn
164
211 243 175
147
113
126
136
113
109
-3%
1%
7%
0,1%
-3%
-5%
-3%
-1%
1%
3%
5%
7%
9%
11%
13%
15%
0
100
200
300
400
3Q11 4Q11 1Q12 2Q12 3Q12
Revenues (lhs) Intersegment revenues(lhs) Adj. EBITDA margin (rhs)

12. ADDRESSING COSTS – IMPROVING THE MARGINS
12
REVENUE DYNAMICS REVENUE, EBITDA(1) AND NET PROFIT
(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 and provision for loan given to related parties,
Consolidated EBITDA down only 3% q-o-q to $375 mn, as falling prices are countered by successful cost control measures
Despite continuing downward trend in prices and volumes cost-cutting measures drive the EBITDA margin up to 14%
Q3 net income positively affected by $127 mn of FX gain totaling $55 mn of net income
3Q2012 FINANCIAL PERFORMANCE Q-O-Q HIGHLIGHTS:
$ Mln$ Mln
3 086
2 715
-226
-145
0
1 000
2 000
3 000
4 000
2Q2012 Volume Price 3Q2012
3210
2929 2950 3086
2715
678
536 463 385 375
26
201 218
-823
55
21%
18%
16%
12%
14%
0%
10%
20%
30%
(900)
(400)
100
600
1 100
1 600
2 100
2 600
3 100
3 600
3Q11 4Q11 1Q12 2Q12 3Q12
Revenue (lhs) Adj. EBITDA (lhs) Net profit (lhs) Adj. EBITDA

13. 3 YEAR RECORD OPERATING CASH GENERATION!
13
OPERATING CASH FLOW DYNAMICS NET CASH FLOW
Production adjustment and better inventory management maximized the effect in the Q3, resulting in a record $458 mn cashflow from
operations in Q3
Business generated more cashflow from operations in 9M2012 than in 2009 – 2011 altogether
With Investments of $223 mn and dividends of $195 mn in Q3 the business still generated cash surplus to repay the debt.
$ Mln FY’10 FY’11*
-15
270*
345
304
458
(50)
150
350
3Q11 4Q11 1Q12 2Q12 3Q12
Operating cashflow
9M12
(147)
404
1 107
(1 119)
(1 676)
(802)
1 210
2 079
(102)
Operating activities Investment activities Financial activities
* Excluding the effect of loan to Estar * Excluding the effect of loan to Estar

14. DEBT PROFILE AS AT DECEMBER 1, 2012
Company succeeded in repaying approximately USD 0.55 bln since the beginning of the year (reduction of gross debt excluding
effect of FX changes)
Net debt stable at USD 9.3 bln (including financial lease) as of December 1, 2012
Cash and available credit lines total USD 1,170 mn as of December 1, 2012
STABILIZING DEBT LEVEL DESPITE A CHALLENGING YEAR
FINANCIAL RATIOS
14
$ Mln
612
678
536
463 416 375
3,5 3,5
3,9
4,2
4,4
5,4
4,2 4,2
4,4
3,3
3,8
3,3
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
5,5
0
200
400
600
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
Adj. EBITDA (lhs)
Net Debt / Adj. EBITDA for covenants
testing (rhs)
Adj. EBITDA/Interest expense, net, per
quarter (rhs)
Net Debt / Adj. EBITDA level agreed with creditors
for the end of 2012 (rhs)
Adj. EBITDA / Interest Expense level agreed with
creditors for the end of 2012 (rhs)
RUR
56%
USD
36%
EUR
8%
Other
<1%
RUR
Bonds
26%
Foreign
Banks
24%
Russian
Banks
50%

15. 141
1
029
Cash and cash
equivalents
Available undrawn
lines
235 210 3 1
78
1287
2048
1699
578 544
86
483
483
483
482
322
14
148
120 72
44
45
0
500
1000
1500
2000
2500
3000
Renewable working capital and trade finance lines
Repayment of other term loans
Expiration of put options on bonds
Maturity of RUR bonds
Expiration of financial lease
1170
327
2213
2654
2577
1105
588
Significant reduction of short term debt from USD 3.4 bln to USD 2.4 bln since September 1, 2012 (short term portion decreased from 34%
to 26% of total debt)
Major third quarter transactions include:
• Securing RUR 24 bln credit line with Sberbank on October 2012;
• Amendment and restatement of USD 1 bln pre – export syndicated facility on December 4, 2012, granting additional grace period of 12
months and reducing short term portion of debt by approximately USD 0.6 bln;
• Other refinancing and rising new money in the total amount of USD 323 mln since September 1, 2012.
DEBT MATURITY IMPROVEMENT
15
DEBT MATURITY SCHEDULE AFTER PXF’S CHANGES AS OF DECEMBER 1, 2012
$ Mln
Dec, 1,
2012
2012 2013 2014 2015 2016 2017 and
after
422
666
406
1382
1777
1383
434 429
153
40 460
461
460
154
460
307
67
163
127
71
45
46
0
500
1000
1500
2000
2500
3000
Renewable working capital and trade finance lines
Repayment of other term loans
Expiration of put options on bonds
Maturity of RUR bonds
Expiration of financial lease
1517
1202
2711
2364
2222
939
475
DEBT MATURITY SCHEDULE AS AT SEPTEMBER 1, 2012
$ Mln
629
888
Cash and cash
equivalents
Available
undrawn lines
Sep, 1,
2012
2012 2013 2014 2015 2016 2017 and
after

16. Revenue 2,715 3,086 -12.0%
Cost of sales (1,985) (2,195) -9.6%
Gross margin 26.9% 28.9%
Operating profit / (loss) 127 (471) -
Operating margin 4.7% -15.3%
Adjusted EBITDA(1) 375 385 -2.6%
Adjusted EBITDA(1) margin 13.8% 12.5%
Net Income / (loss) 55 (823) -
Net Income margin 2.0% -26.7%
Sales volumes(2), „000 tonnes
Mining segment 5,853 5,880 -0.5%
Steel segment 2,072 2,389 -13.3%
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 and provision for loan given to related parties,
(2) Includes sales to the external customers only
US$ MILLION UNLESS OTHERWISE STATED 3Q12 2Q12 CHANGE, %
16