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<SEC-DOCUMENT>0000950152-07-005202.txt : 20070620
<SEC-HEADER>0000950152-07-005202.hdr.sgml : 20070620
<ACCEPTANCE-DATETIME>20070620130604
ACCESSION NUMBER:		0000950152-07-005202
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20070620
DATE AS OF CHANGE:		20070620
EFFECTIVENESS DATE:		20070620

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-143900
		FILM NUMBER:		07930766

	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>S-8
<SEQUENCE>1
<FILENAME>l26640asv8.htm
<DESCRIPTION>OLYMPIC STEEL, INC.   S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>OLYMPIC STEEL, INC.   S-8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As
filed with the Securities and Exchange Commission on June&nbsp;20, 2007.</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>


<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<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

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

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</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 valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction <BR>
of Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</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, <BR>
Bedford Heights, Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">44146</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"><B>Olympic Steel, Inc. 2007 Omnibus Incentive Plan</B><BR>
(Full Title of the Plan)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Michael D. Siegal, Chairman of the<BR>
Board and Chief Executive Officer<BR>
Olympic Steel, Inc.<BR>
5096 Richmond Road<BR>
Bedford Heights, Ohio 44146<BR>
(Name and Address of Agent For Service)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(216)&nbsp;292-3800<BR>
(Telephone Number, Including Area Code, of Agent For Service)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</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="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top" style="font-size: 9pt">Title of Each Class<BR>
of Securities To<BR>
Be Registered
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 9pt"><BR>Amount To Be<BR>
Registered <SUP style="font-size: 85%; vertical-align: text-top">(1) (2)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 9pt">Proposed Maximum<BR>
Offering<BR>
Price Per Share <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 9pt">Proposed Maximum<BR>
Aggregate<BR>
Offering Price <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="font-size: 9pt">Amount of<BR>
Registration<BR>
Fee</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top" style="font-size: 10pt">Common Shares, without <BR>
par value (4)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">500,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$32.37
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$16,185,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$496.88</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="2%">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Represents maximum number of common shares, without par value (the &#147;Common Shares&#148;), of
Olympic Steel, Inc. issuable pursuant to the Olympic Steel, Inc. 2007 Omnibus Incentive Plan
(the &#147;Plan&#148;) being registered hereon.</TD>
</TR>

</TABLE>
</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="2%">&nbsp;</TD>

<TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416 promulgated under the Securities Act of 1933 (the &#147;Securities Act&#148;),
this registration statement also covers such additional Common Shares that may become issuable
pursuant to the anti-dilution provisions of the Plan.</TD>
</TR>

</TABLE>
</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="2%">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for calculating the amount of the registration fee, pursuant to paragraphs
(c)&nbsp;and (h)&nbsp;of Rule&nbsp;457 promulgated under the Securities Act, on the basis of the average of
the high and low sale prices of such securities on the Nasdaq Global
Market on June&nbsp;18, 2007, which date is within
five business days prior to filing.</TD>
</TR>

</TABLE>
</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="2%">&nbsp;</TD>

<TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One right (each, a &#147;Right&#148;) to purchase Series&nbsp;A Junior Participating Preferred Stock of the
Registrant will be issued with each Common Share. The terms of the Rights are described in
the Rights Agreement filed as Exhibit&nbsp;4.1 to the registration statement on Form 8-A filed by
the Registrant with the Securities and Exchange Commission February&nbsp;15, 2000.</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>





</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


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



</TABLE>
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been filed by Olympic Steel, Inc., an Ohio corporation (the
&#147;Registrant&#148;), with the Securities and Exchange Commission (the &#147;Commission&#148;) and are incorporated
herein by reference:
</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31,
2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31,
2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Report on Form 8-K filed on April&nbsp;26, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Report on Form 8-K filed on April&nbsp;30, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Report on Form 8-K filed on May&nbsp;3, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Registrant&#146;s Common Shares contained in the registration
statement on Form 8-A filed on January&nbsp;31, 1994, including any subsequently filed
amendments and reports updating such description; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Registrant&#146;s Rights contained in the registration
statement on Form 8-A filed on February&nbsp;15, 2000, including any subsequently filed
amendments and reports updating such description.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant with the Commission pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment
that indicates that all securities offered have been sold or which deregisters all securities then
remaining unsold, will be deemed to be incorporated by reference in this registration statement and
to be part hereof from the date of filing of such documents. Any statement contained in any
document incorporated or deemed to be incorporated to be incorporated by reference herein will be
deemed to be modified or superseded for purposes of this registration statement to the extent that
a statement contained herein or in any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes such statement. Any such statement
so modified or superseded will not be deemed, except as modified or superseded, to constitute a
part of this registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Officers and Directors.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant is an Ohio corporation. Under Section&nbsp;1701.13 of the Ohio Revised Code (the
&#147;Ohio Revised Code&#148;), Ohio corporations are permitted to indemnify directors, officers, employees
and agents within prescribed limits and must indemnify them under certain circumstances. The Ohio
Revised Code does not authorize the payment by a corporation of judgments against a director,
officer, employee or agent after a finding of negligence or misconduct in a derivative suit absent
a court order determining
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-1-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that such person succeeds on the merits. In all other cases, if it is determined that a
director, officer, employee or agent acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interest of the corporation, indemnification is
discretionary except as otherwise provided by a corporation&#146;s articles of incorporation, code of
regulations or contract, and except with respect to the advancement of expenses of directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under certain circumstances provided in Article&nbsp;V of the Registrant&#146;s Code of Regulations and
subject to Section&nbsp;1701.13 of the Ohio Revised Code (which sets forth the conditions and
limitations governing the indemnification of officers and directors), the Registrant will indemnify
any of its current or former director or officer against losses, damages, or liabilities reasonably
incurred by that director or officer in connection with any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative. The
Registrant maintains liability insurance for all of its directors and officers. The insurance also
insures the Registrant against amounts payable to indemnify directors and officers, subject to
policy limits and retention amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption From Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</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="6%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit<BR>
<U>Number</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><U>Description of Document</U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><U> Reference</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Articles of Incorporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit
3.1(i) of the Registrant&#146;s
registration statement on Form&nbsp;S-1
(No.&nbsp;33-73992) filed with the
Commission on January&nbsp;1, 1994</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Code of Regulations</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement dated as of January&nbsp;31, 2000
(including form of Certificate of Adoption of
Amendment to Amended Articles of
Incorporation as Exhibit&nbsp;A thereto, together
with Summary of Rights to Purchase Preferred
Stock)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit
4.1 of the Registrant&#146;s Form&nbsp;8-K
filed with the Commission on
February&nbsp;15, 2000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Jones Day
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public
Accounting Firm
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Jones Day
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Included in Exhibit&nbsp;5, filed herewith</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Registrant hereby undertakes:
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date
of this registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in this registration statement. Notwithstanding the foregoing, any increase or
decrease in the volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of a prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
volume and price represent no more than a 20&nbsp;percent change in the maximum aggregate price
set forth in the &#147;Calculation of Registration Fee&#148; table in the effective registration
statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not
previously disclosed in this registration statement or any material change to such
information in this registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>provided</U>, <U>however</U>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
the information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed by the Registrant pursuant to Section&nbsp;13 or Section
15(d) of the Exchange Act that are incorporated by reference in this registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment will be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time will be deemed to be
the initial <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in this registration statement will be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time will be deemed to be the initial <I>bona fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
</DIV>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<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 Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Bedford Heights, state of
Ohio, on June&nbsp;20, 2007.
</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>OLYMPIC STEEL, INC.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Richard T. Marabito&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Richard T. Marabito</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on
June&nbsp;20, 2007.
</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="48%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*&nbsp;
</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">*&nbsp;</TD>
</TR>
<TR style="font-size: 1px">

<TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
     <TD align="left" valign="top">&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">*&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael D. Siegal<BR>
Chairman of the Board and<BR>
Chief Executive Officer<BR>
(Principal Executive Officer)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas M. Forman<BR>
Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Richard T. Marabito&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">*&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard T. Marabito<BR>
Chief Financial Officer<BR>
(Principal Financial Officer and<BR>
Principal Accounting Officer)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Howard L. Goldstein<BR>
Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">*&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David A. Wolfort<BR>
President, Chief Operating Officer and Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James B. Meathe<BR>
Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">*&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ralph M. Della Ratta, Jr.<BR>
Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Martin H. Elrad<BR>
Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">* Richard
T. Marabito, the undersigned attorney-in-fact, by signing his name hereto, does hereby
sign and execute this Registration Statement on behalf of the above indicated officers and
directors of the Registrant pursuant to a power of attorney filed with the Securities and Exchange
Commission.
</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">June&nbsp;20, 2007
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> /s/ Richard T. Marabito&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR>
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Richard T. Marabito&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <!-- End Table Body -->
</TABLE>
</DIV>


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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</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="6%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit<BR>
<U>Number</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><U>Description of Document</U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><U> Reference</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Articles of Incorporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit
3.1(i) of the Registrant&#146;s
registration statement on Form&nbsp;S-1
(No.&nbsp;33-73992) filed with the
Commission on January&nbsp;1, 1994</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Code of Regulations</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement dated as of January&nbsp;31, 2000
(including form of Certificate of Adoption of
Amendment to Amended Articles of
Incorporation as Exhibit&nbsp;A thereto, together
with Summary of Rights to Purchase Preferred
Stock)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Exhibit
4.1 of the Registrant&#146;s Form&nbsp;8-K
filed with the Commission on
February&nbsp;15, 2000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Jones Day
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public
Accounting Firm
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Jones Day
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Included in Exhibit&nbsp;5, filed herewith</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>l26640aexv4w2.htm
<DESCRIPTION>EX-4.2
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-4.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">OLYMPIC STEEL, INC
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">AMENDED AND RESTATED CODE OF REGULATIONS
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Adopted: January&nbsp;6, 1994<BR>
Amended and Restated: April&nbsp;27, 2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE I</U><BR>
<U>SHAREHOLDERS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Annual Meeting</U>. The annual meeting of the shareholders of the Company for
the election of directors, the consideration of reports to be laid before the meeting, and the
transaction of such other business as may properly be brought before the meeting shall be held in
the place described in the Articles of Incorporation, as amended (the &#147;Articles&#148;), as the place
where the principal office of the Company is or is to be located, or at such other place either
within or without the State of Ohio as may be designated by the Board of Directors, the Chairman of
the Board, if any, or the President and specified in the notice of the meeting, at 10:00 o&#146;clock
a.m., on the second Tuesday in May of each year, or at such other time and on such other date as
the Board of Directors may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Special Meetings</U>. Special meetings of the shareholders of the Company may
be held on any business day when called by the Chairman of the Board, if any, the President, the
Board of Directors acting at a meeting, a majority of the directors acting without a meeting, or
the persons who hold twenty-five percent of all the shares outstanding and entitled to vote at the
meeting. Upon request in writing delivered either in person or by registered mail to the President
or the Secretary by any person entitled to call a meeting of the shareholders, that officer shall
forthwith cause to be given to the shareholders entitled thereto notice of a meeting to be held on
a date not less than fourteen (14)&nbsp;or more than sixty (60)&nbsp;days after receipt of the request as
that officer may fix. If the notice is not given within twenty (20)&nbsp;days after the delivery or
mailing of the request, the person calling the meeting may fix the time of the meeting and give
notice thereof in the manner provided by law or as provided in these Regulations or cause the
notice to be given by any designated representative. Each special meeting shall be held at the
principal office of the Company unless the meeting is called by the Chairman of the Board, if any,
the President, the directors, in which case the meeting may be held at any place either within or
without the State of Ohio as designated by the party calling the meeting and specified in the
notice of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Notice of Meetings</U>. Not less than fourteen (14)&nbsp;or more than sixty (60)
days before the date fixed for a meeting of the shareholders, written notice stating the time,
place, and purposes of the meeting shall be given by or at the direction of the Secretary or an
Assistant Secretary. The notice shall be given by personal delivery or by mail to each shareholder
entitled to notice of the meeting who is of record as of the day next preceding the date on which
notice is given or, if a record date therefore is duly fixed, of record as of that date. If
mailed, the notice shall be addressed to the shareholders at their respective addresses as they
appear on the records of the Company. Notice of the time, place, and purposes of any meeting of
the shareholders may be waived in writing, either before or after the holding of the meeting, by
any shareholder, which writing shall be filed with or entered upon the records of the Company.
Attendance of any shareholder at any meeting without protesting, prior to or at
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the commencement of the meeting, the lack of proper notice shall be deemed to be a waiver by such
shareholder of notice of the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Quorum; Adjournment</U>. Except as may be otherwise provided by law or by the
Articles, at any meeting of the shareholders, the holders of shares entitled to exercise a majority
of the voting power of the Company present in person or by proxy shall constitute a quorum for the
meeting, except that no action required by law, the Articles, or these Regulations to be authorized
or taken by a designated proportion of the shares of any particular class or of each class of the
Company may be authorized or taken by a lesser proportion and except that the holders of a majority
of the voting shares represented at the meeting, whether or not a quorum is present, may adjourn
the meeting from time to time. If any meeting is adjourned, notice of adjournment need not be given
if the time and place to which the meeting is adjourned are fixed and announced at the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U> </U> Section&nbsp;5. <U>Action Without a Meeting</U>. Except as provided in Article&nbsp;X with
respect to the amendment of these Regulations or the adoption of new Regulations by written
consent, any other action that may be authorized or taken at a meeting of the shareholders may be
authorized or taken without a meeting with the affirmative vote or approval of, and in a writing or
writings signed by or on behalf of, all of the shareholders who would be entitled to notice of a
meeting of the shareholders held for the purpose, which writing or writings shall be filed with or
entered upon the records of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Inspectors of Election</U>. Inspectors of Election may be appointed to act at
any meeting of shareholders in accordance with the provisions of the Ohio General Corporation Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>List of Shareholders</U>. At any meeting of shareholders, an alphabetically
arranged list, or classified lists, of the shareholders of record as of the applicable record date
who are entitled to vote, showing their respective addresses and the number of classes of shares
held by each, shall be produced on the request of any shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Proxies</U>. Persons entitled to vote shares or to act with respect to shares
may vote or act in person or by proxy. The person appointed as proxy need not be a shareholder.
Unless the writing appointing a proxy otherwise provides, the presence at a meeting of the person
who appointed a proxy shall not automatically operate to revoke the appointment. Notice to the
Company, in writing or in open meeting, of the revocation of the appointment of a proxy shall not
affect any vote or act previously taken or authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Approval and Ratification of Acts of Officers and Directors</U>. Except as
otherwise provided by the Articles or by law, any contract, action, or transaction, prospective or
past, of the Company or of the Board of Directors or of any director or officer may be approved or
ratified by the affirmative vote in person or by proxy of the holders of record of a majority of
the shares held by persons not interested in the contract, action, or transaction and entitled to
vote in the election of directors (without regard to voting powers that may thereafter exist upon a
default, failure, or other contingency), which approval or ratification shall be as valid and
binding as though affirmatively voted for or consented to by every shareholder of the Company.
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE II</U><BR>
<U>BOARD OF DIRECTORS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Classes and Election</U>. The Board of Directors shall be divided into two
classes. The number of directors in each class may be fixed or changed: (a)&nbsp;by the shareholders, at
any annual or special meeting called for the purpose of electing directors at which a quorum is
present, by the affirmative vote of the holders of a majority of the shares that are represented at
the meeting and entitled to vote on the proposal, or (b)&nbsp;by the directors at any meeting of the
Board of Directors by the vote of a majority of the directors then in office. Notwithstanding the
foregoing, after the number of directors in any class has been fixed by the shareholders, the
directors may not increase or decrease the number of directors in that class by more than one. No
class shall consist of less than three directors. Unless so determined by the shareholders or by
the directors, one class (the initial term of which will expire in 1995) shall consist of four
directors and the second class (the initial term of which will expire in 1996) shall consist of
three directors. A separate election shall be held for each class of directors at any meeting of
shareholders at which a member or members of more than one class of directors is being elected. At
each annual meeting, the directors elected to the class whose term shall expire in that year shall
hold office for a term of two (2)&nbsp;years and until their respective successors are elected. In case
of any increase in the number of directors of any class, any additional directors elected to such
class shall hold office for a term that coincides with the full term or the remainder of the term,
as the case may be, of such class. At a meeting of shareholders at which directors are to be
elected, only persons nominated as candidates shall be eligible for election as directors and the
candidates receiving the greatest number of voters shall be elected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U> </U> Section&nbsp;2. <U>Nominations for Directors</U>. A shareholder entitled to vote for
the election of directors who intends to nominate a person for election as a director must deliver
written notice to the Secretary of the Company no later than: (a)&nbsp;with respect to an election to be
held at an annual meeting of shareholders, 90&nbsp;days in advance of the anniversary of the date on
which the notice of the annual meeting for the prior year was given to shareholders, and (b)&nbsp;with
respect to an election to be held at a special meeting of shareholders, the close of business on
the seventh (7<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>) day following the date on which notice of such special meeting is
first given to shareholders. The notice from the shareholder must contain the following:
</DIV>

<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(a)&nbsp;the name and address of the shareholder and each director nominee;</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(b)&nbsp;a representation that the shareholder is entitled to vote and intends to
appear in person or by proxy at the meeting;</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(c)&nbsp;a description of any and all arrangements or understandings between the
shareholder and each nominee;</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(d)&nbsp;such other information regarding the nominee that would have been required to
be included by the Securities and Exchange Commission in a proxy statement had
the nominee been named in a proxy statement;</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(e)&nbsp;a brief description of the nominee&#146;s qualifications to be a director; and</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(f)&nbsp;the written consent of the nominee to serve as a director if so elected.</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Vacancies</U>. In the event of the occurrence of any vacancy in the Board of
Directors, however caused, the remaining directors, though less than a majority of the whole
authorized number of directors, may fill the vacancy for the unexpired term by the vote of a
majority of their number.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Resignations</U>. Any director may resign at any time by providing a written
notice to that effect delivered to the Secretary, such resignation to take effect immediately or at
such future date as the director may specify in the director&#146;s notice of resignation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Regular Meetings</U>. Upon notice duly given regular meetings of the Board of
Directors may be held at such times and places within or without the State of Ohio (or through use
of telephone or other communications equipment if all persons participating can hear each other) as
may be provided for in bylaws or resolutions adopted by the Board of Directors. Unless otherwise
indicated in the notice of a regular meeting, any business may be transacted at that regular
meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Special Meetings</U>. Special meetings of the Board of Directors may be held
at any time within or without the State of Ohio (or through use of telephone or other
communications equipment if all persons participating can hear each other) upon call by the
Chairman of the Board, the President, or any two directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>Notice of Meeting and Waiver of Notice</U>. Written notice of the time and
place of each regular or special meeting shall be given to each director either by personal
delivery (which, for purposes of these Regulations, includes notice by facsimile transmission of a
written notice) or by mail, telegram, or cablegram at lease forty-eight (48)&nbsp;hours before the
meeting. The notice need not specify the purposes of the meeting. The attendance of any director
at any meeting (and participation in a meeting employing telephone or other communications
equipment) without, prior to or at the commencement of the meeting, protesting the lack of proper
notice shall be deemed to be a waiver by the director of notice of the meeting. Further, notice of
a meeting may be waived in writing, either before or after the holding of the meeting, by any
director, which writing shall be filed with or entered upon the records of the Company. Unless
otherwise indicated in the notice of a meeting, any business may be transacted at that meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Quorum: Adjournment</U>. A quorum of the Board of Directors at any meeting
shall consist of a majority of the directors then in office, except that a majority of the
directors present at the meeting duly held, whether or not a quorum is present, may adjourn the
meeting from time to time. If any meeting is adjourned, notice of adjournment need not be given if
the time and place to which the meeting is adjourned are fixed and announced at the meeting. At
each meeting of the Board of Directors at which a quorum is present, unless otherwise provided by
law, the Articles or these Regulations, all matters requiring the approval of the Board of
Directors shall be determined by a majority vote of those present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Action Without a Meeting</U>. Any Action that may be authorized or taken at a
meeting of the Board of Directors may be authorized or taken without a meeting with the affirmative
vote or approval of, and in a writing or writings signed by, all of the directors, which writing or
writings shall be filed with or entered upon the records of the Company.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. <U>Committees</U>. The Board of Directors may at any time appoint from its
members an Executive, Compensation, Audit, Nominating or other committee or committees, consisting
of such number of members, not less than three, as the Board of Directors may deem advisable,
together with such alternates as the Board of Directors may deem advisable, to take the place of
any absent member or members at any meeting of the committee. Each member and each alternate may
be appointed or removed, at any time, by the Board of Directors. Any committee shall act only in
the intervals between meetings of the Board of Directors and shall have such of the Board&#146;s
authority (other than the authority to fill vacancies in the Board of Directors or in any committee
of the Board of Directors) as may, from time to time, be delegated by the Board of Directors.
Subject to these exceptions, any person dealing with the Company shall be entitled to rely upon any
act or authorization of an act by any committee to the same extent as an act or authorization of
the Board of Directors. Unless otherwise ordered by the Board of Directors, any committee may
prescribe its own rules of procedure and may act at a meeting, by a majority of its members, or
without a meeting by writing or writings signed by all of its members.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE III</U><BR>
<U>OFFICERS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Election and Designation of Officers</U>. The Board of Directors shall elect a
President, a Secretary, and a Treasurer and, in its discretion, may elect a Chairman of the Board,
one or more Vice Presidents, one or more Assistant Secretaries, one or more Assistant Treasurers,
and such other officers as the Board of Directors may deem necessary. The Chairman of the Board,
if any, shall be a director, but no one of the other officers need be a director. Any two or more
offices may be held by the same person, but no officer shall execute, acknowledge, or verify any
instrument in more than one capacity if the instrument is required to be executed, acknowledged, or
verified by two or more officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Term of Office: Vacancies</U>. Each officer of the Company shall hold office
until the officer&#146;s successor is elected or until the officer&#146;s earlier resignation, removal from
office, or death. The Board of Directors may remove any officer at any time with or without cause
by a majority vote of the directors then in office. Any vacancy in any office may be filled by the
Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Chairman of the Board</U>. The Chairman of the Board, if any, shall preside at
all meetings of the Board of Directors and all meetings of the shareholders. The Chairman may have
such additional authority and shall perform such other duties as may be determined by the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>President</U>. If there is no Chairman of the Board or in the event of the
Chairman&#146;s absence, the President shall preside at all meetings of the shareholders and, if a
director, at all meetings of the Board of Directors. Subject to directions of the Board of
Directors and to the delegation by the Board of Directors to the Chairman of the Board of specific
or general executive supervision, the President shall have general executive supervision over the
property, business, and affairs of the Company. The President may execute all authorized deeds,
mortgages, bonds, contracts, and other obligations in the name of the Company and shall have such
other authority and shall perform such other duties as may be determined by the Board of Directors.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Vice Presidents</U>. The Vice Presidents, if any, shall, respectively, have
such authority and perform such duties as may be determined by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Secretary</U>. The Secretary shall keep the minutes of meetings of the
shareholders and of the Board of Directors. The Secretary shall keep such additional corporate
records as may be required by the Board of Directors, shall give notices of meetings of the
shareholders and of meetings of the Board of Directors required by law or by these Regulations or
otherwise, and shall have such authority and shall perform such other duties as may be determined
by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>Treasurer</U>. Unless the authority is granted by the Board of Directors to
another financial officer, the Treasurer shall receive and have control over all money, notes,
bonds, securities of other corporations, and similar property belonging to the Company, and shall
accurate financial accounts and hold them open for the inspection and examination of the directors
and shall have such authority and shall perform such other duties as may be determined by the Board
of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Other Officers</U>. The Assistant Secretaries and Assistant Treasurers, if
any, and any other officers whom the Board of Directors may elect shall, respectively, have such
authority and perform such duties as may be determined by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Delegation of Authority and Duties</U>. The Board of Directors is authorized
to delegate the authority and duties of any officer to any other officer and generally to control
the action of the officers and to require the performance of duties in addition to those mentioned
herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE IV</U><BR>
<U>COMPENSATION OF THE TRANSACTIONS WITH</U><BR>
<U>DIRECTORS, OFFICERS AND EMPLOYEES</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Directors and Members of Committees</U>. Members of the Board of Directors and
members of any committee of the Board of Directors shall, as such, receive such compensation, which
may be either a fixed sum for attendance at each meeting of the Board of Directors or Board
committee or a stated amount payable at intervals, or shall otherwise be compensated as may be
determined by, or pursuant to authority conferred by, the Board of Directors, which compensation
may be in different amounts for various members of the Board of Directors or of any committee. No
member of the Board of Directors and no member of any committee of the Board of Directors shall be
disqualified from being counted in the determination of the presence of a quorum or from acting at
any meeting of the Board of Directors or of a committee of the Board of Directors by reason of the
fact that matters affecting the director&#146;s own compensation as a director, member of a committee of
the Board of Directors, officer, or employee are to be determined.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Officers and Employees</U>. The compensation of officers and employees of the
Company, or the method of fixing their compensation, shall be determined by, or pursuant to
authority conferred by, the Board of Directors. Compensation may include pension, disability, and
death benefits, and may be by way of fixed salary, on the basis of earnings of the Company, any
combination thereof, or otherwise, as may be so determined or authorized.
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE V</U><BR>
<U>INDEMNIFICATION</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Third Party Actions</U>. The Company shall indemnify any person (the
&#147;Indemnified Party&#148;) who was or is a party or is threatened to be made a party to any threatened,
pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or
investigative (other than an action, suit, or proceeding by or in the right of the Company), by
reason of the fact that the Indemnified Party is or was director, officer, employee, or agent of
the Company, or is or was serving at the request of the Company as a director, trustee, officer,
employee, or agent of another corporation (profit or non-profit), partnership, joint venture,
trust, or other enterprise, against expenses (including professional fees, <I>eg. </I>attorneys&#146; fees and
accountants&#146; fees), judgments, fines, and amounts paid in settlement actually and reasonably
incurred by the Indemnified Party in connection with the action, suit, or proceeding if the
Indemnified Part acted in good faith and in a manner the Indemnified Party reasonably believed to
be in or not opposed to the best interests of the Company and, with respect to any criminal action
or proceeding, had no reasonable cause to believe the Indemnified Party&#146;s conduct was unlawful.
The termination of any action, suit, or proceeding by judgment, order, settlement, or conviction,
or upon a plea of <I>nolo contendere </I>or its equivalent, shall not, of itself, create a presumption
that the Indemnified Party did not act in good faith and in a manner such person reasonably
believed to be in or not opposed to the best interests of the Company or that, with respect to any
criminal action or proceeding, such person had reasonable cause to believe that their conduct was
unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Derivative Actions</U>. Other than in connection with an action or suit in
which the liability of a director under Section&nbsp;1701.95 of the Ohio Revised Code is the only
liability asserted, the Company shall indemnify any person (the &#147;Indemnified Party&#148;) who was or is
a party or is threatened to be made a party to any threatened, pending, or completed action or suit
by or in the right of the Company to procure a judgment in its favor by reason of the fact that the
Indemnified Party is or was a director, officer, employee, or agent of the Company, or is or was
serving at the request of the Company as a director, trustee, officer, employee, or agent of
another corporation (profit or non-profit) partnership, joint venture, trust, or other enterprise,
against expenses (including professional fees, <I>eg. </I>attorneys&#146; fees and accountants&#146; fees) actually
and reasonably incurred by the Indemnified Party in connection with the defense or settlement of
the action or suit if the Indemnified Party acted in good faith and in a manner such person
reasonably believed to be in or not opposed to the best interests of the Company, except that:
</DIV>

<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(a)&nbsp;no indemnification of a director shall be made if its is proved by clear and
convincing evidence in a court of competent jurisdiction that the director&#146;s
action or failure to act involved an act or omission undertaken with deliberate
intent to cause injury to the Company or undertaken with reckless disregard for
the best interests of the Company; and</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(b)&nbsp;no indemnification of an officer, employee, or agent, regardless of such
person&#146;s status as a director, shall be made in respect of any claim, issue, or
matter as to which such person is adjudged to be liable for negligence or
misconduct in the performance of their duty to the Company; unless and only to
the extent that a court of common pleas or the court in which the action or</DIV>


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


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">suit was brought determines that, notwithstanding the adjudication of liability,
in view of all the circumstances of the case, the Indemnified Party is fairly and
reasonably entitled to indemnity for such expenses as the court deems proper.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Rights after Successful Defense</U>. To the extent an Indemnified Party has
been successful on the merits or otherwise in defense of any action, suit, or proceeding referred
to in Section&nbsp;1 or Section&nbsp;2 of this Article&nbsp;V, or in defense of any claim, issue, or matter
therein, the Indemnified Party shall be indemnified against expenses (including professional fees,
<I>eg</I>. attorney&#146;s fees and accountants&#146; fees) actually and reasonable incurred in connection with the
action, suit or proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Other Determinations of Rights</U>. Other than in a situation governed by
Section&nbsp;3 of this Article&nbsp;V, any indemnification under Section&nbsp;1 or Section&nbsp;2 of this Article&nbsp;V
(unless ordered by a court) shall be made by the Company only as authorized in the specific case
upon a determination that indemnification of the director, officer, employee, or agent is proper in
the circumstances because such person has met the applicable standard of conduct set forth in
Section&nbsp;1 or Section&nbsp;2. The determination shall be made:
</DIV>

<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(a)&nbsp;by a majority vote of those directors who, in number, constitute a quorum of
the directors and who also were not and are not parties to or threatened with any
such action, suit, or proceeding;</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(b)&nbsp;if such a quorum is not obtainable or a majority of disinterested directors
requests, in a written opinion by Independent Counsel;</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(c)&nbsp;by the affirmative vote of a majority of the shares held by persons who were
not and are not parties to or threatened with any such action, suit, or
proceeding and entitled to vote in the election of directors, without regard to
voting power that may thereafter exist upon a default, failure, or other
contingency; or</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(d)&nbsp;by the Court of Common Pleas or the court in which the action, suit, or
proceeding was brought.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of this Section&nbsp;4, &#147;Independent Counsel&#148; shall mean any attorney or firm other than an
attorney, or a firm having associated with it an attorney, who has been retained by or who has
performed services for the Company or the proposed Indemnified Party within the past five (5)
years.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Advances of Expenses</U>. Unless the action or suit is one in which liability
under Section&nbsp;1701.95 of the Ohio Revised Code is the only liability asserted:
</DIV>

<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(a)&nbsp;expenses (including professional fees, <I>eg</I>. attorneys&#146; or accountants&#146; fees)
incurred by a director in defending any action, suit, or proceeding referred to
in Section&nbsp;1 or Section&nbsp;2 of this Article&nbsp;V shall be paid by the Company, as they
are incurred, in advance of final disposition of the action, suit, or proceeding
upon receipt of an undertaking by or on behalf of the director in which the
director agrees both: (i)&nbsp;to repay the amount if it is proved by clear and
convincing evidence in a court of competent jurisdiction</DIV>


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

<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">that the director&#146;s action or failure to act involved as act or omission
undertaken with deliberate intent to cause injury to the Company or undertaken
with reckless disregard for the best interests of the Company, and (ii)&nbsp;to
cooperate with the Company concerning the action, suit, or proceeding; and</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(b)&nbsp;expenses (including professional fees, <I>eg</I>. attorneys&#146; or accountants&#146; fees)
incurred by an officer, employee, or agent in defending any action, suit, or
proceeding referred to in Section&nbsp;1 or Section&nbsp;2 of this Article&nbsp;V may be paid by
the Company, as they are incurred, in advance of final disposition of the action,
suit, or proceeding, as authorized by the Board of Directors in the specific
case, upon receipt of an undertaking by or on behalf of the director, officer,
employee, or agent to repay the amount if it is ultimately determined as provided
in this Article&nbsp;V that such party is not entitled to be indemnified by the
Company.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Purchase of Insurance</U>. The Company may purchase and maintain insurance or
furnish similar protection, including trust funds, letters of credit, and self insurance, on behalf
of or for any person who is or was a director, officer, employee, or agent of the Company, or is or
was serving at the request of the Company as a director, trustee, officer, employee, or agent of
another corporation (profit or non-profit), partnership, joint venture, trust, or other enterprise,
against any liability asserted against such person and incurred by such party in any capacity, or
arising out of such status, whether or not the Company would have the power to indemnify the
individual against liability under the provisions of this Article&nbsp;V or the Ohio General Corporation
Law. Insurance may be purchased from or maintained with a person in which the Company or any of
its directors, officers, employees or shareholders has a financial interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>Mergers</U>. Unless otherwise provided in the applicable agreement of merger,
if a constituent corporation (other than the Company) would have been required to indemnify
directors, officers, employees, or agents in specified situations, any person who served as a
director, officer, employee, or agent of the constituent corporation, or served at the request of
the constituent corporation as a director, trustee, officer, employee, or agent of another
corporation, partnership, joint venture, trust, or other enterprise, shall be entitled to
indemnification by this Company (as the surviving corporation) to the same extent the individual
would have been entitled to indemnification by the constituent corporation had the constituent
corporation&#146;s separate existence continued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Heirs: Non-Exclusivity</U>. The indemnification provided by this Article shall
continue as to a person who has ceased to be a director, officer, employee, or agent of the Company
to indemnify a director, officer, employee, or agent of the Company, and shall insure to the
benefit of the heirs, executors, and administrators of such a person and shall not be deemed
exclusive of, and shall be in addition to, any other rights granted to a person seeking
indemnification as a matter of law or under the Articles, these Regulations, any agreement, a vote
of shareholders or disinterested directors, any insurance purchased by the Company, any action by
the directors to take into account amendments to the Ohio General Corporation Law that expand the
authority of the Company to indemnify a director, officer, employee or agent of the Company, or
otherwise, both as to actions in their official capacity and as to actions in another capacity
while holding an office.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE VI</U><BR>
<U>RECORD DATES</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For any lawful purpose, including the determination of the shareholders who are entitled to
receive notice of or to vote at a meeting of the shareholders, the Board of Directors may fix a
record date in accordance with the provisions of the Ohio General Corporation Law. The record date
for the purpose of determining shareholders who are entitled to receive notice of or to vote at a
meeting of the shareholders shall continue to be the record date for all adjournments of the
meeting unless the Board of Directors or the persons who shall have fixed the original record date
shall, subject to the limitations set forth in the Ohio General Corporation Law, fix another date
and shall cause notice thereof and of the date to which the meeting shall have been adjourned to be
given to shareholders of record as of the newly fixed date in accordance with the same requirements
as those applying to a meeting newly called. The Board of Directors may close the share transfer
books against transfers of shares during the whole or any part of the period provided for in this
Article, including the date of the meeting of the shareholders and the period ending with the date,
if any, to which adjourned. If no record date is fixed therefor, the record date for determining
the shareholders who are entitled to receive notice of and to vote at a meeting of the shareholders
shall be the date next preceding the day on which notice is given.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE VII</U><BR>
<U>CERTIFICATES FOR SHARES</U>
</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Section&nbsp;1. <U>Form of Certificates, Share Records and Signatures</U>.</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(a)&nbsp;Subject to Section 1(b) hereof, each holder of shares shall be entitled to
one or more certificates, signed by: (a)&nbsp;the Chairman of the Board, if any, the
President, or a Vice President and (b)&nbsp;the Secretary, an Assistant Secretary, the
Treasurer, or an Assistant Treasurer of the Company. Each certificate shall set
forth the number and class of shares held by the holder of shares in the Company,
but no certificate for shares shall be executed or delivered until the shares are
fully paid. When a certificate is countersigned by an incorporated transfer
agent or registrar, the signature of any officer of the Company may be facsimile,
engraved, stamped, or printed. Although an officer of the Company whose manual
or facsimile signature is affixed to a certificate ceases to hold that office
before the certificate is delivered, the certificate nevertheless shall be
effective in all respects when delivered.</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">(b)&nbsp;The Board of Directors, subject to the immediately succeeding paragraph, may
provide by resolution that some or all of any or all classes and series of shares
of the Company shall be non-certificated shares, provided that the resolution
shall not apply to shares represented by a certificate until the certificate is
surrendered to the Company and the resolution shall not apply to
certificated shares issued in exchange for non-certificated shares. Within a reasonable time
after the issuance or transfer of non-certificated shares, the Company shall send
to the registered owner of the shares a written notice containing the information
required to be set forth or stated on certificates for shares in accordance with
all applicable laws. Except as expressly provided by law, the rights and
obligations of the holders of non-certificated shares and</DIV>


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

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

<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">the rights and obligations of the holders of certificates representing shares of
the same class and series shall be identical.</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Notwithstanding the foregoing provisions of this Section&nbsp;1(b), a shareholder of
record shall at all times have the right, so long as it may be required by
applicable law, to receive one or more certificates for some or all of the shares
held of record by such shareholder in accordance with Section 1(a) hereof by
making a written request therefor to the Company or any transfer agent for the
applicable class of shares, accompanied by such assurances as the Company or such
transfer agent may require as to the genuineness of such request; provided,
however, that shareholders holding shares of the Company under one or more of the
Company&#146;s benefit plans for officers, directors and/or employees shall have no
such right to have certificates issued unless such a right is provided for under
the applicable benefit plan, required by applicable law or otherwise ordered by
the Board of Directors or a Committee thereof.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Transfer of Shares</U>. Subject to the restriction on transfers of shares
hereinafter contained or contained in the Articles, shares of the Company shall be transferable,
upon the books of the Company by the holders thereof, in person, or by a duly authorized attorney,
upon written request in form and substance acceptable to the Company or its agents, accompanied by
a duly endorsed stock power and/or such other assurances as to the genuineness and effectiveness
thereof as the Company or its agents may reasonably require.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Lost, Stolen, or Destroyed Certificates</U>. Subject to the provisions of
Section 1(b) of this Article&nbsp;VII, the Company may issue a new certificate for shares in place of
any certificate theretofore issued by it and alleged to have been lost, stolen, or destroyed. The
Board of Directors, however, in its discretion, may require the owner, or the owner&#146;s legal
representatives, to give the Company a bond containing such terms as the Board of Directors may
require to protect the Company or any person injured by the execution and delivery of a new
certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Transfer Agent and Registrar</U>. The Board of Directors may appoint, or
revoke the appointment of, transfer agents and registrars and may require all certificates for
shares to bear the signatures of the transfer agents and registrars, or any of them
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE VIII</U><BR>
<U>AUTHORITY TO TRANSFER AND VOTE SECURITIES</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chairman of the Board, if any, the President, and Vice President, the Secretary,
and the Treasurer of the Company, and each such officer, are authorized to sign the name of the
Company and to perform all acts necessary to effect on behalf of the Company a sale, transfer,
assignment, or other disposition of any shares, bonds, other evidences of indebtedness or
obligations, subscription rights, warrants, or other securities of another corporation and to issue
the necessary powers of attorney. Each officer is authorized, on behalf of the Company, to vote
the securities, to appoint proxies with respect thereto, to execute consents, waivers, and releases
with respect thereto, or to cause any such action to be taken.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE IX</U><BR>
<U>CORPORATE SEAL</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Ohio General Corporation Law provides that the absence of a corporate seal from
any instrument executed on behalf of the Company does not affect the validity of the instrument.
If, in spite of such provision, a seal is imprinted on or attached, applied, or affixed to an
instrument by embossment, engraving, stamping, printing, typing, adhesion, or other means, the
impression of the seal on the instrument shall be circular in form and shall contain the words
&#147;Corporate seal.&#148;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE X</U><BR>
<U>AMENDMENTS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These Regulations may be amended, or new Regulations may be adopted, by the shareholders at a
meeting held for that purpose, by the affirmative vote of the holders of shares entitling them to
exercise a majority of the voting power on that proposal or without a meeting by the written
consent of the holders of shares entitling them to exercise a majority of the voting power on that
proposal. If the Regulations are amended, or new regulations are adopted, without a meeting of the
shareholders, the Secretary of the Company shall mail a copy of the amendment or the new
Regulations to each shareholder who would have been entitled to vote thereon but did not
participate in the adoption thereof.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>


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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>3
<FILENAME>l26640aexv5.htm
<DESCRIPTION>EX-5
<TEXT>
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<TITLE>EX-5</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 5</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-size:12pt"><FONT style="font-variant: SMALL-CAPS">JONES DAY</FONT></FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-size:8pt">NORTH POINT&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;901 LAKESIDE AVENUE&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;CLEVELAND, OHIO 44114-1190</FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-size:8pt">TELEPHONE: (216)&nbsp;586-3939&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;FACSIMILE: (216)&nbsp;579-0212</FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">June&nbsp;20, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Olympic Steel, Inc.<BR>
5096 Richmond Road<BR>
Bedford Heights, Ohio 44146

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:&nbsp;&nbsp;<U>Registration Statement on Form S-8 Filed by Olympic Steel, Inc.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel for Olympic Steel, Inc., an Ohio corporation (the &#147;<B><I>Company</I></B>&#148;), in
connection with the Olympic Steel, Inc. 2007 Omnibus Incentive Plan (the &#147;<B><I>Plan</I></B>&#148;). In connection
with the opinions expressed herein, we have examined such documents, records and matters of law as
we have deemed relevant or necessary for purposes of this opinion. Based on the foregoing, and
subject to the further limitations, qualifications and assumptions set forth herein, we are of the
opinion that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The
500,000 shares of the Company&#146;s Common Stock, without par value (the &#147;<B><I>Common Stock</I></B>&#148;), that may
be issued or delivered and sold pursuant to the Plan and the authorized forms of stock option,
restricted stock or other applicable award agreements thereunder will be, when issued or delivered
and sold in accordance with such Plan and agreements, validly issued, fully paid and nonassessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;When issued in accordance with the terms of the Rights Agreement, dated as of January&nbsp;31,
2000, between the Company and National City Bank, as rights agent (the &#147;<B><I>Rights Agreement</I></B>&#148;), the
Rights (as defined in the Rights Agreement) will be validly issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions expressed herein are limited to the laws of the State of Ohio, and we express no
opinion as to the effect of the laws of any other jurisdiction. In addition, we have assumed that
the resolutions authorizing the Company to issue or deliver and sell the Common Stock pursuant to
the Plan and the applicable award agreements will be in full force and effect at all times at which
such shares of Common Stock are issued or delivered or sold by the Company, and the Company will
take no action inconsistent with such resolutions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the opinions above, we have assumed that each award under the Plan will be
approved by the Directors of the Company or an authorized committee of the Directors of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinion set forth in paragraph 2 is limited to the valid issuance of the Rights under
the corporation laws of the State of Ohio. We do not express any opinion herein with respect to
any other aspect of the Rights, the effect of equitable principles or fiduciary considerations
relating to the adoption of the Rights Agreement or the issuance of the Rights or the
enforceability or any particular provisions of the Rights Agreement. In rendering the opinion set
forth in paragraph 2 above, we have assumed that the Directors of the Company have acted and
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Olympic Steel, Inc.<BR>
June&nbsp;20, 2007<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">will act in the good faith exercise of their business judgment with respect to the
authorization of the issuance of the Rights and the execution of the Rights Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the opinion set forth in paragraph 2 above, moreover, we note that our research
indicates that there are no reported decisions applying Ohio law concerning the authorization or
issuance of securities substantially similar to the Rights. In the absence of directly applicable
judicial authority, we have considered the pertinent provisions of Ohio corporation law and the
decisions of courts applying the laws of other jurisdictions to analogous factual situations.
Although such decisions may be persuasive to Ohio courts, they have no binding precedential effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as Exhibit&nbsp;5 to the Registration Statement on
Form S-8 filed by the Company to effect registration of the Common Stock to be issued or delivered
and sold pursuant to the Plan under the Securities Act of 1933 (the &#147;<B><I>Act</I></B>&#148;). In giving such
consent, we do not thereby admit that we are included in the category of persons whose consent is
required under Section&nbsp;7 of the Act or the rules and regulations of the Securities and Exchange
Commission promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ JONES DAY

</DIV>


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


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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>l26640aexv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.1</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="10%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8
of our report dated March&nbsp;13, 2007 relating to the financial statements, management&#146;s assessment of
the effectiveness of internal control over financial reporting and the effectiveness of internal
control over financial reporting, which appears in Olympic Steel, Inc.&#146;s Annual Report on Form 10-K
for the year ended December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ PricewaterhouseCoopers LLP<BR>
PricewaterhouseCoopers LLP<BR>
Cleveland, Ohio<BR>
June&nbsp;20, 2007

</DIV>


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</DIV>

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<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>5
<FILENAME>l26640aexv24.htm
<DESCRIPTION>EX-24
<TEXT>
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<TITLE>EX-24</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;24</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned officers and directors of Olympic
Steel, Inc., an Ohio corporation (&#147;<B><I>Registrant</I></B>&#148;), hereby constitutes and appoints Michael D. Siegal
and Richard T. Marabito, and each of them, as true and lawful attorney or attorneys-in-fact for the
undersigned, with full power of substitution and revocation, for him and in his name, place and
stead, to sign on his or her behalf as an officer or director of the Registrant a registration
statement Form S-8 pursuant to the Securities Act of 1933 concerning certain Common Shares of the
Company to be offered in connection with the Olympic Steel, Inc. 2007 Omnibus Incentive Plan, and
to sign any and all amendments or post-effective amendments to such registration statement, and to
file the same, with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission or any state regulatory authority, granting unto said attorney
or attorneys-in-fact, and each of them, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about the premises, as fully to all intents
and purposes as they might or could do in person, hereby ratifying and confirming all that said
attorney or attorneys-in-fact or any of them or their substitute or substitutes may lawfully do or
cause to be done by virtue hereof. This Power of Attorney may be executed in multiple
counterparts, each of which shall be deemed an original with respect to the person executing it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the undersigned have hereunto set their hands as of
the 20th day of June
2007.
</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="48%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">

<TD valign="top" style="border-bottom: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">/s/
Michael D. Siegal</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="bottom" style="border-bottom: 1px solid #000000">/s/
Thomas M. Forman</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael
D. Siegal<BR>
Chairman of the Board and <BR>
Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas M. Forman <BR>
Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">

<TD valign="top" style="border-bottom: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard T. Marabito</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-bottom: 1px solid #000000">/s/
Howard L. Goldstein</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard
T. Marabito<BR>
Chief Financial Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Howard L. Goldstein<BR>
Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">

<TD valign="top" style="border-bottom: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">/s/ David A. Wolfort
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-bottom: 1px solid #000000">/s/ James B. Meathe</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David A. Wolfort<BR>
President, Chief Operating Officer and Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James B. Meathe<BR>
Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">

<TD valign="top" style="border-bottom: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ralph M. Della Ratta, Jr.</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-bottom: 1px solid #000000">/s/ Martin H. Elrad</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ralph
M. Della Ratta, Jr.<BR>
Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Martin H. Elrad<BR>
Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



</DIV>


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