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<SEC-DOCUMENT>0001157523-09-002549.txt : 20090406
<SEC-HEADER>0001157523-09-002549.hdr.sgml : 20090406
<ACCEPTANCE-DATETIME>20090406170329
ACCESSION NUMBER:		0001157523-09-002549
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090406
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090406
DATE AS OF CHANGE:		20090406

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23320
		FILM NUMBER:		09735653

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

	MAIL ADDRESS:	
		STREET 1:		5096 RICHMOND RD
		CITY:			BEDFORD HEIGHTS
		STATE:			OH
		ZIP:			44146
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5934416.htm
<DESCRIPTION>OLYMPIC STEEL, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
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  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <hr style="color: #000000; text-align: center; height: 1.0 pt; width: 100%">
    <hr style="color: #000000; text-align: center; height: 1.0 pt; width: 100%">


    <p style="text-align: center">
      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt">UNITED
      STATES SECURITIES AND EXCHANGE COMMISSION</font><br><font style="font-family: Times New Roman; font-size: 10pt">Washington,
      D.C. 20549</font><br><br><br><font style="font-family: Times New Roman; font-size: 16pt"><b>Form
      8-K</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 12pt">CURRENT
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE</font><br><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      EXCHANGE ACT OF 1934</font><br><br><font style="font-family: Times New Roman; font-size: 10pt">D</font><font style="font-family: Times New Roman; font-size: 12pt">ate
      of Report (Date of earliest event reported) </font>&#8211; <u><font style="font-family: Times New Roman; font-size: 12pt">April
      6, 2009</font></u><br><br><br><font style="font-size: 12pt">Commission
      File Number&#160;&#160;</font><u><font style="font-size: 12pt">0-23320</font></u>
    </p>
    <p style="text-align: center">
      <br>
      <br>
      <font style="font-size: 16pt"><b>OLYMPIC STEEL, INC.</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 9%">
          &#160;
        </td>
        <td style="width: 30%; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;Ohio
          </p>
        </td>
        <td style="padding-right: 0.0px; width: 25%; padding-left: 0.0px; white-space: nowrap; text-align: center; padding-bottom: 2.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; width: 27%; padding-left: 0.0px; white-space: nowrap; text-align: center; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            34-1245650
          </p>
        </td>
        <td style="width: 9%">

        </td>
      </tr>
      <tr>
        <td style="width: 9%">

        </td>
        <td style="width: 30%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            incorporation or organization)
          </p>
        </td>
        <td style="width: 25%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 27%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification Number)
          </p>
        </td>
        <td style="width: 9%">

        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 50%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>5096 Richmond Road, Bedford Heights, Ohio</u>
          </p>
        </td>
        <td style="padding-right: 0.0px; width: 50%; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>44146</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="width: 50%; padding-left: 0.0px; text-align: center" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code: </font><u>(216) 292-3800</u>
    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br>
    </p>
    <hr style="width: 100%; color: #000000; text-align: center; height: 1.0 pt">
    <hr style="width: 100%; color: #000000; text-align: center; height: 1.0 pt">


    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap; text-align: justify">
      <b>Item 2.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      On April 6, 2009, Olympic Steel, Inc. issued a press release reporting
      that it will be required to take a charge for an inventory write-down at
      March 31, 2009.&#160;&#160;The press release is attached hereto as Exhibit 99.1.
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      The information included in this report, including exhibit 99.1, is
      furnished pursuant to Item 2.02 of Form 8-K, is not to be considered
      &#8220;filed&#8221; under the Securities Exchange Act of 1934, as amended (&#8220;Exchange
      Act&#8221;), and shall not be incorporated by reference into any of Olympic
      Steel, Inc.&#8217;s previous or future filings under the Securities Act of
      1933, as amended, or the Exchange Act except as otherwise expressly
      stated in such filing.
    </p>
    <p>

    </p>
    <p>

    </p>
    <p style="text-align: justify">
      <b>Item 9.01</b> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>Financial
      Statements and Exhibits</b>
    </p>
    <p>

    </p>
    <p>

    </p>
    <p style="margin-left: 30.0px; white-space: nowrap; text-align: justify">
      (d)&#160;&#160;&#160;&#160;&#160;Exhibits.
    </p>
    <p>

    </p>
    <p style="margin-left: 30.0px; text-align: justify">
      <b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exhibit
      No.</u></b><br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press release dated April
      6, 2009.
    </p>
    <p style="margin-left: 30.0px; white-space: nowrap; text-align: justify">

    </p>
    <p style="margin-left: 30.0px; white-space: nowrap; text-align: justify">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 45%; padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>OLYMPIC STEEL, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 45%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%; padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Date:
        </td>
        <td style="width: 45%; padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            April 6, 2009
          </p>
        </td>
        <td style="width: 5%; padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="width: 45%; padding-left: 0.0px; text-align: left; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ RICHARD T. MARABITO
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 45%; padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Richard T. Marabito
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 45%; padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 45%; padding-left: 20.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Principal Accounting Officer)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <u><b>Exhibit Index</b></u>
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press release dated April 6, 2009.
    </p>
    <p style="text-align: center">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5934416ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Olympic
      Steel Announces Expense Reduction Actions and Inventory Write-Down</b></font>
    </p>
    <p>
      CLEVELAND--(BUSINESS WIRE)--April 6, 2009--Olympic Steel, Inc., (Nasdaq:
      ZEUS), a national steel service center, today announced that due to
      continued weakness in the economy and the steel market, it has taken
      additional actions to reduce its operating expenses, and it will be
      required to write down the value of its inventory at March 31, 2009, in
      accordance with lower of cost or market accounting guidance.
    </p>
    <p>
      Demand for flat rolled steel remained soft and pricing continued to
      unexpectedly deteriorate through March 2009. In response to the weak
      market conditions, Olympic Steel estimates that it has reduced its
      annual operating expenses for 2009 by approximately $65 million, or
      approximately 35%, compared to total annual operating expenses for 2008.
      Cost reductions have been achieved through various initiatives
      including: headcount reductions of 21% from peak 2008 levels; reduced
      work hours to match depressed customer production schedules;
      company-wide base pay reductions ranging from 2.5% to 10% effective
      March 30, 2009, including cash compensation reductions taken by our
      executive management team equal to 20% of each executive&#8217;s base salary;
      a 20% cash compensation reduction by our board of directors; benefit
      reductions; and heightened control over all discretionary spending.
    </p>
    <p>
      Market conditions will also require the Company to report an inventory
      lower of cost or market pretax charge of approximately $30 million, or
      approximately 12% of its March 31, 2009 inventory.
    </p>
    <p>
      Commenting on the Company&#8217;s actions, Chairman and Chief Executive
      Officer Michael D. Siegal, stated, &#8220;In light of challenging market
      conditions in 2009, where February year-to-date steel service center
      shipments have declined by 43% compared to the same period of 2008
      according to the Metals Service Center Institute&#8217;s Metals Activity
      Report, we have taken actions to reduce our expenses and preserve our
      cash, including the suspension of new non-maintenance capital
      expenditures. We expect to generate significant cash flow from inventory
      reductions in the next six months to substantially reduce our
      outstanding debt by the end of 2009. We have also completed an amendment
      to our revolving credit facility eliminating the impact of the inventory
      lower of cost or market charge on our covenants. We believe that our
      focus on cash flow, expense reductions and our strong balance sheet will
      be advantageous once an economic recovery occurs,&#8221; concluded Mr. Siegal.
    </p>
    <p>
      The Company also announced that it has reached a new three-year
      contractual agreement with the collective bargaining unit representing
      its Minneapolis plate facility employees. The agreement contains base
      pay and benefit concessions similar to those implemented for
      non-contractual employees.
    </p>
    <div style="width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Founded in 1954, Olympic Steel is a leading U.S. steel service center
      focused on the direct sale and distribution of large volumes of
      processed carbon, coated and stainless flat-rolled sheet, coil and plate
      steel products. Headquartered in Cleveland, Ohio, the Company operates
      17 facilities. For further information, visit the Company&#8217;s web site at <u>http://www.olysteel.com</u>.
    </p>
    <p>
      It is the Company&#8217;s policy not to endorse any analyst&#8217;s sales or
      earnings estimates. Forward-looking statements in this release are made
      pursuant to the safe harbor provisions of the Private Securities
      Litigation Reform Act of 1995. Forward-looking statements are typically
      identified by words or phrases such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221;
      &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221;
      &#8220;potential,&#8221; or &#8220;continue,&#8221; as well as the negative of these terms or
      other similar expressions. Such forward-looking statements are subject
      to certain risks and uncertainties that could cause actual results to
      differ materially from those projected. Readers are cautioned not to
      place undue reliance on these forward-looking statements. Such risks and
      uncertainties include, but are not limited to: general and global
      business, economic, financial and political conditions; access to global
      capital markets; competitive factors such as the availability and
      pricing of steel, industry shipping and inventory levels, and rapid
      fluctuations in customer demand and steel pricing; the cyclicality and
      volatility within the steel industry; 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; customer, supplier, and competitor
      consolidation, bankruptcy or insolvency; layoffs or work stoppages by
      the Company&#8217;s, suppliers&#8217; or customers&#8217; personnel; equipment
      installation delays or malfunctions; the amounts, timing and successes
      of the Company&#8217;s capital investments, including the construction of a
      new facility in South Carolina and the start-up of our new facility in
      Dover, Ohio; the successes of our strategic efforts and initiatives to
      increase sales volumes, maintain or improve inventory turnover and free
      cash flows, reduce costs, inventory and debt in a declining market,
      while improving customer service; the timing and outcome of inventory
      lower of cost or market adjustments; OLP&#8217;s efforts and ability to
      liquidate its remaining assets; the adequacy of our existing information
      technology and business system software and the success of implementing
      our new enterprise-wide information system; the Company&#8217;s ability to pay
      and its determination of amounts of regular quarterly cash dividends in
      the future; the Company&#8217;s ability to generate free cash flow to repay
      its debt within anticipated timeframes; and its ability to successfully
      amend its revolving credit facility in a timely fashion or at all.
      Further information on these and other risks and uncertainties is
      provided under Item 1A &#8220;Risk Factors&#8221; of the Company&#8217;s Annual Report on
      Form 10-K and Quarterly Reports on Form 10-Q, which disclosure is
      incorporated herein by reference, and elsewhere in reports that the
      Company files or furnishes with the SEC. This release speaks only as of
      its date and the Company undertakes no obligation to publicly update
      forward-looking statements, whether as a result of new information,
      future events or otherwise, except to the extent required by law. You
      are advised, however, to consult any further disclosures the Company
      makes on related subjects in its reports filed with or furnished to the
      SEC.
    </p>
    <p>
      CONTACT:<br><b>Olympic Steel, Inc.</b><br><b>Richard T. Marabito, Chief
      Financial Officer, 216-292-3800</b><br><b>Fax:</b> <b>216-292-3974</b>
    </p>
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