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<SEC-DOCUMENT>0000950123-09-070153.txt : 20100218
<SEC-HEADER>0000950123-09-070153.hdr.sgml : 20100218

<ACCEPTANCE-DATETIME>20091211150005

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000950123-09-070153

CONFORMED SUBMISSION TYPE:	S-3/A

PUBLIC DOCUMENT COUNT:		5

FILED AS OF DATE:		20091211

DATE AS OF CHANGE:		20100104


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-3/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-162723

		FILM NUMBER:		091235988



	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-3/A
<SEQUENCE>1
<FILENAME>l37854asv3za.htm
<DESCRIPTION>FORM S-3/A
<TEXT>
<HTML>
<HEAD>
<TITLE>sv3za</TITLE>
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<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B> As filed with the Securities and Exchange Commission on
    December&#160;11, 2009</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B> Registration
    <FONT style="white-space: nowrap">No.&#160;333-162723</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

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<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION<BR>
    </FONT><FONT style="font-size: 12pt">Washington, DC
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">AMENDMENT NO. 1<BR>
    TO</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">REGISTRATION
    STATEMENT</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">UNDER</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE SECURITIES ACT OF
    1933</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">OLYMPIC STEEL, INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Exact name of registrant as
    specified in its charter)</FONT></I>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <B>Ohio</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>34-1245650</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(State or other jurisdiction of
    incorporation or organization)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(I.R.S. Employer Identification
    Number) </FONT></I>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>5096 Richmond Road</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Bedford Heights, Ohio 44146</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">(216)&#160;292-3800</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Address, including zip code,
    and telephone number, including area code, of registrant&#146;s
    principal executive offices)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">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>
    <FONT style="white-space: nowrap">(216)&#160;292-3800</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Copies To:</I></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Christopher M. Kelly</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Michael J. Solecki</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Jones Day</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>901 Lakeside Avenue</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Cleveland, Ohio 44114</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Phone:
    <FONT style="white-space: nowrap">(216)&#160;586-3939</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Fax:
    <FONT style="white-space: nowrap">(216)&#160;579-0212</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Approximate date of commencement of proposed sale to the
    public:&#160;&#160;</B>From time to time after this registration
    statement becomes effective.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the only securities being registered on this form are being
    offered pursuant to dividend or interest reinvestment plans,
    please check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the securities being registered on this form are to be
    offered on a delayed or continuous basis pursuant to
    Rule&#160;415 under the Securities Act of 1933, other than
    securities offered only in connection with dividend or interest
    reinvestment plans, please check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this form is a post-effective amendment filed pursuant to
    Rule&#160;462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this form is a registration statement pursuant to General
    Instruction&#160;I.D. or a post-effective amendment thereto that
    shall become effective upon filing with the Commission pursuant
    to Rule&#160;462(e) under the Securities Act, check the
    following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this form is a post-effective amendment to a registration
    statement filed pursuant to General Instruction&#160;I.D. filed
    to register additional securities or additional classes of
    securities pursuant to Rule&#160;413(b) under the Securities
    Act, check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    &#147;large accelerated filer,&#148; &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Exchange Act. (Check one):
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="22%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="34%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
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<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Large accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Non-accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT><BR>
    (Do not check if a smaller reporting company)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Smaller reporting
    company&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrant shall file a further amendment which
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section&#160;8(a)
    of the Securities Act of 1933 or until the Registration
    Statement shall become effective on such date as the Securities
    and Exchange Commission, acting pursuant to said
    Section&#160;8(a), may determine.</B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

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

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Explanatory
    Note</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This registration statement contains two prospectuses:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a basic prospectus that covers the offering, issuance and sale,
    from time to time, of our common stock, preferred stock,
    depositary shares, warrants, subscription rights and debt
    securities, as well as units that include any of these
    securities, in one or more offerings, with an aggregate initial
    offering price of $200,000,000 or the equivalent amount in other
    currencies or currency units;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an open market sale agreement prospectus covering the offering,
    issuance and sale of up to an aggregate initial offering price
    of $75,000,000 of our common stock that may be issued and sold
    under an Open Market Sale Agreement that we have entered into
    with Jefferies&#160;&#038; Company, Inc.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The basic prospectus immediately follows this explanatory note.
    The open market sale agreement prospectus immediately follows
    the basic prospectus. The shares of common stock that we may
    offer, issue and sell under the open market sale agreement
    prospectus are included in the $200,000,000 of securities that
    we may offer, issue and sell under the basic prospectus.
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #E8112D">The
information in this preliminary prospectus is not complete and
may be changed. We may not sell these securities until the
registration statement filed with the Securities and Exchange
Commission is effective. This preliminary prospectus is not an
offer to sell these securities and it is not soliciting an offer
to buy these securities in any jurisdiction where the offer or
sale is not permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica; color: #E8112D">SUBJECT
    TO COMPLETION, DATED DECEMBER&#160;11, 2009
    </FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Prospectus</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="l37854al3785400.gif" alt="(OLYMPIC STEEL LOGO)"><B><FONT style="font-size: 12pt">
    </FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">$200,000,000<BR>
    Common Stock<BR>
    Preferred Stock<BR>
    Depositary Shares<BR>
    Warrants<BR>
    Subscription Rights<BR>
    Debt Securities<BR>
    Units</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may offer and sell from time to time our common stock,
    preferred stock, depositary shares, warrants, subscription
    rights and debt securities, as well as units that include any of
    these securities. We may sell any combination of these
    securities in one or more offerings with an aggregate initial
    offering price of $200,000,000 or the equivalent amount in other
    currencies or currency units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will provide the specific terms of the securities to be
    offered in one or more supplements to this prospectus. You
    should read this prospectus and the applicable prospectus
    supplement carefully before you invest in our securities. This
    prospectus may not be used to offer and sell our securities
    unless accompanied by a prospectus supplement describing the
    method and terms of the offering of those offered securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell the securities directly or to or through
    underwriters or dealers, and also to other purchasers or through
    agents. The names of any underwriters or agents that are
    included in a sale of securities to you, and any applicable
    commissions or discounts, will be stated in an accompanying
    prospectus supplement. In addition, the underwriters, if any,
    may over-allot a portion of the securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in any of our securities involves risk. Please read
    carefully the section entitled &#147;Risk Factors&#148;
    beginning on page&#160;4 of this prospectus.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is listed on the NASDAQ Global Select Market
    under the symbol &#147;ZEUS.&#148; None of the other securities
    that we may offer under this prospectus are currently publicly
    traded.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2009
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Table of
    Contents</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="96%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#101'>About This Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#102'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#103'>Information We Incorporate By Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#104'>The Company</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#105'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#106'>Disclosure Regarding Forward-Looking
    Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#107'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#108'>Ratio of Earnings to Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#109'>Description of Capital Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#110'>Description of Depositary Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#111'>Description of Warrants</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#112'>Description of Subscription Rights</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#113'>Description of Debt Securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#114'>Description of Units</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#115'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    24
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#116'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    26
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#117'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    26
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="l37854aexv23w1.htm">ex-23.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="l37854aexv24w1.htm">ex-24.1</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">i</FONT></I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">About This
    Prospectus</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is part of a registration statement that we
    filed with the SEC using a &#147;shelf&#148; registration
    process. Under this shelf process, we may from time to time sell
    any combination of the securities described in this prospectus
    in one or more offerings up to an aggregate initial offering
    price of $200,000,000 or the equivalent amount in other
    currencies or currency units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus provides you with a general description of the
    securities we may offer. Each time we sell securities, we will
    provide a prospectus supplement that will contain specific
    information about the terms of that offering. For a more
    complete understanding of the offering of the securities, you
    should refer to the registration statement, including its
    exhibits. The prospectus supplement may also add, update or
    change information contained in this prospectus. You should read
    both this prospectus and any prospectus supplement together with
    additional information under the heading &#147;Where You Can
    Find More Information&#148; and &#147;Information We Incorporate
    By Reference.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information contained or
    incorporated by reference in this prospectus and in any
    prospectus supplement or in any free writing prospectus that we
    may provide you. We have not authorized anyone to provide you
    with different information. You should not assume that the
    information contained in this prospectus, any prospectus
    supplement, any document incorporated by reference or any free
    writing prospectus is accurate as of any date, other than the
    date mentioned on the cover page of these documents. We are not
    making offers to sell the securities in any jurisdiction in
    which an offer or solicitation is not authorized or in which the
    person making such offer or solicitation is not qualified to do
    so or to anyone to whom it is unlawful to make an offer or
    solicitation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    References in this prospectus to the terms &#147;we,&#148;
    &#147;us,&#148; &#147;Olympic Steel&#148; or &#147;the
    Company&#148; or other similar terms mean Olympic Steel, Inc.
    and its consolidated subsidiaries, unless we state otherwise or
    the context indicates otherwise.
</DIV>

<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Where You Can
    Find More Information</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to the informational reporting requirements of
    the Securities Exchange Act of 1934. We file reports, proxy
    statements and other information with the SEC. Our SEC filings
    are available over the Internet at the SEC&#146;s website at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
    You may read and copy any reports, statements and other
    information filed by us at the SEC&#146;s Public Reference Room
    at 100&#160;F&#160;Street, N.E., Washington,&#160;D.C. 20549.
    Please call
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the Public Reference Room. You may
    also inspect our SEC reports and other information at the
    offices of NASDAQ Operations at 1735&#160;K&#160;Street, N.W.,
    Washington,&#160;D.C. 20006, or at our website at
    <FONT style="white-space: nowrap">http://www.olysteel.com.</FONT>
    The information contained on or accessible through our website
    is not a part of this prospectus, other than the documents that
    we file with the SEC that are incorporated by reference into
    this prospectus.
</DIV>

<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Information We
    Incorporate By Reference</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148; into
    this prospectus the information in documents we file with it,
    which means that we can disclose important information to you by
    referring you to those documents. The information incorporated
    by reference is considered to be a part of this prospectus, and
    information that we file later with the SEC will automatically
    update and supersede this information. Any statement contained
    in any document incorporated or deemed to be incorporated by
    reference herein shall be deemed to be modified or superseded
    for purposes of this prospectus to the extent that a statement
    contained in or omitted from this prospectus or any accompanying
    prospectus supplement, or in any other subsequently filed
    document that also is or is deemed to be incorporated by
    reference herein, modifies or supersedes such statement. Any
    such statement so modified or superseded shall not be deemed,
    except as so modified or superseded, to constitute a part of
    this prospectus.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">1</FONT></I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We incorporate by reference the documents listed below and any
    future documents that we file with the SEC under
    Sections&#160;13(a), 13(c), 14 or 15(d) of the Exchange
    Act&#160;(1) after the date of the initial filing of the
    registration statement of which this prospectus forms a part
    prior to the effectiveness of the registration statement
    and&#160;(2) after the date of this prospectus until the
    offering of the securities is terminated:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our quarterly reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarters ended March&#160;31, 2009, June&#160;30, 2009
    and September&#160;30, 2009;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;7, 2009 and July&#160;30, 2009;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the description of our common stock set forth in our
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed with the SEC on January&#160;31, 1994, and all amendments
    and reports filed for the purpose of updating that
    description;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the description of our Series&#160;A Junior Participating
    Preferred Stock purchase rights under the Rights Agreement filed
    as Exhibit&#160;4.1 to our
    <FONT style="white-space: nowrap">Form&#160;8-A,</FONT>
    filed with the SEC on February&#160;15, 2000, as amended by
    Amendment 1 to the Rights Agreement, filed as Exhibit&#160;4.1
    to our
    <FONT style="white-space: nowrap">Form&#160;8-A,</FONT>
    filed with the SEC on September&#160;19, 2008 (the &#147;Rights
    Agreement&#148;).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will not, however, incorporate by reference in this
    prospectus any documents or portions thereof that are not deemed
    &#147;filed&#148; with the SEC, including any information
    furnished pursuant to Item&#160;2.02 or Item&#160;7.01 of our
    current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    unless, and except to the extent, specified in such current
    reports.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will provide you with a copy of any of these filings (other
    than an exhibit to these filings, unless the exhibit is
    specifically incorporated by reference into the filing
    requested) at no cost, if you submit a request to us by writing
    or telephoning us at the following address and telephone number:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Olympic
    Steel, Inc.<BR>
    5096 Richmond Road<BR>
    Bedford Heights, Ohio 44146<BR>
    Telephone Number:
    <FONT style="white-space: nowrap">(216)&#160;292-3800</FONT><BR>
    Attention: Treasurer
    </FONT>
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">2</FONT></I>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='104'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The
    Company</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a leading U.S.&#160;steel service center with over
    55&#160;years of experience. Our primary focus is on the direct
    sale and distribution of large volumes of processed carbon,
    coated and stainless flat-rolled sheet, coil and plate products.
    We act as an intermediary between steel producers and
    manufacturers that require processed steel for their operations.
    We serve customers in most carbon steel consuming industries,
    including manufacturers and fabricators of transportation and
    material handling equipment, construction and farm machinery,
    storage tanks, environmental and energy generation, automobiles,
    food service and electrical equipment, military vehicles and
    equipment, as well as general and plate fabricators and steel
    service centers. We distribute our products primarily through a
    direct sales force.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We operate as a single business segment with
    strategically-located processing and distribution facilities
    located throughout the United States. Our geographic footprint
    allows us to focus on regional customers and larger national and
    multi-national accounts, primarily located throughout the
    midwestern, eastern and southern United&#160;States.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Corporate
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are incorporated under the laws of the State of Ohio. Our
    principal executive offices are located at 5096 Richmond Road,
    Bedford Heights, Ohio 44146. Our telephone number is
    <FONT style="white-space: nowrap">(216)&#160;292-3800.</FONT>
    Our website is
    <FONT style="white-space: nowrap">http://www.olysteel.com.</FONT>
    The information contained on or accessible through our website
    is not part of this prospectus, other than the documents that we
    file with the SEC that are incorporated by reference into this
    prospectus.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">3</FONT></I>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Risk
    Factors</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</A>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investing in our securities involves risk. Prior to making a
    decision about investing in our securities, you should carefully
    consider the specific factors discussed under the heading
    &#147;Risk Factors&#148; in our most recent annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    and in our most recent quarterly reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    which are incorporated herein by reference and may be amended,
    supplemented or superseded from time to time by other reports we
    file with the SEC in the future. If any of these risks actually
    occurs, our business, results of operations and financial
    condition could suffer. In that case, the trading price of our
    securities could decline, and you could lose all or a part of
    your investment.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Disclosure
    Regarding Forward-Looking Statements</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus, including the documents incorporated by
    reference, contains, and any prospectus supplement may contain,
    statements that constitute &#147;forward-looking
    statements&#148; within the meaning of the Private Securities
    Litigation Reform Act of 1995. These forward-looking statements
    may be identified by the use of predictive, future-tense or
    forward-looking terminology, such as &#147;believes,&#148;
    &#147;anticipates,&#148; &#147;expects,&#148;
    &#147;estimates,&#148; &#147;intends,&#148; &#147;may,&#148;
    &#147;will&#148; or similar terms. These statements speak only
    as of the date of this prospectus, the date of the prospectus
    supplement or the date of the document incorporated by
    reference, as applicable, and we undertake no ongoing
    obligation, other than that imposed by law, to update these
    statements. These statements appear in a number of places in
    this prospectus, including the documents incorporated by
    reference, and relate to, among other things, our intent, belief
    or current expectations with respect to: our future financial
    condition, results of operations or prospects; our business and
    growth strategies; and our financing plans and forecasts. You
    are cautioned that any such forward-looking statements are not
    guarantees of future performance and involve significant risks
    and uncertainties, and that actual results may differ materially
    from those contained in or implied by the forward-looking
    statements as a result of various factors, some of which are
    unknown, including, without limitation:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    further deterioration of steel demand and steel pricing;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general and global business, economic, financial and political
    conditions, including the ongoing effects of the global credit
    crisis;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    access to capital and global credit markets;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    competitive factors such as availability and pricing of steel,
    industry shipping and inventory levels and rapid fluctuations in
    customer demand and steel pricing;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the cyclicality and volatility within the steel industry;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the ability of customers (especially those that may be highly
    leveraged, those in the domestic automotive industry and those
    with inadequate liquidity) to maintain their credit availability;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    customer, supplier, and competitor consolidation, bankruptcy or
    insolvency, especially those in the domestic automotive industry;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduced production schedules, layoffs or work stoppages by our
    own or our suppliers&#146; or customers&#146; personnel;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the availability and costs of transportation and logistical
    services;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    equipment installation delays or malfunctions;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the amounts, successes and our ability to continue our capital
    investments and our business information system project;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the successes of our strategic efforts and initiatives to
    increase sales volumes, maintain or improve working capital
    turnover and free cash flows, reduce costs, inventory and debt
    in a declining market, while improving customer service;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the timing and outcome of inventory lower of cost or market
    adjustments;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the adequacy of our existing information technology and business
    system software;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">4</FONT></I>
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the successful implementation of our new enterprise-wide
    information system;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the timing and outcome of Olympic Laser Processing&#146;s (a
    joint venture in which we and the United States Steel
    Corporation each own 50%) efforts and ability to liquidate its
    remaining assets;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to pay regular quarterly cash dividends and the
    amounts and timing of any future dividends;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to generate free cash flow through operations,
    reduce inventory and to repay debt within anticipated timeframes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These factors and the other risk factors described in this
    prospectus and any accompanying prospectus supplement, including
    the documents incorporated by reference, are not necessarily all
    of the important factors that could cause actual results to
    differ materially from those expressed in any of our
    forward-looking statements. Other unknown or unpredictable
    factors also could harm our results. Consequently, there can be
    no assurance that the actual results or developments anticipated
    by us will be realized or, even if substantially realized, that
    they will have the expected consequences to or effects on us.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">5</FONT></I>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='107'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Use of
    Proceeds</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless we inform you otherwise in the applicable prospectus
    supplement, we expect to use the net proceeds from the sale of
    securities for general corporate purposes. These purposes may
    include, but are not limited to:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduction or refinancing of outstanding indebtedness or other
    corporate obligations;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    additions to working capital;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    capital expenditures;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    acquisitions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pending any specific application, we may initially invest funds
    in short-term marketable securities or apply them to the
    reduction of short-term indebtedness.
</DIV>

<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Ratio of Earnings
    to Fixed Charges</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our ratio of consolidated
    earnings to fixed charges for the periods presented:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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    <TD width="4%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
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<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom">
    <DIV style="font-size: 1pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=214 length=0 -->
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Nine Months<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="9" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="9" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="9" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to fixed charges(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    &#151;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    59.5x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    14.2x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    18.1x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    10.4x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    21.8x
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD colspan="13" valign="top">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=451 length=0 -->
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;For purposes of calculating our ratio of earnings to
    fixed charges:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    earnings consist of income (loss) before taxes plus:
    (i)&#160;amortization of previously capitalized interest;
    (ii)&#160;interest (including capitalized interest); and
    (iii)&#160;the interest portion of rental expense less
    capitalized interest;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fixed charges consist of: (i)&#160;capitalized interest;
    (ii)&#160;interest and other expense on debt; and (iii)&#160;the
    interest portion of rental expense; and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the ratio of earnings to fixed charges is determined by dividing
    earnings by fixed charges, as defined above.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;</TD>
    <TD align="left">
    Earnings were insufficient to cover fixed charges by
    approximately $95.3&#160;million for the nine months ended
    September&#160;30, 2009; accordingly, no ratio is presented for
    such period.
</TD>
</TR>

</TABLE>
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    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">6</FONT></I>
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 3%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    Capital Stock</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</A>
<DIV style="margin-top: 11pt; font-size: 1pt">&nbsp;</DIV>



<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description is a general summary of the terms of
    the common stock and preferred stock that we may issue. We will
    set forth the particular terms of the preferred stock that we
    offer in a prospectus supplement and the extent, if any, to
    which the following general terms and provisions will apply to
    particular shares of preferred stock.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The description below and in any prospectus supplement does not
    include all of the terms of the common stock and preferred stock
    and should be read together with our Amended and Restated
    Articles of Incorporation and Amended and Restated Code of
    Regulations, copies of which have been filed previously with the
    SEC. For more information on how you can obtain copies of our
    Amended and Restated Articles of Incorporation and Amended and
    Restated Code of Regulations, see &#147;Where You Can Find More
    Information.&#148;
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under our Amended and Restated Articles of Incorporation, we are
    authorized to issue up to 25,000,000&#160;shares of capital
    stock, including:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    20,000,000&#160;shares of common stock, without par
    value;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    5,000,000&#160;shares of Serial Preferred Stock, without par
    value, which we refer to as Serial Preferred Shares, consisting
    of 2,500,000 voting Serial Preferred Shares and 2,500,000
    non-voting Serial Preferred Shares.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of October&#160;29, 2009, 10,883,213&#160;shares of our
    common stock were issued and outstanding.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Common
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each outstanding share of common stock is entitled to one vote
    on all matters submitted to a vote of shareholders, and there
    are no cumulative voting rights. Our Amended and Restated Code
    of Regulations provide for our Board of Directors to be divided
    into two classes of directors serving staggered terms.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the rights of holders of any outstanding Serial
    Preferred Shares, each record holder of common stock on the
    applicable record date is entitled to receive dividends on
    common stock to the extent authorized by our Board of Directors
    out of assets legally available for the payment of dividends. In
    addition, subject to the rights of holders of any outstanding
    Serial Preferred Shares, holders of common stock are entitled to
    share ratably in our assets legally available for distribution
    to our shareholders in the event of our liquidation, dissolution
    or winding up after payment of or adequate provision for all our
    known debts and liabilities.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of common stock do not have any preemptive rights to
    subscribe for any of our securities. No conversion, redemption
    or sinking fund provisions apply to the common stock, and the
    holders of common stock are not liable to further calls or
    assessments by us.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Shareholder
    Rights Plan</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the terms of the Rights Agreement, one preferred share
    purchase right, which we refer to as a Right, is associated with
    each share of common stock. Until the occurrence of specified
    events described in the Rights Agreement, the Rights are not
    exercisable, are evidenced by the certificates for our common
    stock and may be transferred only with our common stock. The
    Rights will expire on March&#160;6, 2010, unless earlier
    redeemed, exchanged or amended.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Right entitles the registered holder to purchase from us
    one one-hundredth of a share of Series&#160;A Junior
    Participating Preferred Stock, without par value, at a price of
    $170.00 per one one-hundredth of a preferred share. The Rights
    Agreement also provides, subject to specified exceptions and
    limitations, that common stock issued or delivered from our
    treasury after the record date will be accompanied by a right.
    The Rights are in all respects subject to and governed by the
    provisions of the Rights Agreement.
</DIV>
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    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">7</FONT></I>
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Preferred
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Board of Directors is authorized, without shareholder
    approval, to issue up to 5,000,000 Serial Preferred Shares in
    one or more series and to fix the rights, preferences,
    privileges and restrictions granted to or imposed upon the
    Serial Preferred Shares, including voting rights, dividend
    rights, conversion rights, terms of redemption, liquidation
    preference, sinking fund terms and the number of shares
    constituting any series or the designation of a series. Our
    Board of Directors can, without shareholder approval, issue
    Serial Preferred Shares with voting and conversion rights that
    could adversely affect the voting power of the holders of common
    stock. Any Serial Preferred Shares issued would also rank senior
    to our common stock as to rights up on liquidation,
    <FONT style="white-space: nowrap">winding-up</FONT>
    or dissolution. If we issue any Serial Preferred Shares that are
    convertible into our common stock, such issuance shares could
    have the effect of delaying, deferring or preventing a change in
    control of our company.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Control Share
    Acquisitions</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;1701.831 of the Ohio Revised Code provides that
    certain notice and informational filings and special shareholder
    meeting and voting procedures must be followed prior to
    consummation of a proposed &#147;control share
    acquisition.&#148; The Ohio Revised Code defines a &#147;control
    share acquisition&#148; as any acquisition of an issuer&#146;s
    shares which would entitle the acquirer, immediately after that
    acquisition, directly or indirectly, to exercise or direct the
    exercise of voting power of the issuer in the election of
    directors within any one of the following ranges of that voting
    power:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    one-fifth or more but less than one-third of that voting power;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    one-third or more but less than a majority of that voting
    power;&#160;or
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a majority or more of that voting power.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assuming compliance with the notice and information filings
    prescribed by the statute, the proposed control share
    acquisition may be made only if, at a special meeting of
    shareholders, the acquisition is approved by at least a majority
    of the voting power of the issuer represented at the meeting and
    at least a majority of the voting power remaining after
    excluding the combined voting power of the &#147;interested
    shares.&#148; &#147;Interested shares&#148; are the shares held
    by the intended acquirer and the
    <FONT style="white-space: nowrap">employee-directors</FONT>
    and officers of the issuer, as well as certain shares that were
    acquired after the date of the first public disclosure of the
    acquisition but before the record date for the meeting of
    shareholders and shares that were transferred, together with the
    voting power thereof, after the record date for the meeting of
    shareholders.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Business
    Combinations with Certain Persons</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to Chapter&#160;1704 of the Ohio Revised Code,
    which prohibits certain business combinations and transactions
    between an &#147;issuing public corporation&#148; and an
    &#147;Ohio law interested shareholder&#148; for at least three
    years after the Ohio law interested shareholder attains 10%
    ownership, unless the Board of Directors of the issuing public
    corporation approves the transaction before the Ohio law
    interested shareholder attains 10% ownership. An &#147;issuing
    public corporation&#148; is an Ohio corporation with 50 or more
    shareholders that has its principal place of business, principal
    executive offices, or substantial assets within the State of
    Ohio, and as to which no close corporation agreement exists. An
    &#147;Ohio law interested shareholder&#148; is a beneficial
    owner of 10% or more of the shares of a corporation. Examples of
    transactions regulated by Chapter&#160;1704 include the
    disposition of assets, mergers and consolidations, voluntary
    dissolutions and the transfer of shares.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subsequent to the three-year period, a transaction subject to
    Chapter&#160;1704 may take place provided that certain
    conditions are satisfied, including:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    prior to the interested shareholder&#146;s share acquisition
    date, the board of directors approved the purchase of shares by
    the interested shareholder;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the transaction is approved by the holders of shares with at
    least
    66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of the voting power of the corporation (or a different
    proportion set forth in the articles of incorporation),
    including at least a majority of the outstanding shares after
    excluding shares controlled by the Ohio law interested
    shareholder;&#160;or
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">8</FONT></I>
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the business combination results in shareholders, other than the
    Ohio law interested shareholder, receiving a fair price plus
    interest for their shares.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Chapter&#160;1704 is applicable to all corporations formed under
    Ohio law.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Transfer Agent
    and Registrar</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mellon Investor Services LLC serves as the transfer agent and
    registrar for our common stock. We will select the transfer
    agent and registrar for a series of preferred stock, and each
    one will be described in the applicable prospectus supplement.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">9</FONT></I>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    Depositary Shares</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may offer depositary shares representing fractional shares of
    our preferred stock of any series. The following description
    sets forth certain general terms and provisions of the
    depositary shares that we may offer pursuant to this prospectus.
    The particular terms of the depositary shares, including the
    fraction of a preferred share that such depositary share will
    represent, and the extent, if any, to which the general terms
    and provisions may apply to the depositary shares so offered
    will be described in the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The shares of preferred stock represented by depositary shares
    will be deposited under a depositary agreement between us and a
    bank or trust company that meets certain requirements and is
    selected by us, which we refer to as the bank depositary. Each
    owner of a depositary share will be entitled to all the rights
    and preferences of the shares of preferred stock represented by
    the depositary share. The depositary shares will be evidenced by
    depositary receipts issued pursuant to the depositary agreement.
    Depositary receipts will be distributed to those persons
    purchasing the fractional shares of preferred stock in
    accordance with the terms of the offering. The deposit agreement
    will also contain provisions relating to the manner in which any
    subscription or similar rights we offer to holders of the
    preferred stock will be made available to the holders of
    depositary shares.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description is a general summary of some common
    provisions of a depositary agreement and the related depositary
    receipts. The description below and in any prospectus supplement
    does not include all of the terms of the depositary agreement
    and the related depositary receipts. Copies of the form of
    depositary agreement and the depositary receipts relating to any
    particular issue of depositary shares will be filed with the SEC
    each time we issue depositary shares, and you should read those
    documents for provisions that may be important to you. For more
    information on how you can obtain copies of the forms of the
    depositary agreement and the related depositary receipts, see
    &#147;Where You Can Find More Information.&#148;
</DIV>

<DIV style="margin-top: 13pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Dividends and
    Other Distributions</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we pay a cash distribution or dividend on a series of
    preferred stock represented by depositary shares, the bank
    depositary will distribute these dividends to the record holders
    of these depositary shares. If the distributions are in property
    other than cash, the bank depositary will distribute the
    property to the record holders of the depositary shares.
    However, if the bank depositary determines that it is not
    feasible to make the distribution of property, the bank
    depositary may, with our approval, sell this property and
    distribute the net proceeds from this sale to the record holders
    of the depositary shares.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Redemption of
    Depositary Shares</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we redeem a series of preferred stock represented by
    depositary shares, the bank depositary will redeem the
    depositary shares from the proceeds received by the bank
    depositary in connection with the redemption. The redemption
    price per depositary share will equal the applicable fraction of
    the redemption price per share of the preferred stock. If fewer
    than all the depositary shares are redeemed, the depositary
    shares to be redeemed will be selected by lot or pro rata as the
    bank depositary may determine.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Voting the
    Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon receipt of notice of any meeting at which the holders of
    the preferred stock represented by depositary shares are
    entitled to vote, the bank depositary will mail the notice to
    the record holders of the depositary shares relating to the
    preferred stock. Each record holder of these depositary shares
    on the record date (which will be the same date as the record
    date for the preferred stock) may instruct the bank depositary
    as to how to vote the preferred stock represented by this
    holder&#146;s depositary shares. The bank depositary will
    endeavor, insofar as practicable, to vote the amount of the
    preferred stock represented by such depositary shares in
    accordance with these instructions, and we will take all action
    which the bank depositary deems necessary in order to enable the
    bank depositary to do so. The bank depositary will abstain from
    voting shares of the preferred stock to the extent it does not
    receive specific instructions from the holders of depositary
    shares representing this preferred stock.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">10</FONT></I>
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Amendment and
    Termination of the Depositary Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The form of depositary receipt evidencing the depositary shares
    and any provision of the depositary agreement may be amended by
    agreement between the bank depositary and us. However, any
    amendment that materially and adversely alters the rights of the
    holders of depositary shares will not be effective unless this
    amendment has been approved by the holders of at least a
    majority of the depositary shares then outstanding. The
    depositary agreement may be terminated by the bank depositary or
    us only if:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all outstanding depositary shares have been redeemed;&#160;or
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    there has been a final distribution in respect of the preferred
    stock in connection with any liquidation, dissolution or winding
    up of the Company and this distribution has been distributed to
    the holders of depositary receipts.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Charges of Bank
    Depositary</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay all transfer and other taxes and governmental
    charges arising solely from the existence of the depositary
    arrangements. We will pay charges of the bank depositary in
    connection with the initial deposit of the preferred stock and
    any redemption of the preferred stock. Holders of depositary
    receipts will pay other transfer and other taxes and
    governmental charges and any other charges, including a fee for
    the withdrawal of shares of preferred stock upon surrender of
    depositary receipts, as are expressly provided in the depositary
    agreement to be for their accounts.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Withdrawal of
    Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as may be provided otherwise in the applicable prospectus
    supplement, upon surrender of depositary receipts at the
    principal office of the bank depositary, subject to the terms of
    the depositary agreement, the owner of the depositary shares may
    demand delivery of the number of whole shares of preferred stock
    and all money and other property, if any, represented by those
    depositary shares. Fractional shares of preferred stock will not
    be issued. If the depositary receipts delivered by the holder
    evidence a number of depositary shares in excess of the number
    of depositary shares representing the number of whole shares of
    preferred stock to be withdrawn, the bank depositary will
    deliver to this holder at the same time a new depositary receipt
    evidencing the excess number of depositary shares. Holders of
    preferred stock thus withdrawn may not thereafter deposit those
    shares under the depositary agreement or receive depositary
    receipts evidencing depositary shares therefor.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Miscellaneous</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bank depositary will forward to holders of depositary
    receipts all reports and communications from us that are
    delivered to the bank depositary and that we are required to
    furnish to the holders of preferred stock.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither the bank depositary nor we will be liable if we are
    prevented or delayed by law or any circumstance beyond our
    control in performing our obligations under the depositary
    agreement. The obligations of the bank depositary and us under
    the depositary agreement will be limited to performance in good
    faith of our duties thereunder, and we will not be obligated to
    prosecute or defend any legal proceeding in respect of any
    depositary shares or shares of preferred stock unless
    satisfactory indemnity is furnished. We may rely upon written
    advice of counsel or accountants, or upon information provided
    by persons presenting shares of preferred stock for deposit,
    holders of depositary receipts or other persons believed to be
    competent and on documents believed to be genuine.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Resignation and
    Removal of Bank Depositary</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bank depositary may resign at any time by delivering to us
    notice of its election to do so, and we may at any time remove
    the bank depositary. Any such resignation or removal will take
    effect upon the appointment of a successor bank depositary and
    the successor&#146;s acceptance of this appointment. The
    successor bank depositary must be appointed within 60&#160;days
    after delivery of the notice of resignation or removal and must
    be a bank or trust company meeting the requirements of the
    depositary agreement.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">11</FONT></I>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    Warrants</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue warrants for the purchase of common stock,
    preferred stock, depositary shares or debt securities. The
    following description sets forth certain general terms and
    provisions of the warrants that we may offer pursuant to this
    prospectus. The particular terms of the warrants and the extent,
    if any, to which the general terms and provisions may apply to
    the warrants so offered will be described in the applicable
    prospectus supplement.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Warrants may be issued independently or together with other
    securities and may be attached to or separate from any offered
    securities. Each series of warrants will be issued under a
    separate warrant agreement to be entered into between us and a
    bank or trust company, as warrant agent. The warrant agent will
    act solely as our agent in connection with the warrants and will
    not have any obligation or relationship of agency or trust for
    or with any holders or beneficial owners of warrants.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A copy of the forms of the warrant agreement and the warrant
    certificate relating to any particular issue of warrants will be
    filed with the SEC each time we issue warrants, and you should
    read those documents for provisions that may be important to
    you. For more information on how you can obtain copies of the
    forms of the warrant agreement and the related warrant
    certificate, see &#147;Where You Can Find More Information.&#148;
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Debt
    Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The prospectus supplement relating to a particular issue of
    warrants to issue debt securities will describe the terms of
    those warrants, including the following:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title of the warrants;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the offering price for the warrants, if any;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the aggregate number of the warrants;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and terms of the debt securities purchasable
    upon exercise of the warrants;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the designation and terms of the debt securities
    that the warrants are issued with and the number of warrants
    issued with each debt security;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the date from and after which the warrants and
    any debt securities issued with them will be separately
    transferable;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the principal amount of debt securities that may be purchased
    upon exercise of a warrant and the price at which the debt
    securities may be purchased upon exercise;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the dates on which the right to exercise the warrants will
    commence and expire;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the minimum or maximum amount of the warrants
    that may be exercised at any one time;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the warrants represented by the warrant certificates or
    debt securities that may be issued upon exercise of the warrants
    will be issued in registered or bearer form;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    information relating to book-entry procedures, if any;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the currency or currency units in which the offering price, if
    any, and the exercise price are payable;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, a discussion of material United States federal
    income tax considerations;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    anti-dilution provisions of the warrants, if any;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    redemption or call provisions, if any, applicable to the
    warrants;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any additional terms of the warrants, including terms,
    procedures and limitations relating to the exchange and exercise
    of the warrants;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other information we think is important about the warrants.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">12</FONT></I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Stock
    Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The prospectus supplement relating to a particular issue of
    warrants to issue common stock, preferred stock or depositary
    shares will describe the terms of the common stock warrants and
    preferred stock warrants, including the following:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title of the warrants;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the offering price for the warrants, if any;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the aggregate number of the warrants;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and terms of the common stock, preferred stock
    or depositary shares that may be purchased upon exercise of the
    warrants;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the designation and terms of the securities that
    the warrants are issued with and the number of warrants issued
    with each security;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the date from and after which the warrants and
    any securities issued with the warrants will be separately
    transferable;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of shares of common stock or preferred stock or
    depositary shares that may be purchased upon exercise of a
    warrant and the price at which the shares may be purchased upon
    exercise;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the dates on which the right to exercise the warrants commence
    and expire;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the minimum or maximum amount of the warrants
    that may be exercised at any one time;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the currency or currency units in which the offering price, if
    any, and the exercise price are payable;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, a discussion of material United States federal
    income tax considerations;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    anti-dilution provisions of the warrants, if any;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    redemption or call provisions, if any, applicable to the
    warrants;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any additional terms of the warrants, including terms,
    procedures and limitations relating to the exchange and exercise
    of the warrants;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other information we think is important about the warrants.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Exercise of
    Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each warrant will entitle the holder of the warrant to purchase
    at the exercise price set forth in the applicable prospectus
    supplement the number of shares of common stock, preferred stock
    or depositary shares or the principal amount of debt securities
    being offered. Holders may exercise warrants at any time up to
    the close of business on the expiration date set forth in the
    applicable prospectus supplement. After the close of business on
    the expiration date, unexercised warrants are void. Holders may
    exercise warrants as set forth in the prospectus supplement
    relating to the warrants being offered.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Until a holder exercises the warrants to purchase our common
    stock, preferred stock, depositary shares or debt securities,
    the holder will not have any rights as a holder of our common
    stock, preferred stock, depositary shares or debt securities, as
    the case may be, by virtue of ownership of warrants.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">13</FONT></I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    Subscription Rights</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue to our shareholders subscription rights to purchase
    our common stock, preferred stock, depositary shares or debt
    securities. The following description sets forth certain general
    terms and provisions of the subscription rights that we may
    offer pursuant to this prospectus. The particular terms of the
    subscription rights and the extent, if any, to which the general
    terms and provisions may apply to the subscription rights so
    offered will be described in the applicable prospectus
    supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subscription rights may be issued independently or together with
    any other security offered by this prospectus and may or may not
    be transferable by the shareholder receiving the rights in the
    rights offering. In connection with any rights offering, we may
    enter into a standby underwriting agreement with one or more
    underwriters pursuant to which the underwriter will purchase any
    securities that remain unsubscribed for upon completion of the
    rights offering, or offer these securities to other parties who
    are not our shareholders. A copy of the form of subscription
    rights certificate will be filed with the SEC each time we issue
    subscription rights, and you should read that document for
    provisions that may be important to you. For more information on
    how you can obtain a copy of any subscription rights
    certificate, see &#147;Where You Can Find More Information.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable prospectus supplement relating to any
    subscription rights will describe the terms of the offered
    subscription rights, including, where applicable, the following:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exercise price for the subscription rights;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of subscription rights issued to each shareholder;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the extent to which the subscription rights are transferable;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other terms of the subscription rights, including terms,
    procedures and limitations relating to the exchange and exercise
    of the subscription rights;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date on which the right to exercise the subscription rights
    will commence and the date on which the right will expire;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the extent to which the subscription rights include an
    over-subscription privilege with respect to unsubscribed
    securities;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the material terms of any standby underwriting arrangement
    entered into by us in connection with the subscription rights
    offering.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">14</FONT></I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    Debt Securities</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description sets forth certain general terms and
    provisions of the debt securities that we may issue, which may
    be issued as convertible or exchangeable debt securities. We
    will set forth the particular terms of the debt securities we
    offer in a prospectus supplement and the extent, if any, to
    which the following general terms and provisions will apply to
    particular debt securities.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The debt securities will be issued under an indenture to be
    entered into between us and The Bank of New York Mellon
    Trust&#160;Company, N.A., as trustee. The indenture, and any
    supplemental indentures thereto, will be subject to, and
    governed by, the Trust&#160;Indenture Act of 1939, as amended.
    The following description of general terms and provisions
    relating to the debt securities and the indenture under which
    the debt securities will be issued is a summary only and
    therefore is not complete and is subject to, and qualified in
    its entirety by reference to, the terms and provisions of the
    indenture. The form of the indenture has been filed with the SEC
    as an exhibit to the registration statement, of which this
    prospectus forms a part, and you should read the indenture for
    provisions that may be important to you. For more information on
    how you can obtain a copy of the form of the indenture, see
    &#147;Where You Can Find More Information.&#148;
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Capitalized terms used in this section and not defined herein
    have the meanings specified in the indenture. When we refer to
    &#147;Olympic Steel,&#148; &#147;we,&#148; &#147;our&#148; and
    &#147;us&#148; in this section, we mean Olympic Steel, Inc.
    excluding, unless the context otherwise requires or as otherwise
    expressly stated, its subsidiaries.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise specified in a prospectus supplement, the debt
    securities will be our direct, unsecured obligations and will
    rank equally with all of our other unsecured indebtedness.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The terms of each series of debt securities will be established
    by or pursuant to a resolution of our Board of Directors and set
    forth or determined in the manner provided in a resolution of
    our Board of Directors, supplemental indenture or officers&#146;
    certificate. The particular terms of each series of debt
    securities will be described in a prospectus supplement relating
    to such series (including any pricing supplement or term sheet).
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We can issue an unlimited amount of debt securities under the
    indenture that may be in one or more series. Debt securities may
    differ between series in respect to any matter, but all series
    of debt securities will be equally and ratably entitled to the
    benefits of the indenture. We will set forth in a prospectus
    supplement (including any pricing supplement or term sheet)
    relating to any series of debt securities being offered, the
    aggregate principal amount and the following terms of the debt
    securities, if applicable:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title of the series of debt securities;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price or prices (expressed as a percentage of the principal
    amount) at which the series of debt securities will be issued;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any limit on the aggregate principal amount of the series of
    debt securities;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates on which the principal on the series of debt
    securities is payable;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rate or rates (which may be fixed or variable) per annum, if
    applicable, or the method used to determine such rate or rates
    (including any commodity, commodity index, stock exchange index
    or financial index) at which the series of debt securities will
    bear interest, if any, the date or dates from which such
    interest, if any, will accrue, the date or dates on which such
    interest, if any, will commence and be payable and any regular
    record date for the interest payable on any interest payment
    date;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the place or places where the principal of, premium and
    interest, if any, on the series of debt securities will be
    payable;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the period within which, the price at which and
    the terms and conditions upon which the series of debt
    securities may be redeemed;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any obligation we may have to redeem or purchase the series of
    debt securities pursuant to any sinking fund or analogous
    provisions or at the option of a holder of the series of debt
    securities;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">15</FONT></I>
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the dates, if any, on which and the price or prices at which we
    will repurchase the series of debt securities at the option of
    the holders of that series of debt securities and other detailed
    terms and provisions of such repurchase obligations;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the denominations in which the series of debt securities will be
    issued, if other than denominations of $1,000 and any integral
    multiple thereof;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the form of the series of debt securities and whether the series
    of debt securities will be issuable as global debt securities;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the portion of principal amount of the series of debt securities
    payable upon declaration of acceleration of the maturity date,
    if other than the principal amount;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the currency of denomination of the series of debt securities
    and, if other than U.S.&#160;Dollars or the ECU, the agency
    responsible for overseeing such currency;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation of the currency, currencies or currency units in
    which payment of principal of, premium and interest, if any, on
    the series of debt securities will be made;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if payments of principal of, premium or interest, if any, on the
    series of debt securities will be made in one or more currencies
    or currency units other than that or those in which the series
    of debt securities are denominated, the manner in which the
    exchange rate with respect to such payments will be determined;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the manner in which the amounts of payment of principal of,
    premium or interest on the series of debt securities will be
    determined, if such amounts may be determined by reference to an
    index based on a currency or currencies or by reference to a
    commodity, commodity index, stock exchange index or financial
    index;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any provisions relating to any security provided for the series
    of debt securities;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any addition to or change in the Events of Default described in
    this prospectus or in the indenture which applies to the series
    of debt securities and any change in the right of the trustee or
    the holders of the series of debt securities to declare the
    principal amount thereof due and payable;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any addition to or change in the covenants described in this
    prospectus or in the indenture with respect to the series of
    debt securities;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other terms of the series of debt securities (which may
    supplement, modify or delete any provision of the indenture as
    it applies to such series);
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any depositaries, interest rate calculation agents, exchange
    rate calculation agents or other agents with respect to the
    series of debt securities, if other than appointed in the
    indenture;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any provisions relating to conversion of the series of debt
    securities;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the series of debt securities will be senior or
    subordinated debt securities and a description of the
    subordination thereof.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the indenture does not limit our ability to issue
    convertible or subordinated debt securities. Any conversion or
    subordination provisions of a particular series of debt
    securities will be set forth in the resolution of our Board of
    Directors, the officers&#146; certificate or supplemental
    indenture related to that series of debt securities and will be
    described in the relevant prospectus supplement. Such terms may
    include provisions for conversion, either mandatory, at the
    option of the holder or at our option, in which case the number
    of shares of common stock or other securities to be received by
    the holders of debt securities would be calculated as of a time
    and in the manner stated in the prospectus supplement.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue debt securities that provide for an amount less
    than their stated principal amount to be due and payable upon
    declaration of acceleration of their maturity pursuant to the
    terms of the indenture. We will provide you with information on
    the federal income tax considerations and other special
    considerations applicable to any of these debt securities in the
    applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we denominate the purchase price of any of the debt
    securities in a foreign currency or currencies or a foreign
    currency unit or units, or if the principal of and any premium
    and interest on any series of debt securities is payable in a
    foreign currency or currencies or a foreign currency unit or
    units, we will provide you with
</DIV>
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    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">16</FONT></I>
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    information on the restrictions, elections, general tax
    considerations, specific terms and other information with
    respect to that issue of debt securities and such foreign
    currency or currencies or foreign currency unit or units in the
    applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Transfer and
    Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each debt security will be represented by either one or more
    global securities registered in the name of The Depository
    Trust&#160;Company, as Depositary (the &#147;Depositary&#148;),
    or a nominee (we will refer to any debt security represented by
    a global debt security as a &#147;book-entry debt
    security&#148;), or a certificate issued in definitive
    registered form (we will refer to any debt security represented
    by a certificated security as a &#147;certificated debt
    security&#148;) as set forth in the applicable prospectus
    supplement. Except as set forth under the heading &#147;Global
    Debt Securities and Book-Entry System&#148; below, book-entry
    debt securities will not be issuable in certificated form.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Certificated Debt Securities.</I> You may transfer or
    exchange certificated debt securities at any office we maintain
    for this purpose in accordance with the terms of the indenture.
    No service charge will be made for any transfer or exchange of
    certificated debt securities, but we may require payment of a
    sum sufficient to cover any tax or other governmental charge
    payable in connection with a transfer or exchange.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may effect the transfer of certificated debt securities and
    the right to receive the principal of, premium and interest on
    certificated debt securities only by surrendering the
    certificate representing those certificated debt securities and
    either reissuance by us or the trustee of the certificate to the
    new holder or the issuance by us or the trustee of a new
    certificate to the new holder.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Global Debt Securities and Book-Entry System.</I> Each global
    debt security representing book-entry debt securities will be
    issued to the Depositary or a nominee of the Depositary and
    registered in the name of the Depositary or a nominee of the
    Depositary.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Depositary has indicated it intends to follow the following
    procedures with respect to book-entry debt securities.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ownership of beneficial interests in book-entry debt securities
    will be limited to persons that have accounts with the
    Depositary for the related global debt security
    (&#147;participants&#148;) or persons that may hold interests
    through participants. Upon the issuance of a global debt
    security, the Depositary will credit, on its book-entry
    registration and transfer system, the participants&#146;
    accounts with the respective principal amounts of the book-entry
    debt securities represented by such global debt security
    beneficially owned by such participants. The accounts to be
    credited will be designated by any dealers, underwriters or
    agents participating in the distribution of the book-entry debt
    securities. Ownership of book-entry debt securities will be
    shown on, and the transfer of such ownership interests will be
    effected only through, records maintained by the Depositary for
    the related global debt security (with respect to interests of
    participants) and on the records of participants (with respect
    to interests of persons holding through participants). The laws
    of some states may require that certain purchasers of securities
    take physical delivery of such securities in definitive form.
    These laws may impair the ability to own, transfer or pledge
    beneficial interests in book-entry debt securities.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    So long as the Depositary for a global debt security, or its
    nominee, is the registered owner of that global debt security,
    the Depositary or its nominee, as the case may be, will be
    considered the sole owner or holder of the book-entry debt
    securities represented by such global debt security for all
    purposes under the indenture. Except as described below,
    beneficial owners of book-entry debt securities will not be
    entitled to have securities registered in their names, will not
    receive or be entitled to receive physical delivery of a
    certificate in definitive form representing securities and will
    not be considered the owners or holders of those securities
    under the indenture. Accordingly, each person beneficially
    owning book-entry debt securities must rely on the procedures of
    the Depositary for the related global debt security and, if such
    person is not a participant, on the procedures of the
    participant through which such person owns its interest, to
    exercise any rights of a holder under the indenture.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We understand, however, that under existing industry practice,
    the Depositary will authorize the persons on whose behalf it
    holds a global debt security to exercise certain rights of
    holders of debt securities, and the indenture provides that we,
    the trustee and our respective agents will treat as the holder
    of a debt security the persons
</DIV>
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    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">17</FONT></I>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    specified in a written statement of the Depositary with respect
    to such global debt security for purposes of obtaining any
    consents, declarations, waivers or directions required to be
    given by holders of the debt securities pursuant to the
    indenture.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will make payments of principal of, and premium and interest,
    if any, on book-entry debt securities to the Depositary or its
    nominee, as the case may be, as the registered holder of the
    related global debt security. Olympic Steel, the trustee and any
    other agent of ours or agent of the trustee will not have any
    responsibility or liability for any aspect of the records
    relating to or payments made on account of beneficial ownership
    interests in a global debt security or for maintaining,
    supervising or reviewing any records relating to beneficial
    ownership interests.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect that the Depositary, upon receipt of any payment of
    principal of, premium or interest, if any, on a global debt
    security, will immediately credit participants&#146; accounts
    with payments in amounts proportionate to the respective amounts
    of book-entry debt securities held by each participant as shown
    on the records of such Depositary. We also expect that payments
    by participants to owners of beneficial interests in book-entry
    debt securities held through those participants will be governed
    by standing customer instructions and customary practices, as is
    now the case with the securities held for the accounts of
    customers in bearer form or registered in &#147;street
    name,&#148; and will be the responsibility of those participants.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will issue certificated debt securities in exchange for each
    global debt security only if (i)&#160;the Depositary notifies us
    that it is unwilling or unable to continue as Depositary for
    such global debt security or if at any time such Depositary
    ceases to be a clearing agency registered under the Exchange
    Act, and, in either case, we fail to appoint a successor
    Depositary registered as a clearing agency under the Exchange
    Act within 90&#160;days of such event or (ii)&#160;we execute
    and deliver to the trustee an officers&#146; certificate to the
    effect that such global debt security shall be so exchangeable.
    Any certificated debt securities issued in exchange for a global
    debt security will be registered in such name or names as the
    Depositary shall instruct the trustee. We expect that such
    instructions will be based upon directions received by the
    Depositary from participants with respect to ownership of
    book-entry debt securities relating to such global debt security.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have obtained the foregoing information concerning the
    Depositary and the Depositary&#146;s book-entry system from
    sources we believe to be reliable, but we take no responsibility
    for the accuracy of this information.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">No Protection In
    the Event of a Change of Control</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless we state otherwise in the applicable prospectus
    supplement, the debt securities will not contain any provisions
    which may afford holders of the debt securities protection in
    the event we have a change in control or in the event of a
    highly leveraged transaction (whether or not such transaction
    results in a change in control) which could adversely affect
    holders of debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Covenants</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will set forth in the applicable prospectus supplement any
    restrictive covenants applicable to any issue of debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Consolidation,
    Merger and Sale of Assets</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may not consolidate with or merge with or into, or convey,
    transfer or lease all or substantially all of our properties and
    assets to, any person (a &#147;successor person&#148;) unless:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we are the surviving corporation or the successor person (if
    other than Olympic Steel) is a corporation organized and validly
    existing under the laws of any U.S.&#160;domestic jurisdiction
    and expressly assumes our obligations on the debt securities and
    under the indenture;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    immediately after giving effect to the transaction, no Event of
    Default, and no event which, after notice or lapse of time, or
    both, would become an Event of Default, shall have occurred and
    be continuing under the indenture;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain other conditions are met.
</TD>
</TR>

</TABLE>
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    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">18</FONT></I>
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<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the above, any subsidiary of Olympic Steel may
    consolidate with, merge into or transfer all or part of its
    properties to Olympic Steel
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Events of
    Default</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Event of Default&#148; </I>means with respect to any
    series of debt securities, any of the following events, unless
    in the board resolution, supplemental indenture or
    officers&#146; certificate, it is provided that such series of
    debt securities shall not have the benefit of a particular Event
    of Default:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    default in the payment of any interest upon any debt security of
    that series when it becomes due and payable, and continuance of
    that default for a period of 30&#160;days (unless the entire
    amount of the payment is deposited by us with the trustee or
    with a paying agent prior to the expiration of the such period
    of 30&#160;days);
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    default in the payment of principal of or premium on any debt
    security of that series at maturity or which such principal
    otherwise becomes due and payable;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    default in the performance or breach of any other covenant or
    warranty by us in the indenture (other than a covenant or
    warranty that has been included in the indenture solely for the
    benefit of a series of debt securities other than that series),
    which default continues uncured for a period of 60&#160;days
    after written notice thereof has been given, by registered or
    certified mail, to us by the trustee or to us and the trustee by
    the holders of at least 25% in principal amount of the
    outstanding debt securities of that series, as provided in the
    indenture;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain events of bankruptcy, insolvency or reorganization of
    Olympic Steel;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other Event of Default provided with respect to debt
    securities of that series that is described in the applicable
    board resolution, supplemental indenture or officers&#146;
    certificate establishing such series of debt securities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No Event of Default with respect to a particular series of debt
    securities (except as to certain events of bankruptcy,
    insolvency or reorganization) necessarily constitutes an Event
    of Default with respect to any other series of debt securities.
    The occurrence of certain Events of Default or an acceleration
    under the indenture may constitute an event of default under
    certain of our other indebtedness outstanding from time to time.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an Event of Default with respect to debt securities of any
    series at the time outstanding occurs and is continuing, then
    the trustee or the holders of not less than 25% in principal
    amount of the outstanding debt securities of that series may, by
    a notice in writing to us (and to the trustee if given by the
    holders), declare to be due and payable immediately the
    principal (or, if the debt securities of that series are
    discount securities, that portion of the principal amount as may
    be specified in the terms of that series) of and accrued and
    unpaid interest, if any, on all debt securities of that series.
    In the case of an Event of Default resulting from certain events
    of bankruptcy, insolvency or reorganization, the principal (or
    such specified amount) of and accrued and unpaid interest, if
    any, on all outstanding debt securities will become and be
    immediately due and payable without any declaration or other act
    on the part of the trustee or any holder of outstanding debt
    securities. At any time after a declaration of acceleration with
    respect to debt securities of any series has been made, and
    before a judgment or decree for payment of the money due has
    been obtained by the trustee, the holders of a majority in
    principal amount of the outstanding debt securities of that
    series may rescind and annul the acceleration if all Events of
    Default, other than the non-payment of accelerated principal and
    interest, if any, with respect to debt securities of that
    series, have been cured or waived as provided in the indenture.
    We will describe in the prospectus supplement relating to any
    series of debt securities that are discount securities the
    particular provisions relating to acceleration of a portion of
    the principal amount of such discount securities upon the
    occurrence of an Event of Default.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture provides that the trustee will be under no
    obligation to exercise any of its rights or powers under the
    indenture unless the trustee receives indemnity satisfactory to
    it against any loss, liability or expense. Subject to certain
    rights of the trustee, the holders of a majority in principal
    amount of the outstanding debt securities of any series will
    have the right to direct the time, method and place of
    conducting any proceeding for any remedy available to the
    trustee, or exercising any trust or power conferred on the
    trustee, with respect to the debt securities of that series.
</DIV>
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    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">19</FONT></I>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No holder of any debt security of any series will have any right
    to institute any proceeding, judicial or otherwise, with respect
    to the indenture or for the appointment of a receiver or
    trustee, or for any remedy under the indenture, unless:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    that holder has previously given to the trustee written notice
    of a continuing Event of Default with respect to debt securities
    of that series;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the holders of not less than 25% in principal amount of the
    outstanding debt securities of that series have made written
    request, and offered reasonable indemnity, to the trustee to
    institute the proceeding as trustee, and the trustee has not
    received from the holders of a majority in principal amount of
    the outstanding debt securities of that series a direction
    inconsistent with that request and has failed to institute the
    proceeding within 60&#160;days.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding any other provision of the indenture, the holder
    of any debt security will have an absolute and unconditional
    right to receive payment of the principal of, premium and
    interest, if any, on that debt security on or after the due
    dates expressed in that debt security and to institute suit for
    the enforcement of payment.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture requires us, within 120&#160;days after the end of
    our fiscal year, to furnish to the trustee an officers&#146;
    certificate as to compliance with the indenture. The indenture
    provides that the trustee may withhold notice to the holders of
    debt securities of any series of any event which, after notice
    or lapse of time, or both, would become an Event of Default or
    any Event of Default (except in payment of principal of, premium
    or interest on any debt securities of that series) with respect
    to debt securities of that series if it in good faith determines
    that withholding notice is in the interest of the holders of
    those debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Modification and
    Waiver</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may modify and amend the indenture with the consent of the
    holders of at least a majority in principal amount of the
    outstanding debt securities of each series affected by the
    modifications or amendments. We may not make any modification or
    amendment without the consent of the holders of each affected
    debt security then outstanding if that amendment will:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the principal amount of debt securities whose holders
    must consent to an amendment, supplement or waiver;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the rate of or extend the time for payment of interest
    (including default interest) on any debt security;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the principal of or premium on or change the stated
    maturity date of any debt security or reduce the amount of, or
    postpone the date fixed for, the payment of any sinking fund or
    analogous obligation with respect to any series of debt
    securities;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduce the principal amount of discount securities payable upon
    acceleration of maturity;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    waive a default in the payment of the principal of, premium or
    interest, if any, on any debt security (except a rescission of
    acceleration of the debt securities of any series by the holders
    of at least a majority in aggregate principal amount of the then
    outstanding debt securities of that series and a waiver of the
    payment default that resulted from such acceleration);
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make the principal of or premium or interest on any debt
    security payable in currency other than that stated in the debt
    security;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make any change to certain provisions of the indenture relating
    to, among other things, the right of holders of debt securities
    to receive payment of the principal of, premium and interest on
    those debt securities and to institute suit for the enforcement
    of any such payment and to waivers or amendments;&#160;or
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    waive a redemption payment, made at the option of Olympic Steel,
    with respect to any debt security.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except for certain specified provisions, the holders of at least
    a majority in principal amount of the outstanding debt
    securities of any series may on behalf of the holders of all
    debt securities of that series waive our compliance with
    provisions of the indenture. The holders of a majority in
    principal amount of the outstanding debt securities of any
    series may on behalf of the holders of all the debt securities
    of such series waive any past default under the
</DIV>
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    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">20</FONT></I>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    indenture with respect to that series and its consequences,
    except a default in the payment of the principal of, premium or
    interest, if any, on any debt security of that series; provided,
    however, that the holders of a majority in principal amount of
    the outstanding debt securities of any series may rescind an
    acceleration and its consequences, including any related payment
    default that resulted from such acceleration.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Defeasance of
    Debt Securities and Certain Covenants in Certain
    Circumstances</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Legal Defeasance.</I> The indenture provides that, unless
    otherwise provided by the terms of the applicable series of debt
    securities, we may be discharged from any and all obligations in
    respect of the debt securities of any series (except for certain
    obligations to register the transfer or exchange of debt
    securities of such series, to replace stolen, lost or mutilated
    debt securities of such series, and to maintain paying agencies
    and certain provisions relating to the treatment of funds held
    by paying agents). We will be so discharged upon the deposit
    with the trustee, in trust, of money
    <FONT style="white-space: nowrap">and/or</FONT>
    U.S.&#160;Government Obligations or, in the case of debt
    securities denominated in a single currency other than
    U.S.&#160;dollars, Foreign Government Obligations, that, through
    the payment of interest and principal in accordance with their
    terms, will provide money in an amount sufficient in the opinion
    of a nationally recognized firm of independent public
    accountants to pay and discharge each installment of principal,
    premium and interest on and any mandatory sinking fund payments
    in respect of the debt securities of that series on the stated
    maturity of those payments in accordance with the terms of the
    indenture and those debt securities.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This discharge may occur only if, among other things, we have
    delivered to the trustee an officers&#146; certificate and an
    opinion of counsel stating that we have received from, or there
    has been published by, the U.S.&#160;Internal Revenue Service a
    ruling or, since the date of execution of the indenture, there
    has been a change in the applicable U.S.&#160;federal income tax
    law, in either case to the effect that, and based thereon such
    opinion shall confirm that, the holders of the debt securities
    of that series will not recognize income, gain or loss for
    U.S.&#160;federal income tax purposes as a result of the
    deposit, defeasance and discharge and will be subject to
    U.S.&#160;federal income tax on the same amounts and in the same
    manner and at the same times as would have been the case if the
    deposit, defeasance and discharge had not occurred.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Defeasance of Certain Covenants.</I> The indenture provides
    that, unless otherwise provided by the terms of the applicable
    series of debt securities, upon compliance with certain
    conditions:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we may omit to comply with the covenant described under the
    heading &#147;Consolidation, Merger and Sale of Assets&#148; and
    certain other covenants set forth in the indenture, as well as
    any additional covenants which may be described in the
    applicable prospectus supplement;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any omission to comply with those covenants will not constitute
    an event which, after notice or lapse of time, or both, would
    become an Event of Default or an Event of Default with respect
    to the debt securities of that series (&#147;covenant
    defeasance&#148;).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The conditions include:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    depositing with the trustee money
    <FONT style="white-space: nowrap">and/or</FONT>
    U.S.&#160;Government Obligations or, in the case of debt
    securities denominated in a single currency other than
    U.S.&#160;dollars, Foreign Government Obligations, that, through
    the payment of interest and principal in accordance with their
    terms, will provide money in an amount sufficient in the opinion
    of a nationally recognized firm of independent public
    accountants to pay and discharge each installment of principal
    of, premium and interest on and any mandatory sinking fund
    payments in respect of the debt securities of that series on the
    stated maturity of those payments in accordance with the terms
    of the indenture and those debt securities;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    delivering to the trustee an opinion of counsel to the effect
    that the holders of the debt securities of that series will not
    recognize income, gain or loss for U.S.&#160;federal income tax
    purposes as a result of the deposit and related covenant
    defeasance and will be subject to U.S.&#160;federal income tax
    on the same amounts and in the same manner and at the same times
    as would have been the case if the deposit and related covenant
    defeasance had not occurred.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Covenant Defeasance and Events of Default.</I> In the event
    we exercise our option to effect covenant defeasance with
    respect to any series of debt securities and the debt securities
    of that series are declared due and payable because of the
    occurrence of any Event of Default, the amount of money
    <FONT style="white-space: nowrap">and/or</FONT>
    U.S.&#160;Government Obligations or Foreign
</DIV>
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    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">21</FONT></I>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Government Obligations on deposit with the trustee will be
    sufficient to pay amounts due on the debt securities of that
    series at the time of their stated maturity but may not be
    sufficient to pay amounts due on the debt securities of that
    series at the time of the acceleration resulting from the Event
    of Default. However, we shall remain liable for those payments.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Certain Defined
    Terms</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<I>Foreign Government Obligations</I>&#148; means, with
    respect to debt securities of any series that are denominated in
    a currency other than U.S.&#160;dollars:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    direct obligations of the government that issued or caused to be
    issued such currency for the payment of which obligations its
    full faith and credit is pledged which are not callable or
    redeemable at the option of the issuer thereof;&#160;or
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    obligations of a person controlled or supervised by or acting as
    an agency or instrumentality of that government the timely
    payment of which is unconditionally guaranteed as a full faith
    and credit obligation by that government,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    which, in either case are not callable or redeemable at the
    option of the issuer thereof.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<I>U.S.&#160;Government Obligations</I>&#148; means debt
    securities that are:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    direct obligations of The United States of America for the
    payment of which its full faith an credit is pledged;&#160;or
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    obligations of a person controlled or supervised by and acting
    as an agency or instrumentality of The United States of America
    the payment of which is unconditionally guaranteed as full faith
    and credit obligation by The United States of America,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    which, in either case, are not callable or redeemable at the
    option of the issuer itself and shall also include a depository
    receipt issued by a bank or trust company as custodian with
    respect to any such U.S.&#160;Government Obligation or a
    specific payment of interest on or principal of any such
    U.S.&#160;Government Obligation held by such custodian for the
    account of the holder of a depository receipt. Except as
    required by law, such custodian is not authorized to make any
    deduction from the amount payable to the holder of such
    depository receipt from any amount received by the custodian in
    respect of the U.S.&#160;Government Obligation evidenced by such
    depository receipt.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Governing
    Law</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture and the debt securities will be governed by, and
    construed in accordance with, the internal laws of the State of
    New York.
</DIV>
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    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">22</FONT></I>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    Units</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue units comprising one or more securities described
    in this prospectus in any combination. The following description
    sets forth certain general terms and provisions of the units
    that we may offer pursuant to this prospectus. The particular
    terms of the units and the extent, if any, to which the general
    terms and provisions may apply to the units so offered will be
    described in the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each unit will be issued so that the holder of the unit also is
    the holder of each security included in the unit. Thus, the unit
    will have the rights and obligations of a holder of each
    included security. Units will be issued pursuant to the terms of
    a unit agreement, which may provide that the securities included
    in the unit may not be held or transferred separately at any
    time or at any time before a specified date. A copy of the forms
    of the unit agreement and the unit certificate relating to any
    particular issue of units will be filed with the SEC each time
    we issue units, and you should read those documents for
    provisions that may be important to you. For more information on
    how you can obtain copies of the forms of the unit agreement and
    the related unit certificate, see &#147;Where You Can Find More
    Information.&#148;
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The prospectus supplement relating to any particular issuance of
    units will describe the terms of those units, including, to the
    extent applicable, the following:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and terms of the units and the securities
    comprising the units, including whether and under what
    circumstances those securities may be held or transferred
    separately;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any provision for the issuance, payment, settlement, transfer or
    exchange of the units or of the securities comprising the
    units;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the units will be issued in fully registered or global
    form.
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">23</FONT></I>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Plan of
    Distribution</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell the offered securities in and outside the United
    States:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through underwriters or dealers;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    directly to purchasers;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in a rights offering;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in &#147;at the market&#148; offerings, within the meaning of
    Rule&#160;415(a)(4) of the Securities Act, to or through a
    market maker or into an existing trading market on an exchange
    or otherwise;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through agents;&#160;or
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through a combination of any of these methods.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The prospectus supplement will include the following information:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the terms of the offering;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the names of any underwriters or agents;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the name or names of any managing underwriter or underwriters;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the purchase price or initial public offering price of the
    securities;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the net proceeds from the sale of the securities;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any delayed delivery arrangements;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any underwriting discounts, commissions and other items
    constituting underwriters&#146; compensation;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any discounts or concessions allowed or reallowed or paid to
    dealers;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any commissions paid to agents.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Sale through
    Underwriters or Dealers</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If underwriters are used in the sale, the underwriters will
    acquire the securities for their own account. The underwriters
    may resell the securities from time to time in one or more
    transactions, including negotiated transactions, at a fixed
    public offering price or at varying prices determined at the
    time of sale. Underwriters may offer securities to the public
    either through underwriting syndicates represented by one or
    more managing underwriters or directly by one or more firms
    acting as underwriters. Unless we inform you otherwise in the
    prospectus supplement, the obligations of the underwriters to
    purchase the securities will be subject to certain conditions,
    and the underwriters will be obligated to purchase all the
    offered securities if they purchase any of them. The
    underwriters may change from time to time any initial public
    offering price and any discounts or concessions allowed or
    reallowed or paid to dealers.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we offer securities in a subscription rights offering to our
    existing security holders, we may enter into a standby
    underwriting agreement with dealers, acting as standby
    underwriters. We may pay the standby underwriters a commitment
    fee for the securities they commit to purchase on a standby
    basis. If we do not enter into a standby underwriting agreement,
    we may retain a dealer-manager to manage a subscription rights
    offering for us.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During and after an offering through underwriters, the
    underwriters may purchase and sell the securities in the open
    market. These transactions may include overallotment and
    stabilizing transactions and purchases to cover syndicate short
    positions created in connection with the offering. The
    underwriters may also impose a penalty bid, which means that
    selling concessions allowed to syndicate members or other
    broker-dealers for the offered securities sold for their account
    may be reclaimed by the syndicate if the offered securities are
    repurchased by the syndicate in stabilizing or covering
    transactions. These activities may stabilize, maintain or
    otherwise affect the market price of the offered securities,
    which may be higher than the price that might otherwise prevail
    in the open market. If commenced, the underwriters may
    discontinue these activities at any time.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">24</FONT></I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some or all of the securities that we offer though this
    prospectus may be new issues of securities with no established
    trading market. Any underwriters to whom we sell our securities
    for public offering and sale may make a market in those
    securities, but they will not be obligated to do so and they may
    discontinue any market making at any time without notice.
    Accordingly, we cannot assure you of the liquidity of, or
    continued trading markets for, any securities that we offer.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If dealers are used in the sale of securities, we will sell the
    securities to them as principals. They may then resell those
    securities to the public at varying prices determined by the
    dealers at the time of resale. We will include in the prospectus
    supplement the names of the dealers and the terms of the
    transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Direct Sales and
    Sales through Agents</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell the securities directly. In this case, no
    underwriters or agents would be involved. We may also sell the
    securities through agents designated from time to time at fixed
    prices or at varying prices determined at the time of sale. In
    the prospectus supplement, we will name any agent involved in
    the offer or sale of the offered securities, and we will
    describe any commissions payable to the agent. Unless we inform
    you otherwise in the prospectus supplement, any agent will agree
    to use its reasonable best efforts to solicit purchases for the
    period of its appointment.
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell the securities directly to institutional investors
    or others who may be deemed to be underwriters within the
    meaning of the Securities Act with respect to any sale of those
    securities. We will describe the terms of any sales of these
    securities in the prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Remarketing
    Arrangements</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Offered securities may also be offered and sold, if so indicated
    in the applicable prospectus supplement, in connection with a
    remarketing upon their purchase, in accordance with a redemption
    or repayment pursuant to their terms, or otherwise, by one or
    more remarketing firms, acting as principals for their own
    accounts or as agents for us. Any remarketing firm will be
    identified and the terms of its agreements, if any, with us and
    its compensation will be described in the applicable prospectus
    supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Delayed Delivery
    Contracts</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we so indicate in the prospectus supplement, we may authorize
    agents, underwriters or dealers to solicit offers from certain
    types of institutions to purchase securities from us at the
    public offering price under delayed delivery contracts. These
    contracts would provide for payment and delivery on a specified
    date in the future. The contracts would be subject only to those
    conditions described in the prospectus supplement. The
    prospectus supplement will describe the commission payable for
    solicitation of those contracts.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may have agreements with the agents, dealers, underwriters
    and remarketing firms to indemnify them against certain civil
    liabilities, including liabilities under the Securities Act, or
    to contribute with respect to payments that the agents, dealers,
    underwriters or remarketing firms may be required to make.
    Agents, dealers, underwriters and remarketing firms may be
    customers of, engage in transactions with or perform services
    for us in the ordinary course of their businesses.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">25</FONT></I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Legal
    Matters</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Jones Day will pass upon the validity of the securities being
    offered hereby.
</DIV>

<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Experts</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements, financial statement schedule and
    management&#146;s assessment of the effectiveness of internal
    control over financial reporting (which is included in
    Management&#146;s Report on Internal Control over Financial
    Reporting) incorporated in this Prospectus by reference to
    Olympic Steel, Inc.&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008 have been so
    incorporated in reliance on the report of PricewaterhouseCoopers
    LLP, an independent registered public accounting firm, given on
    the authority of said firm as experts in auditing and accounting.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">26</FONT></I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #E8112D">The
information in this preliminary prospectus is not complete and
may be changed. We may not sell these securities until the
registration statement filed with the Securities and Exchange
Commission is effective. This preliminary prospectus is not an
offer to sell these securities and it is not soliciting an offer
to buy these securities in any jurisdiction where the offer or
sale is not permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica; color: #E8112D">SUBJECT
    TO COMPLETION, DATED DECEMBER&#160;11, 2009
    </FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Prospectus</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">$75,000,000</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="l37854al3785400.gif" alt="(OLYMPIC STEEL LOGO)"><FONT style="font-size: 14pt">
    </FONT>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">OLYMPIC STEEL,
    INC.</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">COMMON
    STOCK</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2009, we entered into an Open Market Sale Agreement with
    Jefferies&#160;&#038; Company, Inc. relating to the common
    stock, without par value, offered by this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with the terms of the Open Market Sale Agreement,
    we may offer and sell up to $75,000,000 of our common stock from
    time to time through Jefferies&#160;&#038; Company, Inc. as our
    sales agent. Sales of such common stock, if any, will be made by
    means of ordinary brokers&#146; transactions on the NASDAQ
    Global Select Market at market prices.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is listed on the NASDAQ Global Select Market
    under the symbol &#147;ZEUS.&#148; On December&#160;10, 2009,
    the last reported sale price of our common stock on the NASDAQ
    Global Select Market was $31.22&#160;per share.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in our common stock involves risks. Before
    investing in our common stock, you should carefully read the
    discussion of material risks of investing in our common stock on
    <FONT style="white-space: nowrap">page&#160;A-1</FONT>
    of this prospectus under the heading &#147;Risk Factors,&#148;
    as well as the risk factors discussed in the documents we file
    with the Securities and Exchange Commission pursuant to the
    Securities Exchange Act of 1934, and which we incorporate into
    this prospectus by reference.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay Jefferies&#160;&#038; Company, Inc. a commission of
    3.0% of the first $37,500,000 of gross proceeds of any common
    stock sold through it pursuant to this prospectus and 2.5% of
    the remaining gross proceeds of any common stock sold through it
    pursuant to this prospectus. Jefferies&#160;&#038; Company, Inc.
    will use its commercially reasonable efforts to place on our
    behalf any common stock to be offered by us under the Open
    Market Sale Agreement. The net proceeds from any sales under
    this prospectus will be used as described under &#147;Use of
    Proceeds&#148; herein. In connection with the sale of common
    stock on our behalf, Jefferies&#160;&#038; Company, Inc. may be
    deemed an &#147;underwriter&#148; within the meaning of the
    Securities Act, and the compensation of the sales agent
    constitutes underwriting commissions. We have agreed to provide
    indemnification and contribution to Jefferies&#160;&#038;
    Company, Inc. against certain liabilities, including liabilities
    under the Securities Act.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 18pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Jefferies&#160;&#038;
    Company</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2009.
</DIV>
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</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Table of
    Contents</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="96%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
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    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
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&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#118'>About This Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#119'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#120'>Information We Incorporate By Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#121'>Forward-Looking Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    iii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#122'>The Company</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#123'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#124'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    A-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#125'>Description of Common Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    A-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#126'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    A-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#127'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    A-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <A HREF='#128'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    A-7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD colspan="5" valign="bottom" style="font-family: Arial, Helvetica">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=455 length=0 -->
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information contained or
    incorporated by reference in this prospectus or in any free
    writing prospectus that we may provide to you. We have not, and
    Jefferies&#160;&#038; Company, Inc. has not, authorized anyone
    to provide you with different information, and you should not
    rely on any information not contained in or incorporated by
    reference into this prospectus or in any free writing prospectus
    that we may provide to you. If anyone provides you with
    different or inconsistent information, you should not rely
    on&#160;it.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are not, and Jefferies&#160;&#038; Company, Inc. is not,
    making an offer to sell these securities in any jurisdiction
    where the offer or sale is not permitted. You should not assume
    that the information appearing in this prospectus or any
    document incorporated by reference is accurate as of any date
    other than the date of the applicable document. Our business,
    financial condition, results of operations and prospects may
    have changed since that date. This prospectus does not
    constitute an offer, or an invitation on our behalf or on behalf
    of Jefferies&#160;&#038; Company, Inc., to subscribe for and
    purchase, any of the securities and may not be used for or in
    connection with an offer or solicitation by anyone, in any
    jurisdiction in which such an offer or solicitation is not
    authorized or to any person to whom it is unlawful to make such
    an offer or solicitation. In case there are any differences or
    inconsistencies between this prospectus and the information
    incorporated by reference in herein, you should rely on the
    information in the document with the most recent date.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">i</FONT></I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">About This
    Prospectus</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is a part of a registration statement that we
    filed with the SEC utilizing a &#147;shelf&#148; registration
    process.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Before you invest in our common stock, you should carefully read
    the registration statement (including the exhibits thereto) of
    which this prospectus forms a part, this prospectus and the
    documents incorporated by reference into this prospectus. The
    incorporated documents are described in this prospectus under
    &#147;Where You Can Find More Information&#148; and
    &#147;Information We Incorporate By Reference.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    References in this prospectus to the terms &#147;we,&#148;
    &#147;us,&#148; &#147;Olympic Steel&#148; or &#147;the
    Company&#148; or other similar terms mean Olympic Steel, Inc.
    and its consolidated subsidiaries, unless we state otherwise or
    the context indicates otherwise.
</DIV>

<A name='119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Where You Can
    Find More Information</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to the informational reporting requirements of
    the Securities Exchange Act of 1934. We file reports, proxy
    statements and other information with the SEC. Our SEC filings
    are available over the Internet at the SEC&#146;s website at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
    You may read and copy any reports, statements and other
    information filed by us at the SEC&#146;s Public Reference Room
    at 100&#160;F&#160;Street, N.E., Washington,&#160;D.C. 20549.
    Please call
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the Public Reference Room. You may
    also inspect our SEC reports and other information at the
    offices of NASDAQ Operations at 1735&#160;K&#160;Street, N.W.,
    Washington,&#160;D.C. 20006, or at our website at
    <FONT style="white-space: nowrap">http://www.olysteel.com.</FONT>
    The information contained on or accessible through our website
    is not a part of this prospectus, other than the documents that
    we file with the SEC that are incorporated by reference into
    this prospectus.
</DIV>

<A name='120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Information we
    Incorporate By Reference</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148; into
    this prospectus the information in documents we file with it,
    which means that we can disclose important information to you by
    referring you to those documents. The information incorporated
    by reference is considered to be a part of this prospectus, and
    information that we file later with the SEC will automatically
    update and supersede this information. Any statement contained
    in any document incorporated or deemed to be incorporated by
    reference herein shall be deemed to be modified or superseded
    for purposes of this prospectus to the extent that a statement
    contained in or omitted from this prospectus, or in any other
    subsequently filed document which also is deemed to be
    incorporated by reference herein, modifies or supersedes such
    statement. Any such statement so modified or superseded shall
    not be deemed, except as so modified or superseded, to
    constitute a part of this prospectus.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We incorporate by reference the documents listed below and any
    future documents that we file with the SEC under
    Sections&#160;13(a), 13(c), 14 or 15(d) of the Exchange
    Act&#160;(1) after the date of the initial filing of the
    registration statement of which this prospectus forms a part
    prior to the effectiveness of the registration statement
    and&#160;(2) after the date of this prospectus until the
    offering of the securities is terminated:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our quarterly reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarters ended March&#160;31, 2009, June&#160;30, 2009
    and September&#160;30, 2009;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;7, 2009 and July&#160;30, 2009;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the description of our common stock set forth in our
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    filed with the SEC on January&#160;31, 1994, and all amendments
    and reports filed for the purpose of updating that
    description;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the description of our Series&#160;A Junior Participating
    Preferred Stock purchase rights under the Rights Agreement filed
    as Exhibit&#160;4.1 to our
    <FONT style="white-space: nowrap">Form&#160;8-A,</FONT>
    filed with the SEC on February&#160;15, 2000, as amended by
    Amendment 1 to the Rights Agreement, filed as Exhibit&#160;4.1
    to our
    <FONT style="white-space: nowrap">Form&#160;8-A,</FONT>
    filed with the SEC on September&#160;19, 2008 (the &#147;Rights
    Agreement&#148;).
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">ii</FONT></I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will not, however, incorporate by reference in this
    prospectus any documents or portions thereof that are not deemed
    &#147;filed&#148; with the SEC, including any information
    furnished pursuant to Item&#160;2.02 or Item&#160;7.01 of our
    current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    unless, and except to the extent, specified in such current
    reports.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will provide you with a copy of any of these filings (other
    than an exhibit to these filings, unless the exhibit is
    specifically incorporated by reference into the filing
    requested) at no cost, if you submit a request to us by writing
    or telephoning us at the following address and telephone number:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Olympic
    Steel, Inc.<BR>
    5096 Richmond Road<BR>
    Bedford Heights, Ohio 44146<BR>
    Telephone Number:
    <FONT style="white-space: nowrap">(216)&#160;292-3800</FONT><BR>
    Attention: Treasurer
    </FONT>
</DIV>

<A name='121'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Forward-Looking
    Information</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus, including the documents incorporated by
    reference, contains statements that constitute
    &#147;forward-looking statements&#148; within the meaning of the
    Private Securities Litigation Reform Act of 1995. These
    forward-looking statements may be identified by the use of
    predictive, future-tense or forward-looking terminology, such as
    &#147;believes,&#148; &#147;anticipates,&#148;
    &#147;expects,&#148; &#147;estimates,&#148; &#147;intends,&#148;
    &#147;may,&#148; &#147;will&#148; or similar terms. These
    statements speak only as of the date of this prospectus or the
    date of the document incorporated by reference, as applicable,
    and we undertake no ongoing obligation, other than that imposed
    by law, to update these statements. These statements appear in a
    number of places in this prospectus, including the documents
    incorporated by reference, and relate to, among other things,
    our intent, belief or current expectations with respect to: our
    future financial condition, results of operations or prospects;
    our business and growth strategies; and our financing plans and
    forecasts. You are cautioned that any such forward-looking
    statements are not guarantees of future performance and involve
    significant risks and uncertainties, and that actual results may
    differ materially from those contained in or implied by the
    forward-looking statements as a result of various factors, some
    of which are unknown, including, without limitation:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    further deterioration of steel demand and steel pricing;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general and global business, economic, financial and political
    conditions, including the ongoing effects of the global credit
    crisis;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    access to capital and global credit markets;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    competitive factors such as availability and pricing of steel,
    industry shipping and inventory levels and rapid fluctuations in
    customer demand and steel pricing;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the cyclicality and volatility within the steel industry;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the ability of customers (especially those that may be highly
    leveraged, those in the domestic automotive industry and those
    with inadequate liquidity) to maintain their credit availability;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    customer, supplier, and competitor consolidation, bankruptcy or
    insolvency, especially those in the domestic automotive industry;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduced production schedules, layoffs or work stoppages by our
    own or our suppliers&#146; or customers&#146; personnel;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the availability and costs of transportation and logistical
    services;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    equipment installation delays or malfunctions;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the amounts, successes and our ability to continue our capital
    investments and our business information system project;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the successes of our strategic efforts and initiatives to
    increase sales volumes, maintain or improve working capital
    turnover and free cash flows, reduce costs, inventory and debt
    in a declining market, while improving customer service;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the timing and outcome of inventory lower of cost or market
    adjustments;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">iii</FONT></I>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the adequacy of our existing information technology and business
    system software;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the successful implementation of our new enterprise-wide
    information system;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the timing and outcome of Olympic Laser Processing&#146;s (a
    joint venture in which we and the United States Steel
    Corporation each own 50%) efforts and ability to liquidate its
    remaining assets;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to pay regular quarterly cash dividends and the
    amounts and timing of any future dividends;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to generate free cash flow through operations,
    reduce inventory and to repay debt within anticipated timeframes.
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">iv</FONT></I>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='122'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The
    Company</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a leading U.S.&#160;steel service center with over
    55&#160;years of experience. Our primary focus is on the direct
    sale and distribution of large volumes of processed carbon,
    coated and stainless flat-rolled sheet, coil and plate products.
    We act as an intermediary between steel producers and
    manufacturers that require processed steel for their operations.
    We serve customers in most carbon steel consuming industries,
    including manufacturers and fabricators of transportation and
    material handling equipment, construction and farm machinery,
    storage tanks, environmental and energy generation, automobiles,
    food service and electrical equipment, military vehicles and
    equipment, as well as general and plate fabricators and steel
    service centers. We distribute our products primarily through a
    direct sales force.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We operate as a single business segment with
    strategically-located processing and distribution facilities
    located throughout the United States. Our geographic footprint
    allows us to focus on regional customers and larger national and
    multi-national accounts, primarily located throughout the
    midwestern, eastern and southern United States.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Corporate
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are incorporated under the laws of the State of Ohio. Our
    principal executive offices are located at 5096 Richmond Road,
    Bedford Heights, Ohio 44146. Our telephone number is
    <FONT style="white-space: nowrap">(216)&#160;292-3800.</FONT>
    Our website is
    <FONT style="white-space: nowrap">http://www.olysteel.com.</FONT>
    The information contained on or accessible through our website
    is not part of this prospectus, other than the documents that we
    file with the SEC that are incorporated by reference into this
    prospectus.
</DIV>

<A name='123'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Risk
    Factors</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Investing in our common stock involves risk. Prior to making a
    decision about investing in our common stock, in addition to the
    risks related to our common stock set forth below, you should
    carefully consider the specific factors discussed under the
    heading &#147;Risk Factors&#148; in our most recent annual
    report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    and in our most recent quarterly reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    which are incorporated herein by reference and may be amended,
    supplemented or superseded from time to time by other reports we
    file with the SEC in the future. If any of these risks actually
    occurs, our business, results of operations and financial
    condition could suffer. In that case, the trading price of our
    securities could decline, and you could lose all or a part of
    your investment.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    market price for our common stock may be volatile.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Historically, there has been volatility in the market price for
    our common stock. Furthermore, the market price of our common
    stock could fluctuate substantially in the future in response to
    a number of factors, including, but not limited to, the risk
    factors described herein. Examples include:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    announcement of our quarterly operating results or the operating
    results of other steel service centers;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in financial estimates or recommendations by stock
    market analysts regarding us or our competitors;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the operating and stock performance of other companies that
    investors may deem comparable;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    developments affecting us, our customers or our suppliers;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    press releases, earnings releases or publicity relating to us or
    our competitors or relating to trends in the metals service
    center industry;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    inability to meet securities analysts&#146; and investors&#146;
    quarterly or annual estimates or targets of our performance;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sales of our common stock by large shareholders;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general domestic or international economic, market and political
    conditions;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in the legal or regulatory environment affecting our
    business;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    announcements by us or our competitors of significant
    acquisitions, dispositions or joint ventures, or other material
    events impacting the domestic or global steel industry.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Recently, the stock market has experienced significant price and
    volume fluctuations. This volatility has had a significant
    effect on the market prices of securities issued by many
    companies for reasons unrelated to their specific
</DIV>
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    <BR>
    <I>A-1</I>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    operating performance. These broad market fluctuations may
    materially adversely affect our stock price, regardless of our
    operating results.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These factors may adversely affect the trading price of our
    common stock, regardless of our actual operating performance. In
    addition, stock markets from time to time experience extreme
    price and volume fluctuations that may be unrelated or
    disproportionate to the operating performance of companies. In
    the past, some shareholders have brought securities class action
    lawsuits against companies following periods of volatility in
    the market price of their securities. We may in the future be
    the target of similar litigation. Securities litigation,
    regardless of whether our defense is ultimately successful,
    could result in substantial costs and divert management&#146;s
    attention and resources.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    quarterly results may be volatile.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our operating results have varied on a quarterly basis during
    our operating history and are likely to fluctuate significantly
    in the future. Our operating results may be below the
    expectations of our investors or stock market analysts as a
    result of a variety of factors, many of which are outside of our
    control. Factors that may affect our quarterly operating results
    include, but are not limited, the risk factors listed above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Many factors could cause our revenues and operating results to
    vary significantly in the future. Accordingly, we believe that
    <FONT style="white-space: nowrap">quarter-to-quarter</FONT>
    comparisons of our operating results are not necessarily
    meaningful. Investors should not rely on the results of one
    quarter as an indication of our future performance. Further, it
    is our practice not to provide forward-looking sales or earnings
    guidance and not to endorse any analyst&#146;s sales or earnings
    estimates. Nonetheless, if our results of operations in any
    quarter do not meet analysts&#146; expectations, our stock price
    could materially decrease.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Rights Agreement and certain provisions in our charter documents
    and Ohio law could delay or prevent a change in management or a
    takeover attempt that you may consider to be in your best
    interest.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have adopted certain anti-takeover provisions, including the
    Rights Agreement. The Rights Agreement will cause substantial
    dilution to any person who attempts to acquire us in a manner or
    on terms not approved by our board of directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to Chapter&#160;1704 of the Ohio Revised Code,
    which prohibits certain business combinations and transactions
    between an &#147;issuing public corporation&#148; and an
    &#147;Ohio law interested shareholder&#148; for at least three
    years after the Ohio law interested shareholder attains 10%
    ownership, unless the Board of Directors of the issuing public
    corporation approves the transaction before the Ohio law
    interested shareholder attains 10% ownership. We are also
    subject to Section&#160;1701.831 of the Ohio Revised Code, which
    provides that certain notice and informational filings and
    special shareholder meeting and voting procedures must be
    followed prior to consummation of a proposed &#147;control share
    acquisition.&#148; Assuming compliance with the notice and
    information filings prescribed by the statute, a proposed
    control share acquisition may be made only if the acquisition is
    approved by at least a majority of the voting power of the
    issuer represented at the meeting and at least a majority of the
    voting power remaining after excluding the combined voting power
    of the &#147;interested shares.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain provisions contained in our Amended and Restated
    Articles of Incorporation and Amended and Restated Code of
    Regulations and Ohio law could delay or prevent the removal of
    directors and other management and could make a merger, tender
    offer or proxy contest involving us that you may consider to be
    in your best interest more difficult. For example, these
    provisions:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    allow our board of directors to issue preferred stock without
    shareholder approval;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    provide for our board of directors to be divided into two
    classes of directors serving staggered terms;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit who can call a special meeting of shareholders;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    establish advance notice requirements for nomination for
    election to the board of directors or for proposing matters to
    be acted upon at shareholders meetings.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, our revolving credit facility contains limitations
    on our ability to enter into change of control transactions.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I>A-2</I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These provisions may discourage potential takeover attempts,
    discourage bids for our common stock at a premium over market
    price or adversely affect the market price of, and the voting
    and other rights of the holders of, our common stock. These
    provisions could also discourage proxy contests and make it more
    difficult for you and other shareholders to elect directors
    other than the candidates nominated by our board of directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Principal
    shareholders who own a significant number of shares of our
    common stock may have interests that conflict with
    yours.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Michael Siegal, our chief executive officer, chairman of the
    board and largest shareholder, owns approximately 11.8% of our
    outstanding common stock as of October&#160;29, 2009.
    Mr.&#160;Siegal may have the ability to significantly influence
    matters requiring shareholder approval. In deciding how to vote
    on such matters, Mr.&#160;Siegal may be influenced by interests
    that conflict with yours.
</DIV>

<A name='124'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Use of
    Proceeds</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to use the net proceeds from the sale of our common
    stock pursuant to the Open Market Sale Agreement for working
    capital and general corporate purposes including, but not
    limited to:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reduction or refinancing of outstanding indebtedness or other
    corporate obligations;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    additions to working capital;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    capital expenditures;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    acquisitions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pending any specific application, we may initially invest funds
    in short-term marketable securities or apply them to the
    reduction of short-term indebtedness.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I>A-3</I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='125'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    Common Stock</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Amended and Restated Articles of Incorporation authorize us
    to issue up to 25,000,000&#160;shares of capital stock,
    including:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    20,000,000&#160;shares of common stock, without par
    value;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    5,000,000&#160;shares of Serial Preferred Stock, without par
    value, which we refer to as Serial Preferred Shares, consisting
    of 2,500,000 voting Serial Preferred Shares and 2,500,000
    non-voting Serial Preferred Shares.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of October&#160;29, 2009, 10,883,213&#160;shares of our
    common stock were issued and outstanding.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Common
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each outstanding share of common stock is entitled to one vote
    on all matters submitted to a vote of shareholders, and there
    are no cumulative voting rights. Our Amended and Restated Code
    of Regulations provide for our Board of Directors to be divided
    into two classes of directors serving staggered terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the rights of holders of any outstanding Serial
    Preferred Shares, each record holder of common stock on the
    applicable record date is entitled to receive dividends on such
    common stock to the extent authorized by our Board of Directors
    out of assets legally available for the payment of dividends. In
    addition, subject to the rights of holders of any outstanding
    Serial Preferred Shares, holders of common stock are entitled to
    share ratably in our assets legally available for distribution
    to our shareholders in the event of our liquidation, dissolution
    or winding up after payment of or adequate provision for all our
    known debts and liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of common stock do not have any preemptive rights to
    subscribe for any of our securities. No conversion, redemption
    or sinking fund provisions apply to the common stock, and the
    holders of common stock are not liable to further calls or
    assessments by us.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Shareholder
    Rights Plan</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the terms of the Rights Agreement, one preferred share
    purchase right, which we refer to as a Right, is associated with
    each share of common stock. Until the occurrence of specified
    events described in the Rights Agreement, the Rights are not
    exercisable, are evidenced by the certificates for our common
    stock and may be transferred only with our common stock. The
    Rights will expire on March&#160;6, 2010, unless earlier
    redeemed, exchanged or amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Right entitles the registered holder to purchase from us
    one one-hundredth of a share of Series&#160;A Junior
    Participating Preferred Stock, without par value, at a price of
    $170.00 per one one-hundredth of a preferred share. The Rights
    Agreement also provides, subject to specified exceptions and
    limitations, that common stock issued or delivered from our
    treasury after the record date will be accompanied by a right.
    The Rights are in all respects subject to and governed by the
    provisions of the Rights Agreement.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Control Share
    Acquisitions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;1701.831 of the Ohio Revised Code provides that
    certain notice and informational filings and special shareholder
    meeting and voting procedures must be followed prior to
    consummation of a proposed &#147;control share
    acquisition.&#148; The Ohio Revised Code defines a &#147;control
    share acquisition&#148; as any acquisition of an issuer&#146;s
    shares which would entitle the acquirer, immediately after that
    acquisition, directly or indirectly, to exercise or direct the
    exercise of voting power of the issuer in the election of
    directors within any one of the following ranges of that voting
    power:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    one-fifth or more but less than one-third of that voting power;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    one-third or more but less than a majority of that voting
    power;&#160;or
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a majority or more of that voting power.
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I>A-4</I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assuming compliance with the notice and information filings
    prescribed by the statute, the proposed control share
    acquisition may be made only if, at a special meeting of
    shareholders, the acquisition is approved by at least a majority
    of the voting power of the issuer represented at the meeting and
    at least a majority of the voting power remaining after
    excluding the combined voting power of the &#147;interested
    shares.&#148; &#147;Interested shares&#148; are the shares held
    by the intended acquirer and the
    <FONT style="white-space: nowrap">employee-directors</FONT>
    and officers of the issuer, as well as certain shares that were
    acquired after the date of the first public disclosure of the
    acquisition but before the record date for the meeting of
    shareholders and shares that were transferred, together with the
    voting power thereof, after the record date for the meeting of
    shareholders.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Business
    Combinations with Certain Persons</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to Chapter&#160;1704 of the Ohio Revised Code,
    which prohibits certain business combinations and transactions
    between an &#147;issuing public corporation&#148; and an
    &#147;Ohio law interested shareholder&#148; for at least three
    years after the Ohio law interested shareholder attains 10%
    ownership, unless the Board of Directors of the issuing public
    corporation approves the transaction before the Ohio law
    interested shareholder attains 10% ownership. An &#147;issuing
    public corporation&#148; is an Ohio corporation with 50 or more
    shareholders that has its principal place of business, principal
    executive offices, or substantial assets within the State of
    Ohio, and as to which no close corporation agreement exists. An
    &#147;Ohio law interested shareholder&#148; is a beneficial
    owner of 10% or more of the shares of a corporation. Examples of
    transactions regulated by Chapter&#160;1704 include the
    disposition of assets, mergers and consolidations, voluntary
    dissolutions and the transfer of shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subsequent to the three-year period, a transaction subject to
    Chapter&#160;1704 may take place provided that certain
    conditions are satisfied, including:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    prior to the interested shareholder&#146;s share acquisition
    date, the board of directors approved the purchase of shares by
    the interested shareholder;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the transaction is approved by the holders of shares with at
    least
    66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of the voting power of the corporation (or a different
    proportion set forth in the articles of incorporation),
    including at least a majority of the outstanding shares after
    excluding shares controlled by the Ohio law interested
    shareholder;&#160;or
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the business combination results in shareholders, other than the
    Ohio law interested shareholder, receiving a fair price plus
    interest for their shares.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Chapter&#160;1704 is applicable to all corporations formed under
    Ohio law.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Transfer Agent
    and Registrar</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mellon Investor Services LLC serves as the transfer agent and
    registrar for our common stock.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I>A-5</I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='126'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Plan of
    Distribution</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have entered into a Open Market Sale Agreement with
    Jefferies&#160;&#038; Company, Inc. as our sales agent under
    which we may offer and sell from time to time through the third
    anniversary of the effective date of the Open Market Sale
    Agreement, up to an aggregate initial offering price of
    $75,000,000 of our common stock through the sales agent. Sales
    of our common stock, if any, will be made (i)&#160;in privately
    negotiated transactions, (ii)&#160;as crosses, (iii)&#160;as
    block transactions or (iv)&#160;by any other method or payment
    permitted by law deemed to be an &#147;at the market&#148;
    offering as defined in Rule&#160;415 under the Securities Act,
    including sales made directly on the NASDAQ Global Select Market
    or sales made to or through a market maker or through an
    electronic communications network. We will not engage in any
    transactions that stabilize our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Jefferies&#160;&#038; Company, Inc. will offer our common stock
    subject to the terms and conditions of the Open Market Sale
    Agreement. We will designate the minimum price per share at
    which the common stock may be sold and the maximum amount of
    common stock to be sold through the sales agent during any
    selling period or otherwise determine such maximum amount
    together with the sales agent. Subject to the terms and
    conditions of the Open Market Sale Agreement,
    Jefferies&#160;&#038; Company, Inc. has agreed to use its
    commercially reasonable efforts to execute our orders to sell,
    as our sales agent and on our behalf, our common stock submitted
    to Jefferies&#160;&#038; Company, Inc. from time to time
    pursuant to and subject to the terms of the Open Market Sale
    Agreement. We or Jefferies&#160;&#038; Company, Inc. may suspend
    the offering of common stock under the Open Market Sale
    Agreement by proper notice to the other party.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay Jefferies&#160;&#038; Company, Inc. a commission of
    3.0% of the first $37,500,000 of gross proceeds of any common
    stock sold through it pursuant to this prospectus and 2.5% of
    the remaining gross proceeds of any common stock sold through it
    pursuant to this prospectus. We estimate that the total
    remaining expenses of the offering payable by us, other than
    such commissions, will be approximately $100,000. The remaining
    sales proceeds, after deducting any other transaction fees, will
    equal our net proceeds for the sale of such stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Settlement for sales of common stock will occur, unless the
    parties agree otherwise, on the third trading day following the
    date on which any sales were made against payment of the net
    proceeds to us. A trading day is any trading day on the NASDAQ
    Global Select Market.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the sale of the common stock on our behalf,
    the sales agent, as a registered broker dealer participating in
    the distribution of securities under this prospectus, will be an
    &#147;underwriter&#148; within the meaning of the Securities
    Act, and the compensation paid to the sales agent may be deemed
    to be underwriting commissions or discounts. We have agreed in
    the Open Market Sale Agreement to provide indemnification and
    contribution to the sales agent against certain civil
    liabilities, including liabilities under the Securities Act.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The sales agent and its affiliates have performed investment
    banking and advisory services for us from time to time for which
    they have received customary fees and expenses. The sales agent
    and its affiliates may, from time to time in the future, engage
    in transactions with and perform services for us in the ordinary
    course of business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The offering of common stock pursuant to the Open Market Sale
    Agreement will terminate upon the earlier of (i)&#160;the sale
    of all of the shares of common stock subject to the Open Market
    Sale Agreement, (ii)&#160;the third anniversary of the effective
    date of the Open Market Sale Agreement and (iii)&#160;the
    termination of the Open Market Sale Agreement, pursuant to its
    terms.
</DIV>

<A name='127'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Legal
    Matters</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Jones Day will pass upon the validity of the common stock being
    offered hereby. Certain legal matters in connection with this
    offering may be passed upon for the sales agent by Proskauer
    Rose LLP, Los Angeles, California.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I>A-6</I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='128'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Experts</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements, financial statement schedule and
    management&#146;s assessment of the effectiveness of internal
    control over financial reporting (which is included in
    Management&#146;s Report on Internal Control over Financial
    Reporting) incorporated in this Prospectus by reference to
    Olympic Steel, Inc.&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008 have been so
    incorporated in reliance on the report of PricewaterhouseCoopers
    LLP, an independent registered public accounting firm, given on
    the authority of said firm as experts in auditing and accounting.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <I>A-7</I>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">PART&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">INFORMATION NOT
    REQUIRED IN PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Item&#160;14.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Other Expenses of
    Issuance and Distribution.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following are the estimated expenses of the issuance and
    distribution of the securities being registered, all of which
    are payable by us. All of the items below, except for the
    registration fee, are estimates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="91%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Securities and Exchange Commission registration fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,160
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Trustee&#146;s fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>*</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Transfer agent and registrar fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>*</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Printing expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>*</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accountant&#146;s fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>*</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>*</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Miscellaneous
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>*</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
      *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Estimated expenses are presently not known and cannot be
    estimated.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Item&#160;15.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Indemnification
    of Directors and Officers.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under Section&#160;1701.13 of the Ohio Revised Code, Ohio
    corporations are authorized to indemnify directors, officers,
    employees and agents within prescribed limits and must indemnify
    them under certain circumstances. Ohio law does not provide
    statutory authorization for a corporation to indemnify
    directors, officers, employees and agents for settlements, fines
    or judgments in the context of derivative suits. However, it
    provides that directors (but not officers, employees or agents)
    are entitled to mandatory advancement of expenses, including
    attorneys&#146; fees, incurred in defending any action,
    including derivative actions, brought against the director,
    provided that the director agrees to cooperate with the
    corporation concerning the matter and to repay the amount
    advanced if it is proved by clear and convincing evidence that
    the director&#146;s act or failure to act was done with
    deliberate intent to cause injury to the corporation or with
    reckless disregard for the corporation&#146;s best interests.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ohio law does not authorize payment of judgments to a director,
    officer, employee or agent after a finding of negligence or
    misconduct in a derivative suit absent a court order.
    Indemnification is permitted, however, to the extent such person
    succeeds on the merits. In all other cases, if a director,
    officer, employee or agent acted in good faith and in a manner
    he reasonably believed to be in or not opposed to the best
    interests of the corporation, indemnification is discretionary
    except as otherwise provided by a corporation&#146;s articles,
    code of regulations or by contract except with respect to the
    advancement of expenses of directors.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under Ohio law, a director is not liable for monetary damages
    unless it is proved by clear and convincing evidence that his
    action or failure to act was undertaken with deliberate intent
    to cause injury to the corporation or with reckless disregard
    for the best interests of the corporation. There is, however, no
    comparable provision limiting the liability of officers,
    employees or agents of a corporation. The statutory right to
    indemnification is not exclusive in Ohio, and Ohio corporations
    may, among other things, procure insurance for such persons.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;1701.13 of the Ohio Revised Code authorizes a
    corporation to purchase and maintain insurance on behalf of any
    person who is or was a director, officer, employee, or agent of
    the corporation, or is or was serving at the request of the
    corporation as a director, trustee, officer, employee, member,
    manager or agent of another corporation or enterprise, against
    any liability asserted against him and incurred by him in any
    such capacity, or arising out of his status as such, whether or
    not the corporation would otherwise have the power to indemnify
    him under Section&#160;1701.13.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under certain circumstances provided in Article&#160;V of our
    Amended and Restated Code of Regulations and subject to
    Section&#160;1701.13 of the Ohio Revised Code (which sets forth
    the conditions and limitations governing the indemnification of
    officers and directors), we will indemnify any of our current or
    former directors or officers
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">II-1</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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. We maintain liability
    insurance for all of our directors and officers. The insurance
    also insures the Company against amounts payable to indemnify
    directors and officers, subject to policy limits and retention
    amounts.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Item&#160;16.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Exhibits.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following documents are exhibits to the registration
    statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .2&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Open Market Sale Agreement by and between Olympic Steel,
    Inc. and Jefferies&#160;&#038; Company, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Articles of Incorporation of Olympic Steel,
    Inc. (filed as Exhibit&#160;3.1(i) to the Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;033-73992)</FONT>
    filed with the Commission on January&#160;12, 1994),
    incorporated herein by reference.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Code of Regulations of Olympic Steel, Inc.
    (filed as Exhibit&#160;4.2 to the Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-1439001)</FONT>
    filed June&#160;20, 2007), incorporated herein by reference.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Debt Securities Indenture.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Debt Securities.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .5*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Preferred Stock Certificate of Designations.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .6*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Warrant Agreement.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .7*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Warrant Certificate.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .8*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Depositary Agreement.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .9*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Depositary Receipt.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .10*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Subscription Rights Certificate.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .11*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Unit Agreement.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .12*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Unit Certificate.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Jones Day.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Calculation of Ratios of Earnings to Fixed Charges.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of PricewaterhouseCoopers LLP, Independent Registered
    Public Accounting Firm.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Jones Day (included in Exhibit&#160;5.1 to this
    Registration Statement).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25
</TD>
<TD nowrap align="left" valign="top">
    .1&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="white-space: nowrap">Form&#160;T-1</FONT>
    Statement of Eligibility under Trust&#160;Indenture Act of 1939
    of Trustee under Debt Securities Indenture.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed either by amendment or as an exhibit to a report
    filed under the Securities Exchange Act of 1934, and
    incorporated herein by reference.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    &#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Item&#160;17.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: Arial, Helvetica">Undertakings.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;To include any prospectus required by
    Section&#160;10(a)(3) of the Securities Act of 1933;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;To reflect in the prospectus any facts or events
    arising after the effective date of the 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 the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities
</DIV>
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<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">II-2</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 prospectus filed
    with the Commission pursuant to Rule&#160;424(b) if, in the
    aggregate, the changes in volume and price represent no more
    than 20&#160;percent change in the maximum aggregate offering
    price set forth in the &#147;Calculation of Registration
    Fee&#148; table in the effective registration statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>provided</I>, <I>however</I>, that the undertakings set forth
    in paragraphs (1)(i), (1)(ii) and (1)(iii) do not apply if the
    information required to be included in a post-effective
    amendment by those paragraphs is contained in reports filed with
    or furnished to the Commission by the registrant pursuant to
    Section&#160;13 or Section&#160;15(d) of the Securities Exchange
    Act of 1934 that are incorporated by reference in this
    registration statement, or is contained in a form of prospectus
    filed pursuant to Rule&#160;424(b) that is part of this
    registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;That, for the purpose of determining any liability under
    the Securities Act of 1933, each such post-effective amendment
    shall be deemed to be a new registration statement relating to
    the securities offered therein, and the offering of such
    securities at that time shall be deemed to be the initial
    <I>bona fide </I>offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;That, for the purpose of determining liability under the
    Securities Act of 1933 to any purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Each prospectus filed by the registrant pursuant to
    Rule 424(b)(3) shall be deemed to be part of the registration
    statement as of the date the filed prospectus was deemed part of
    and included in the registration statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Each prospectus required to be filed pursuant to Rule
    424(b)(2), (b)(5), or (b)(7) as part of a registration statement
    in reliance on Rule&#160;430B relating to an offering made
    pursuant to Rule&#160;415(a)(1)(i), (vii), or (x)&#160;for the
    purpose of providing the information required by
    Section&#160;10(a) of the Securities Act of 1933 shall be deemed
    to be part of and included in the registration statement as of
    the earlier of the date such form of prospectus is first used
    after effectiveness or the date of the first contract of sale of
    securities in the offering described in the prospectus. As
    provided in Rule&#160;430B, for liability purposes of the issuer
    and any person that is at that date an underwriter, such date
    shall be deemed to be a new effective date of the registration
    statement relating to the securities in the registration
    statement to which that prospectus relates, and the offering of
    such securities at that time shall be deemed to be the initial
    <I>bona fide </I>offering thereof. <I>Provided, however</I>,
    that no statement made in a registration statement or prospectus
    that is part of the registration statement or made in a document
    incorporated or deemed incorporated by reference into the
    registration statement or prospectus that is a part of the
    registration statement will, as to a purchaser with a time of
    contract of sale prior to such effective date, supersede or
    modify any statement that was made in the registration statement
    or prospectus that was part of the registration statement or
    made in any such document immediately prior to such effective
    date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;That, for the purpose of determining liability of the
    registrant under the Securities Act of 1933 to any purchaser in
    the initial distribution of the securities the undersigned
    registrant undertakes that in a primary offering of securities
    of the undersigned registrant pursuant to this registration
    statement, regardless of the underwriting method used to sell
    the securities to the purchaser, if the securities are offered
    or sold to such purchaser by means of any of the following
    communications, the undersigned registrant will be a seller to
    the purchaser and will be considered to offer or sell such
    securities to such purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Any preliminary prospectus or prospectus of the
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule&#160;424;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant;
</DIV>
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<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">II-3</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;The portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrant or its securities provided by or on
    behalf of the undersigned registrant;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;Any other communication that is an offer in the
    offering made by the undersigned registrant to the purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes that, for purposes
    of determining any liability under the Securities Act of 1933,
    each filing of the registrant&#146;s annual report pursuant to
    Section&#160;13(a) or Section&#160;15(d) of the Securities
    Exchange Act of 1934 (and, where applicable, each filing of an
    employee benefit plan&#146;s annual report pursuant to
    Section&#160;15(d) of the Securities Exchange Act of
    1934)&#160;that is incorporated by reference in this
    registration statement shall be deemed to be a new registration
    statement relating to the securities offered therein, and the
    offering of such securities at that time shall be deemed to be
    the initial <I>bona fide </I>offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes to supplement the
    prospectus, after the expiration of the subscription period, to
    set forth the results of the subscription offer, the
    transactions by the underwriters during the subscription period,
    the amount of unsubscribed securities to be purchased by the
    underwriters, and the terms of any subsequent reoffering
    thereof. If any public offering by the underwriters is to be
    made on terms differing from those set forth on the cover page
    of the prospectus, a post-effective amendment will be filed to
    set forth the terms of such offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Insofar as indemnification for liabilities arising under the
    Securities Act of 1933&#160;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 Securities 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 Securities Act and
    will be governed by the final adjudication of such issue.
</DIV>
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<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">II-4</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Signatures</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    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 December&#160;11,
    2009.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>OLYMPIC STEEL, INC.</B>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Michael
    D. Siegal</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Michael D. Siegal
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Chairman of the Board and Chief Executive
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Officer
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    has been signed below by the following persons in the capacities
    indicated as of December&#160;11, 2009:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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    <TD width="36%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
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    <TD width="17%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signatures</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Michael
    D. Siegal</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=182 length=0 -->Michael
    D. Siegal
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of the Board and Chief Executive Officer<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;David
    A. Wolfort</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=182 length=0 -->David
    A. Wolfort
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President, Chief Operating Officer and Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Richard
    T. Marabito</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=182 length=0 -->Richard
    T. Marabito
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Financial Officer (Principal Financial Officer and<BR>
    Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=182 length=0 -->Arthur
    F. Anton
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=182 length=0 -->Martin
    H. Elrad
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=182 length=0 -->Ralph
    M. Della Ratta
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=182 length=0 -->Howard
    L. Goldstein
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=182 length=0 -->James
    B. Meathe
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 32%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=182 length=60 -->
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="7" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    *&#160;The undersigned by signing his name hereto does sign and
    execute this registration statement on Form&#160;S-3 pursuant to
    the Power of Attorney executed by the above-named directors and
    officers of the registrant, which is being filed herewith on
    behalf of such directors and officers.
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Richard
    T. Marabito</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=2083 iwidth=165 length=0 -->Richard
    T. Marabito, Attorney-in-Fact
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    December&#160;11, 2009
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">II-5</FONT></I>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Index to
    Exhibits</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .2&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Open Market Sale Agreement by and between Olympic Steel,
    Inc. and Jefferies&#160;&#038; Company, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Articles of Incorporation of Olympic Steel,
    Inc. (filed as Exhibit&#160;3.1(i) to the Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;033-73992)</FONT>
    filed with the Commission on January&#160;12, 1994),
    incorporated herein by reference.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Code of Regulations of Olympic Steel, Inc.
    (filed as Exhibit&#160;4.2 to the Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-1439001)</FONT>
    filed June&#160;20, 2007), incorporated herein by reference.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Debt Securities Indenture.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Debt Securities.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .5*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Preferred Stock Certificate of Designations.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .6*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Warrant Agreement.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .7*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Warrant Certificate.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .8*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Depositary Agreement.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .9*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Depositary Receipt.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .10*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Subscription Rights Certificate.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .11*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Unit Agreement.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .12*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Unit Certificate.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Jones Day.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Calculation of Ratios of Earnings to Fixed Charges.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of PricewaterhouseCoopers LLP, Independent Registered
    Public Accounting Firm.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Jones Day (included in Exhibit&#160;5.1 to this
    Registration Statement).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25
</TD>
<TD nowrap align="left" valign="top">
    .1&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="white-space: nowrap">Form&#160;T-1</FONT>
    Statement of Eligibility under Trust&#160;Indenture Act of 1939
    of Trustee under Debt Securities Indenture.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed either by amendment or as an exhibit to a report
    filed under the Securities Exchange Act of 1934, and
    incorporated herein by reference.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    &#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed. </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>l37854aexv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

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






<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;23.1
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of our
report dated March&nbsp;2, 2009 relating to the financial statements, financial statement schedule 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, 2008.
We also consent to the reference to us under the heading &#147;Experts&#148; in such Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ PricewaterhouseCoopers LLP<BR>
Cleveland, Ohio<BR>
December&nbsp;11, 2009

</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
 <DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;24.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTRATION STATEMENT ON FORM S-3
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">POWER OF ATTORNEY
</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 directors and officers of OLYMPIC
STEEL, INC., an Ohio corporation (the &#147;<B><I>Corporation</I></B>&#148;), hereby constitutes and appoints Michael D.
Siegal and Richard T. Marabito, and each of them, as the true and lawful attorney-in-fact or
attorneys-in-fact, with full power of substitution and resubstitution, for each of the undersigned
and in the name, place and stead of each of the undersigned, to sign and file with the Securities
and Exchange Commission under the Securities Act of 1933 (the &#147;<B><I>Securities Act</I></B>&#148;) one or more
Registration Statements on Form S-3 relating to the registration of certain equity and debt
securities of the Corporation, with any and all amendments, supplements and exhibits thereto,
including pre-effective and post-effective amendments or supplements and Registration Statements
filed pursuant to Rule 462(b) of the Securities Act, with full power and authority to do and
perform any and all acts and things whatsoever required, necessary or desirable to be done in the
premises, hereby ratifying and approving the act of said attorneys and any of them and any such
substitute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;Executed
as of this 11th day of
December, 2009.
</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="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael D. Siegal
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Michael
D. Siegal, Chairman of the Board
and Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David A. Wolfort
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
David A. Wolfort, President, Chief
Operating Officer and Director
</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">/s/ Richard T. Marabito
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Richard
T. Marabito, Chief Financial
Officer (Principal Financial and
Accounting Officer)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Arthur F. Anton
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Arthur F. Anton, Director
</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">/s/ Ralph M. Della Ratta, Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Ralph
M. Della Ratta, Jr., Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Martin H. Elrad
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Martin H. Elrad, Director
</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">/s/ Howard L. Goldstein
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;Howard
L. Goldstein, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ James B. Meathe
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
James B. Meathe, Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">December&nbsp;11, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>VIA EDGAR</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Mail Stop 3561<BR>
Washington, DC 20549-7010

</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="3%" nowrap align="left">Attention:&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>John Stickel, Attorney Advisor
Claire Erlanger</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>Re:&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Olympic Steel, Inc.</B><BR><BR><B>
Registration Statement on Form&nbsp;S-3</B><BR><B>
Filed October&nbsp;29, 2009</B><BR><B>
File No.&nbsp;333-162723</B><BR><BR>
<B>Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2008</B><BR><B>
Filed March&nbsp;3, 2009</B><BR><B>
File No.&nbsp;000-23320</B></TD>
</TR>

</TABLE>
</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympic Steel, Inc., an Ohio corporation (the &#147;<U>Company</U>&#148; or &#147;<U>we</U>,&#148; &#147;<U>us</U>&#148;
or &#147;<U>our</U>&#148;), is submitting this letter in response to the comment letter from the staff (the
&#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;), dated
November&nbsp;23, 2009 (the &#147;<U>Comment Letter</U>&#148;), with respect to the Company&#146;s Registration
Statement on Form S-3, filed October&nbsp;29, 2009 and the Company&#146;s Annual Report on Form 10-K for the
fiscal year ended December&nbsp;31, 2008, filed March&nbsp;3, 2009 and Form 10-Q for the Quarter ended
September&nbsp;30, 2009, filed on October&nbsp;29, 2009. Today, in connection with the response to the
Comment Letter, the Company is filing amendment no. 1 to the Registration Statement on Form S-3
(the &#147;<U>Amendment</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Below are the Company&#146;s responses. For the convenience of the Staff, we have repeated each of
the Staff&#146;s comments before the corresponding response.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Registration Statement on Form&nbsp;S-3</U>
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Please note that comments may be applicable to both prospectus&#146; that have been filed
with the registration statement, and where appropriate revisions should be made to both.</I></TD>
</TR>

</TABLE>
</DIV>
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<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="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
December&nbsp;11, 2009<BR>
Page 2

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We acknowledge that the comments may be applicable to both prospectuses and, where appropriate, we
will amend both prospectuses that have been filed with the registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Risk Factors, page 4</U>
</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Please remove the third and fourth sentences of the initial paragraph. If you are
aware of additional risks, please disclose them.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have removed the third and fourth sentences of the initial paragraph on page 4 and page A-1 of
the Amendment.
</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Please confirm that all material risk relating to the various types of securities
that might be offered are either included in a risk factor that is incorporated by
reference or will be included in the prospectus supplement related to the offering of such
security.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We confirm that all material risks relating to the various types of securities that might be
offered pursuant to the prospectuses are either included in a risk factor that is incorporated by
reference or will be included in the prospectus supplement related to the offering of such
security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Description of Capital Stock, page 7</U>
</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Please revise the first paragraph, if true, to say that any supplement offering a
security will disclose the terms of the security being offered.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response:</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have revised the first paragraph of the &#147;Description of Capital Stock&#148; section in the Amendment
to state that any supplemental offering of preferred stock will disclose the terms of the preferred
stock being offered.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Plan of Distribution, page 24</U>
</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note your reference to possible remarketing arrangements. Please note that,
depending upon the level of involvement by the issuer (or its affiliates) in the
remarketing, any offers or sales pursuant to the remarketing arrangements may require
registration under the Securities Act of 1933. If the issuer would prefer that the staff
express its views on this issue at the present time, please provide us</I>
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<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="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
December&nbsp;11, 2009<BR>
Page 3

</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"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>with information about the procedures that will be used and the participants in the
remarketing, including the role of you or your affiliates, if any.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We acknowledge that, depending upon the level of involvement by the issuer (or its affiliates) in
the remarketing, any offers or sales pursuant to the remarketing arrangements may require
registration under the Securities Act of 1933. We do not desire that the Staff express its views
on this issue at the present time as we do not know the details of any potential remarketing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Plan of Distribution, page A-6</U>
</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note your disclosure that the sales agent &#147;may&#148; be deemed an underwriter. Please
revise to state that Jefferies &#038; Company, Inc., as a registered broker dealer
participating in the distribution under this registration statement, will be an
underwriter as defined in the Securities Act.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have revised the applicable portions of the &#147;Plan of Distribution&#148; section in the Amendment to
state that Jefferies &#038; Company, Inc., as a registered broker dealer participating in the
distribution under the open market sale agreement prospectus, will be an underwriter as defined in
the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Form&nbsp;10-K for fiscal year ending December&nbsp;31, 2008</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Notes to the Financial Statements</U>

</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note from your disclosure on page 23 in MD&#038;A that one reason for decreased
interest expense in 2008 is capitalization of interest into long-term capital projects.
Please tell us, and revise future filings to disclose the total amount of interest costs
incurred and capitalized for any period for which some interest costs has been
capitalized. See paragraph 21 of SFAS No.&nbsp;34.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2008, we incurred a total of $1.58&nbsp;million of interest and other expense on debt, of which
$1.15&nbsp;million was recorded as expense on the Consolidated Statement of Operations and $0.43&nbsp;million
of which was capitalized into long-term capital projects. In future filings, we will disclose the
total amount of interest costs incurred and capitalized for any period in which some interest cost
has been capitalized.
</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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>In future filings, please disclose the following information related to the fair
value of financial instruments such as debt, accounts receivable, accounts payable, etc.</I></TD>
</TR>

</TABLE>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
December&nbsp;11, 2009<BR>
Page 4

</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Fair value of financial instruments for which it is practicable to estimate
fair value</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>The methods and significant assumptions used to estimate the fair value of
financial instruments</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>For financial instruments for which it is concluded that estimating fair value
is not practicable, (i)&nbsp;information related to estimating the fair value of the
financial instrument (such as the carrying amount, effective interest rate, and
maturity) and (ii)&nbsp;the reasons why it is not practicable to estimate fair value</I></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>See paragraphs 10 and 14 of SFAS No.&nbsp;107 and paragraphs 531-532 of SFAS No.&nbsp;133.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In future filings, we will further expand our disclosure of the fair value of financial instruments
and the methodologies for determining the fair value of those financial instruments, such as debt,
accounts receivable and accounts payable, for which it is practicable to estimate fair value and
the methods and significant assumptions used to estimate such fair value, in accordance with
paragraphs 10 and 14 of SFAS No.&nbsp;107 and paragraphs 531-32 of SFAS No.&nbsp;133.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Note 1. Summary of Significant Accounting Policies &#151; Shipping and Handling Fees and Costs, page 37</U>
</DIV>


<DIV style="margin-top: 6pt">
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<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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note your disclosure that you classify costs incurred for shipping and handling to
the customer as &#147;distribution expenses&#148; on the statement of operations. In future
filings, please disclose the amount of shipping and handling costs recorded on the
statement of operations for each period presented. See paragraph 6 of EITF 00-10.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In response to a comment letter received from the staff of the Commission regarding our Annual
Report on Form 10-K for the year ended December&nbsp;31, 2007, we had revised our &#147;Shipping and Handling
Fees and Costs&#148; accounting policy disclosure to indicate that the distribution expense line on our
Consolidated Statement of Operations reflects all shipping and other transportation costs incurred
by us in shipping goods to our customers. In future filings, in accordance with paragraph 6 of
EITF 00-10, we will revise the disclosure to clarify that the &#147;distribution expenses&#148; category is
<U>entirely</U> comprised of shipping and handling fees.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
December&nbsp;11, 2009<BR>
Page 5

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Note 4. Property and Equipment, page 39</U>
</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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note your disclosure that implementation of the new information system began in
2009. Please tell us, and disclose in future filings, when you expect to begin
depreciating the new information system.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2009, we began depreciating the portion of the new information system that was placed in
service at that time. We will include disclosure regarding this depreciation in future filings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Note 11. Restricted Stock Units and Performance Share Units, page 44</U>
</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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Please revise future filings to include all disclosures required by SFAS No.&nbsp;123R
that are applicable to restricted stock units and performance share units, as set forth in
paragraph A240 of SFAS No.&nbsp;123R.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In future filings, we will include all disclosures required by paragraph A240 of SFAS No.&nbsp;123R as
they relate to restricted stock units and performance share units.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2009</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Notes to the Financial Statements</U>

</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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note from your disclosure on page 20 of MD&#038;A that interest expense increased due
in part to higher amortization of deferred financing fees due to 2009 amendments of your
credit facility. Please provide us more information about the nature of these amendments
and the related fees incurred. Also, please tell us, and disclose in future filings how
you accounted for these additional fees in accordance with EITF 98-14, as applicable.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, we incurred fees related to the amendments of our revolving credit facility. The
amendments waived the calculation of the fixed charge covenant for the period of March&nbsp;31, 2009
through June&nbsp;30, 2010. We capitalized the amendment fees and are amortizing those costs (which are
included in the caption &#147;Interest and other expense on debt&#148; on our Consolidated Statement of
Operations) over the period of March&nbsp;31, 2009 through June&nbsp;30, 2010, in accordance with the
guidance provided in EITF 98-14. We will disclose the nature of the amendments and the related
fees in future filings, as necessary.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
December&nbsp;11, 2009<BR>
Page 6

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Note 3. Inventories, page 7</U>
</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">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note your disclosure that effective March&nbsp;31, 2009, the Company was required under
GAAP to write down the value of its inventory to its net realizable value (average selling
price less reasonable costs to convert the inventory into completed form), resulting in a
$30.6&nbsp;million charge. In light of these adjustments in 2009, please tell us why you
believe the amount of inventory recorded on the balance sheet as of December&nbsp;31, 2008 was
appropriately recorded. Also, in light of your disclosure in your </I><I>Form l0-K</I><I> for the year
ended December&nbsp;31, 2008 that steel prices declined in the fourth quarter of 2008 and were
expected to continue to decline in 2009, please tell us why you believe inventory
adjustments were not necessary until the first quarter of 2009. As part of your response,
please explain to us the nature of the changes in circumstances and events subsequent to
the fiscal year ended December&nbsp;31, 2008 that resulted in both the first and second quarter
2009 inventory adjustments.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, we tested our inventory to determine if a lower of cost or market adjustment
was required in light of the decline in steel pricing noted in our Annual Report on Form 10-K for
the year ended December&nbsp;31, 2008 (the &#147;<U>2008 Form&nbsp;10-K</U>&#148;). At that date, our average selling
prices exceeded the average carrying value of our inventory and no lower of cost or market
adjustment was necessary. We updated our inventory analysis throughout the first quarter of 2009
using the same testing methodology as was used at December&nbsp;31, 2008 and prior dates. At the time
of the filing of our 2008 Form 10-K on March&nbsp;2, 2009, our average selling prices still exceeded the
average carrying value of our inventory. In the first risk factor under Item&nbsp;1A of our 2008 Form
10-K, we included the statement that &#147;further declines in steel prices or further reductions in
sales volumes could adversely impact our ability to remain in compliance with certain financial
covenants in our revolving credit facility as well as result in us incurring inventory or goodwill
impairment charges.&#148; During the middle and latter portions of March&nbsp;2009, the steel market
deteriorated further. Utilizing the same methodology used in prior periods, as of March&nbsp;31, 2009,
the average carrying value of our inventory exceeded our average selling prices, necessitating a
lower of cost or market adjustment. The steel market further deteriorated during the second
quarter of 2009. Again, utilizing the same methodology used in prior periods, as of June&nbsp;30, 2009,
the average carrying value of our inventory exceeded our average selling prices, necessitating an
additional lower of cost or market adjustment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Management&#146;s Discussion and Analysis &#151; Results of Operations</U>
</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">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note that in your results of operations section, you present and discuss the
measure &#147;gross profit before lower of cost of market adjustment.&#148; We believe that in
theory, the lower of cost or market adjustment should be included in a cost of materials
sold amount, and therefore, a gross profit measure as presented in</I>
</TD>
</TR>
</TABLE>
</DIV>
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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
December&nbsp;11, 2009<BR>
Page 7

</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"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>accordance with GAAP would include a lower of cost or market inventory adjustment. Please
revise future filings to present this measure as a non-GAAP financial measure and include
the disclosures required by </I><I>Item 10(e)</I><I> of Regulation&nbsp;S-K, or alternatively, eliminate your
use of this measure in future filings.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To that extent that we present &#147;gross profit before lower of cost or market adjustment&#148; in future
filings, we will present such measure as a non-GAAP financial measure and will include the
disclosures required by Item 10(e) of Regulation&nbsp;S-K.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Exhibit&nbsp;5.1</U>
</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">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Please confirm that prior to each takedown you will issue an opinion without the
assumptions contained in this one about events which have not yet taken place. If you
anticipate still issuing opinions with some assumptions, please show us what they are.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We confirm that prior to each takedown, we will have our counsel issue an opinion without the
assumptions contained in this one about events which have not yet taken place.
</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">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Please confirm that each time you do a takedown of any of these securities you will
file a clean opinion of counsel as an exhibit for any securities you are taking down.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Response</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We confirm that each time we do a takedown of any of these securities, we will file a clean opinion
of counsel as an exhibit for any securities we are taking down on a Form 8-K that is incorporated
by reference into the registration statement.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions regarding these matters, please do not hesitate to contact the
undersigned at (216)&nbsp;292-3800.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Michael D. Siegal
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Michael D. Siegal&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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