MOSCOW, March 11 /PRNewswire/ --

Mechel OAO (NYSE: MTL), one of the leading Russian mining and metals companies, in accordance with the Rules of the City Code on Takeovers and Mergers (the "City Code") confirms the Company's share capital.

This disclosure under Rule 2.10 of the City Code is made subsequent to the announcement made by Mechel dated March 3, 2008.

Mechel hereby confirms, in accordance with Rule 2.10 of the City Code, that as at the close of the business day on March 10, 2008 it has in issue, in total 416,270,745 ordinary shares of RUR 10 each (the shares were issued on March 19, 2003 and January 23, 2004). The International Securities Identification Number (ISIN) for Mechel's ordinary shares is RU000A0DKXV5.

The ISIN for Mechel's American Depositary Receipts and Global Depositary Receipts which are listed on the New York Stock Exchange and registered with the U.S. Securities and Exchange Commission (each representing three ordinary shares of RUR 10 each in Mechel) are US5838401033 and US5838402023 respectively.

Mechel is one of the leading Russian companies. Its business includes three segments: mining, steel, and power. Mechel unites producers of coal, iron ore concentrate, nickel, steel, rolled products, hardware, heat and electric power. Mechel products are marketed domestically and internationally.

Dealing disclosure requirements:

Under the provisions of Rule 8.3 of the City Code, if any person is, or becomes, "interested" (directly or indirectly) in 1 percent or more of any class of "relevant securities" of Mechel or Oriel Resources plc ("Oriel"), all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 p.m. (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Mechel or Oriel, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the City Code, all "dealings" in "relevant securities" of Mechel or Oriel by Mechel or Oriel or by any of their respective "associates," must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the City Code, which can also be found on the Takeover Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Takeover Panel's website at www.thetakeoverpanel.org.uk or contact the Panel on telephone number +44-20-7638-0129; fax +44-20-7236-7013.

Some of the information in this press release 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.

Web site: http://www.thetakeoverpanel.org.uk

Ilya Zhitomirsky of Mechel OAO, +7-495-221-88-88, ilya.zhitomirsky@mechel.com