UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





Form 20-F/A

(Amendment No. 1)







| ̈ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------------

OR



|þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------

For the fiscal year ended December 31, 2011

OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

OR



| ̈ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | -------------------------------------------------------------------------------------------

Commission file number 001-32328





MECHEL OAO

(Exact name of Registrant as specified in its charter)





RUSSIAN FEDERATION

(Jurisdiction of incorporation or organization)

Krasnoarmeyskaya Street
1, Moscow 125993, Russian Federation

(Address of principal executive offices)

Vladislav Zlenko, tel.: +7-495-221-8888, e-mail: vladislav.zlenko@mechel.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:



|                                                                                                    |  |                                          
|--------------------------------------------------------------------------------------------------- |  | -----------------------------------------
|Title of Each Class                                                                                 |  | Name of Each Exchange on Which Registered
|COMMON AMERICAN DEPOSITARY SHARES, EACH COMMON ADS
REPRESENTING ONE COMMON SHARE                    |  | NEW YORK STOCK EXCHANGE                  
|COMMON SHARES, PAR VALUE 10 RUSSIAN RUBLES PER SHARE                                                |  | NEW YORK STOCK EXCHANGE(1)               
|PREFERRED AMERICAN DEPOSITARY SHARES, EACH PREFERRED ADS
REPRESENTING ONE-HALF OF A PREFERRED SHARE |  | NEW YORK STOCK EXCHANGE                  
|PREFERRED SHARES, PAR VALUE 10 RUSSIAN RUBLES PER SHARE                                             |  | NEW YORK STOCK EXCHANGE(2)               

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)





Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close
of the period covered by the annual report.

416,270,745 common shares, of which 98,761,004 shares
are in the form of common ADSs as of March 31, 2012

138,756,915 preferred shares (including
55,502,766 shares held by Skyblock Limited, a wholly-owned subsidiary of Mechel), of which 25,209,577 shares are in the form of preferred ADSs as of March 31, 2012

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.    Yes  þ    No   ̈

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934.    Yes   ̈    No  þ

Note  Checking the box above will not relieve any registrant required to file reports pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
90 days.    Yes  þ    No   ̈

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any,
every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required
to submit and post such files).    Yes  þ    No   ̈

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated
filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check One):



|                           |  |                      |  |                         
|-------------------------- |  | -------------------- |  | ------------------------
|Large accelerated filer  þ |  | Accelerated filer   ̈ |  | Non-accelerated filer   ̈

Indicate by check mark which basis of accounting the registrant has used to prepare the
financial statements included in this filing:



|             |  |                                                                                                          |  |         
|------------ |  | -------------------------------------------------------------------------------------------------------- |  | --------
|U.S. GAAP  þ |  | International Financial Reporting Standards as issued
by the International Accounting Standards Board   ̈ |  | Other   ̈

If Other has been checked in response to the previous question, indicate by
check mark which financial statement item the registrant has elected to follow:

Item 17   ̈    Item 18   ̈

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ̈    No  þ



|(1) | Listed, not for trading or quotation purposes, but only in connection with the registration of common ADSs pursuant to the requirements of the
Securities and Exchange Commission.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Listed, not for trading or quotation purposes, but only in connection with the registration of preferred ADSs pursuant to the requirements of the
Securities and Exchange Commission.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------









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Explanatory Note

This Amendment No. 1 to the Annual Report on Form 20-F for the fiscal year ended December 31, 2011 originally
filed with the Securities and Exchange Commission on May 10, 2012 (2011 Form 20-F), is being filed solely for the purposes of relying on the temporary hardship exemption provided by Rule 201 of Regulation S-T. The statement on
reliance of Section 232.201(c) of Regulation S-T temporary hardship exemption has been included as Exhibit 101.

Other than as expressly set forth above, this Form 20-F/A does not, and does not purport to, amend, update or restate the information in any other item of the 2011 Form 20-F, or reflect any events that
have occurred after the 2011 Form 20-F was originally filed.



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Exhibits



|    |  |                                                                                           
|--- |  | ------------------------------------------------------------------------------------------
|101 |  | Statement on reliance of Section 232.201(c) of Regulation S-T temporary hardship exemption



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SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly
caused and authorized the undersigned to sign this amendment to its annual report on its behalf.



MECHEL OAOBy:

/s/    EVGENY V. MIKHELName:    Evgeny V. MikhelTitle:    Chief Executive Officer


Date: May 30, 2012