Offer Update

RNS Number:4035S
Mechel OAO
15 April 2008

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION

                                                                   15 April 2008


          RECOMMENDED CASH OFFER BY MECHEL OAO FOR ORIEL RESOURCES PLC

                  OFFER UPDATE - REGULATORY APPROVALS RECEIVED

In relation to the recommended cash offer made by Mechel for the entire issued
and to be issued ordinary share capital of Oriel by means of an offer document
("Offer Document") dated 26 March 2008, Mechel has received the necessary
anti-trust clearances in Russia and Kazakhstan and therefore these conditions of
the Offer have been satisfied.

The Offer remains subject to the terms and other conditions set out in the Offer
Document.

Oriel Shareholders who have not yet accepted the Offer are urged:
     
(i)  in respect of Oriel Shares held in certificated form, to complete, sign and 
     return the relevant Form of Acceptance, in accordance with the instructions 
     set out in the Offer Document and in the Form of Acceptance, so as to be 
     received as soon as possible but in any event so as to be received no later 
     than 1.00pm (London time) on 16 April 2008;

(ii) in respect of Oriel Shares held in CREST, to accept electronically through 
     CREST so that the TTE instruction settles as soon as possible and, in any 
     event, so as to be settled not later than 1.00pm (London time) on 16 April
     2008; and

(iii)in respect of Oriel Shares held through a participant of CDS, to accept by 
     following the procedures for a Book-based Transfer established by CDS as 
     soon as possible, or otherwise as described in the Offer Document.

Full details of how to accept the Offer in respect of certificated and
uncertificated Oriel Shares are set out in the Offer Document and, in the case
of certificated Oriel Shares, the accompanying Form of Acceptance.  Copies of
the Offer Document and the Form of Acceptance can be obtained by contacting
Computershare Investor Services PLC on telephone number + 44 870 707 1214.

Terms used in this announcement shall have the meaning given to them in the
Offer Document, unless the context requires otherwise.


Enquiries


MECHEL                                              Telephone: [phone]
Alexander Tolkach, Head of International Affairs and
Investor Relations

MERRILL LYNCH                                    Telephone: [phone]
Kevin Smith
Mark Echlin
George Close-Brooks

Further Information

This announcement does not constitute, or form part of, an offer or solicitation
of any offer to sell or an invitation to purchase any securities or the
solicitation of an offer to buy any securities, pursuant to the Offer or
otherwise.  The Offer is made solely by the Offer Document and the Form of
Acceptance, which contain the full terms and conditions of the Offer, including
details of how the Offer may be accepted.  Any acceptance or other response to
the Offer should be made on the basis of the information in the Offer Document
and the Form of Acceptance.

The availability of the Offer to persons who are not resident in the United
Kingdom may be affected by the laws of the relevant jurisdiction in which they
are located. Persons who are not resident in the United Kingdom should inform
themselves about, and observe, any applicable legal or regulatory requirements.

The release, publication or distribution of this announcement in jurisdictions
other than the UK may be restricted by law and therefore any persons who are
subject to the laws of any jurisdiction other than the UK should inform
themselves about, and observe, any applicable requirements. Any failure to
comply with the applicable requirements may constitute a violation of the
securities laws of any such jurisdiction. This announcement has been prepared
for the purpose of complying with English law and the Code and the information
disclosed may not be the same as that which would have been disclosed if this
announcement had been prepared in accordance with the laws of jurisdictions
outside the UK.

Any persons (including, without limitation, any custodian, nominee or trustee)
who would, or otherwise intend to, or who may be under a contractual or legal
obligation to, forward this announcement and/or the Offer Document and/or any
other related document to any jurisdiction outside the UK should inform
themselves of, and observe, any applicable legal or regulatory requirements of
their jurisdiction.

Further details in relation to overseas shareholders are contained in the Offer
Document.

Merrill Lynch, which is regulated in the United Kingdom by the Financial
Services Authority, is acting exclusively for Mechel in connection with the
Offer and no-one else and will not be responsible to anyone other than Mechel
for providing the protections afforded to clients of Merrill Lynch or for
providing advice in relation to the Offer or any other matters referred to in
this announcement.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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