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<SEC-DOCUMENT>0000950152-06-004691.txt : 20060524
<SEC-HEADER>0000950152-06-004691.hdr.sgml : 20060524
<ACCEPTANCE-DATETIME>20060524080121
ACCESSION NUMBER:		0000950152-06-004691
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060519
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060524
DATE AS OF CHANGE:		20060524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OLYMPIC STEEL INC
		CENTRAL INDEX KEY:			0000917470
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051]
		IRS NUMBER:				341245650
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23320
		FILM NUMBER:		06862877

	BUSINESS ADDRESS:	
		STREET 1:		5080 RICHMOND RD
		CITY:			BEDFORD HEIGHTS
		STATE:			OH
		ZIP:			44146
		BUSINESS PHONE:		2162923800

	MAIL ADDRESS:	
		STREET 1:		5096 RICHMOND RD
		CITY:			BEDFORD HEIGHTS
		STATE:			OH
		ZIP:			44146
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>l20489ae8vk.htm
<DESCRIPTION>OLYMPIC STEEL     8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>OLYMPIC STEEL     8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Date of Report (Date of earliest event reported) &#151; <U>May&nbsp;19, 2006</U></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Commission File Number 0<U>-23320</U>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>OLYMPIC STEEL, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">34-1245650</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of<BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification Number)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">5096 Richmond Road, Bedford Heights, Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44146</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Registrant&#146;s telephone number, including area code <U>(216)&nbsp;292-3800</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under and of the following provisions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act
(17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act
(17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4 under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;1.01 Entry into a Material Definitive Agreement</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;9.01 Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="l20489aexv99w1.htm">EX-99.1    PRESS RELEASE</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "Item&nbsp;1.01 Entry into a Material Definitive Agreement" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;19, 2006, OLY Steel NC, Inc., a Delaware corporation and wholly-owned subsidiary
of Olympic Steel, Inc., an Ohio corporation, entered into a stock purchase agreement with Goldstar
Holdings Limited, a subsidiary of the English company Eliza Tinsley Group PLC and the sole
shareholder of Tinsley Group-PS&#038;W, Inc., a North Carolina corporation (&#147;PS&#038;W&#148;), and David K.
Duggins and Ian Best, as Goldstar Holdings&#146; joint administrators, to acquire PS&#038;W by purchasing all
of its shares of outstanding capital stock from Goldstar Holdings. Pursuant to its terms, Olympic
Steel has guaranteed all obligations of OLY Steel NC under such stock purchase agreement and
further agreed to act as the primary obligor to the extent of OLY Steel NC&#146;s nonperformance under
same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purchase price for the acquisition of PS&#038;W is $10,080,000 in cash, subject to a net
working capital adjustment after the closing. Such net working capital adjustment, if any, will be
determined pursuant to a review of PS&#038;W&#146;s net working capital as of the closing and will
further depend on whether such determined amount falls below or exceeds a certain baseline amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PS&#038;W is a full service fabricating company that utilizes burning, forming, machining, and
painting equipment to produce a wide variety of fabrications for large original equipment
manufacturers of heavy construction equipment. PS&#038;W has been and is a customer of Olympic
Steel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The closing of the transaction is subject to a number of conditions, including, but not
limited to, the satisfaction of certain due diligence matters with respect to PS&#038;W, the absence of
negative changes in the status of certain PS&#038;W customer contracts, and the continuing accuracy of
representations and warranties. The stock purchase agreement contemplates that the acquisition be
completed in June&nbsp;2006. There can be no assurance that the acquisition will be consummated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;22, 2006, Olympic Steel issued a press release announcing the transaction described
above, a copy of which is attached as Exhibit&nbsp;99.1 to this Current Report on Form 8-K. The
foregoing description of the stock purchase agreement does not purport to be complete and is
qualified in its entirety by reference to the full text of such stock purchase agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Statements in this </I><I>Form 8-K</I><I> that are not historical, including statements regarding the terms,
timing and consummation of the proposed stock purchase described herein, are forward-looking and
are subject to various risks and uncertainties that could cause actual results to vary materially
from those stated. These risks and uncertainties include the risk that closing conditions may not
be satisfied or waived, integration risks, as well as other risks and uncertainties set forth in
Olympic Steel&#146;s </I><I>Form 10-K</I><I> for the year ended December&nbsp;31, 2005 and </I><I>Form 10-Q</I><I> for the quarter ended
March&nbsp;31, 2006, and other documents filed with the Securities and Exchange Commission. Olympic
Steel disclaims any obligation to revise these forward-looking statements or to provide any updates
regarding information contained in this release resulting from new information, future events or
otherwise.</I>
</DIV>
<!-- link2 "Item&nbsp;9.01 Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Exhibits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Exhibit&nbsp;No.</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1  &#151;  Press release of Olympic Steel dated May&nbsp;22, 2006
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>OLYMPIC STEEL, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: May 24, 2006&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/  RICHARD T. MARABITO
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Richard T. Marabito&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer<BR>
(Principal Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT INDEX
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Exhibit</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press release of Olympic Steel dated May&nbsp;22, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">4
</DIV>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>l20489aexv99w1.htm
<DESCRIPTION>EX-99.1    PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-00.1    PRESS RELEASE</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif"></DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRESS RELEASE OF OLYMPIC STEEL DATED MAY 22, 2006</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 70%">Contact: Richard T. Marabito<BR>
Chief Financial Officer<BR>
Telephone: (216)&nbsp;292-3800<BR>
Fax: (216)&nbsp;292-3974

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">OLYMPIC STEEL, INC. SIGNS AGREEMENT TO ACQUIRE<BR>
TINSLEY GROUP &#151; PS&#038;W, INC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland, Ohio &#151; (May&nbsp;22, 2006) Olympic Steel, Inc., (Nasdaq: ZEUS), a national steel
service center, today announced the signing of a definitive stock purchase agreement to acquire
Tinsley Group &#151; PS&#038;W, Inc. (&#147;PS&#038;W&#148;), an indirect subsidiary of Eliza Tinsley Group PLC, an English
company. PS&#038;W is a North Carolina-based fabricator of heavy construction equipment components for
original equipment manufacturers and is a current customer of Olympic Steel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purchase price for the acquisition of PS&#038;W, which is structured as a stock sale, is
$10,080,000 in cash, subject to a net working capital adjustment after the closing. Subject to due
diligence and satisfaction of closing conditions, the transaction should be completed in early June
2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael D. Siegal, Olympic Steel&#146;s Chairman and Chief Executive Officer, stated that, &#147;We have
indicated that our long-term strategy is to deliver additional value added services and supply
solutions for our customers by migrating into more downstream processing. The PS&#038;W acquisition is
an integral part of our strategy because it complements our existing tempering and plate processing
expertise while expanding our fabricating capabilities. The addition of PS&#038;W to Olympic Steel also
strengthens our geographic presence and enhances our existing customer base in the Southeast.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PS&#038;W is a full service fabricating company that utilizes burning, forming, machining, and
painting equipment to produce a wide variety of fabrications for large original equipment
manufacturers of heavy construction equipment. PS&#038;W was founded in 1990, and currently operates
two facilities located in Siler City and Seagrove, North Carolina.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Founded in 1954, Olympic Steel is a leading U.S. steel service center focused on the direct
sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet,
coil and plate steel products. Headquartered in Cleveland, Ohio, the Company operates 12
facilities. For further information, visit the Company&#146;s web site at <U>http://www.olysteel.com</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is Olympic Steel&#146;s policy not to endorse any analyst&#146;s sales or earnings estimates.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically
identified by words or phrases such as &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;intend,&#148;
&#147;plan,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;potential,&#148; or &#147;continue,&#148; as well as the negative of these terms
or other similar expressions. Such forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from those projected. Readers
are cautioned not to place undue reliance on these forward-looking statements that speak only as of
the date hereof.
</DIV>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such risks and uncertainties include, but are not limited to: general and global business,
economic and political conditions; our ability to complete this acquisition (including the
anticipated completion date) and realize anticipated benefits, and the competitive position of PS&#038;W
after acquisition by us; the possibility that costs or difficulties related to this acquisition
will be greater than expected, the possibility that benefits from the acquisition may be lower or
take longer to realize than expected; disruptions from the acquisition may make it difficult for
PS&#038;W or us to maintain relationships with our respective customers, employees, or suppliers;
competitive factors such as the availability and pricing of steel, industry inventory levels, and
rapid fluctuations in customer demand and pricing; the cyclicality and volatility within the steel
industry; the adequacy of PS&#038;Ws information technology and business system software; customer,
supplier, and competitor consolidation or insolvency; and other factors described in our filings
with the Securities and Exchange Commission. Olympic Steel undertakes no obligation to publicly
update forward-looking statements, whether as a result of new information, future events or
otherwise, except to the extent required by law. You are advised, however, to consult any further
disclosures Olympic Steel makes on related subjects in its reports filed with or furnished to the
Securities and Exchange Commission.
</DIV>

<P align="center" style="font-size: 10pt">5
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