1. High debt burden - One of the major disadvantages of Mechel PAO compared to its peers is its high debt burden. The company has a significant amount of debt, which can limit its financial flexibility and increase its vulnerability to economic downturns.

2. Volatile commodity prices - Mechel PAO operates in the mining and steel industries, which are highly dependent on commodity prices. Fluctuations in prices of commodities like coal and iron ore can significantly impact the company's profitability and financial performance.

3. Exposure to geopolitical risks - Mechel PAO operates in Russia, which exposes it to geopolitical risks. Political instability, economic sanctions, and changes in government policies can have a negative impact on the company's operations and financial stability.

4. Environmental concerns - The company's operations in the mining and steel industries can have adverse environmental impacts. Mechel PAO may face increased scrutiny and regulatory challenges related to environmental compliance, which can lead to additional costs and reputational damage.

5. Limited diversification - Mechel PAO's business is primarily focused on mining and steel production. This lack of diversification can make the company more susceptible to industry-specific risks and economic downturns, compared to its peers who may have a more diversified business portfolio.

6. Reliance on infrastructure - Mechel PAO relies on infrastructure such as railways and ports for transportation of its products. Any disruptions or limitations in the availability of infrastructure can hinder the company's ability to deliver its products to customers, impacting its competitiveness and profitability.