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OTRC: Jessica Chastain: Oscar winner Meryl Streep is 'one of a kind' (Video)

George Pennacchio and Rachel Smith of OnTheRedCarpet.com talk to celebrities at the Oscar pre-show on Sunday, February 26. (OTRC)

Jessica Chastain of "The Help" praised Meryl Streep as "one of a kind," hours before the veteran actress took home her third Oscar.

Streep, 62, won the award for Actress in a Leading Role for her performance as UK leader Margaret Thatcher in "The Iron Lady." Chastain, 30, was nominated for her first Oscar, for her supporting role in "The Help," but lost to co-star Octavia Spencer, 39.

"That woman, she's one of a kind," Chastain told OnTheRedCarpet.com about Streep as she walked the red carpet before the 2012 Academy Awards on Sunday, February 26. "No one can come close to Meryl Streep."

After her win, Streep told OnTheRedCarpet.com at the Governors Ball: "I was happy, shocked, happy, shocked."

Streep beat nominees Viola Davis, 46, of "The Help," Glenn Close, 64, of "Albert Nobbs," Rooney Mara, 26, of "The Girl with the Dragon Tattoo" and Michelle Williams, 31, of "My Week with Marilyn."

"This is a crapshoot," Streep told OnTheRedCarpet.com. "Every single one of those nominees tonight, two of whom are my very good friends, two of whom weren't even born when I started coming to this ceremony - seriously, conceived even - any one of them could've been standing there and deserved to."

"I wish they had more nominees," she added. "I think they should have more nominees because this year there were some incredible performances that weren't even nominated."

Streep said she would place her new Oscar with her two statuettes that she earned for the films "Kramer Vs. Kramer" and "Sophie's Choice."

"He's going to make everyone else look bad because the other ones are 30 years old and are little dingy," she said.

Chastain attended the ceremony with her grandmother, who was not present during her interview.

"I don't where she is," she said, adding about her nomination: "Everyone is really, really excited about it. I've wanted to be an actor my whole life and I've talked about it since I was like, six. And so I'm here tonight at the Academy Awards as a nominee. It's really emotional and I'm really happy to share this day with my grandma."

In 2011, Chastain also appeared in the films "The Debt" with Helen Mirren, "Take Shelter" with Michael Shannon and "The Tree of Life" with Brad Pitt. Both the latter film and the actor were nominated for Oscars. Chastain praised him and Spencer.

"I'm going to continue working and doing parts that will teach me something, working with actors who are better than me, because that always makes you rise to the occasion and I did that a lot last year," Chastain told OnTheRedCarpet.com. "Worked with phenomenal actors - Michael Shannon, Brad Pitt, Octavia Spencer. I mean, I'm so lucky."

Check out photos from the 2012 Academy Awards - all the fashion (check out Angelina Jolie showing off some serious leg) and from the after parties (Streep embraces Octavia Spencer, Tom Cruise and wife Katie Holmes attend Vanity Fair bash and Katy Perry continues to rock blue hair at Elton John's gala).

Also check out the funniest moments from the event, including Sacha Baron Cohen's appearance as The Dictator.

Finally, watch exclusive video interviews with Oscar nominees such as George Clooney, presenters such as Sandra Bullock and special guests on the red carpet.

Check out a full list of winners of the 2012 Oscars here.

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