Mechel presentation (May, 2014)

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.
22

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
‘000tonnes
4
Steel Mining Ferroalloys Power
FINANCIAL HIGHLIGHTS
2013 Revenue Breakdown2013 EBITDA Breakdown
Mining
Steel
SALES & MARKETING
LOGISTICS
6.5
4.1
2.6
4.7
3.5
690
‘000tonnes

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%
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%
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 producer1
Leader in Russia and CIS construction steel market2
Leader in specialty steel, stainless steel and hardware production3
Optimization of asset structure to deleverage Net debt/EBITDA below 2:1 in the medium term4
8

VERTICALLY INTEGRATED MINING & STEEL
BUSINESS MODEL WITH FOCUS ON COMPETITIVE ADVANTAGES
Production Consumption
5.6
4.3
Iron Ore Feed, 2013Coking Coal Concentrate, 2013
MMt
MMt
Coke, 2013
4
11.3
1.9
2.8
MMt
Sea Port capacity, 2013
MMt
Cargo turnover, 2013
MMt
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
blnKWh
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 2013Ten Largest Metallurgical Coal Producers in 2013Ten Largest Metallurgical Coal Producers by
Metallurgical Coal Reserves
MMtMMt
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 & CanadaRussia Other
Cumulative Production (%)
Australia USA & CanadaRussia Other
0
50
100
150
200
0
50
100
150
200
Yakutugol
MechelBlended
0
50
100
150
200
0
50
100
150
200
MechelBlended
U$/t
Yakutugol
post - Elga
About 80% of coking
coal by open pit
Access to
cheap labor Low production cost
Low raw
material costs
ESTIMATED EXPORT COKING COAL COST CURVE (FCA(1)) ESTIMATED EXPORT COKING COAL COST CURVE (FOB)
U$/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
Notes: * Volumes secured by contractual agreements
Elga Coal ComplexYakutugol
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

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
162%51
Wire
products
133%631
Wire rod 135%947
High-
tensile wire
246%55
Flat
stainless
steel
165%31
Rebar 219%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 wireSteel 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

2013 2018E
ELGA DEPOSIT: RAMP UP SECURED BY VEB PROJECT FINANCING
CURRENT STATUS
FIRST STAGE PRODUCTION RAMP-UP, ROM MMtKEY 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
JapanKazakhstan
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.

-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.
23
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
3%
27%
70%

MINING SEGMENT
$ Mln
CASH COSTS, US$/TONNE COS STRUCTURE
$2,128 mn $1,842 mn
24
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)
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
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

MINING SEGMENT
25
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

STEEL SEGMENT
26
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
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
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 Stainlessflat
products
Forgingsand
stampings
Hardware Carbon flat
4Q12 1Q13 2Q13 3Q13 4Q13
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
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

POWER SEGMENT
29
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
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

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
2,089
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

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, 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
afterRenewable 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

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

FIRST SHAPES PRODUCED AT UNIVERSAL ROLLING MILL
40

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