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<SEC-DOCUMENT>0001171843-10-000275.txt : 20100225
<SEC-HEADER>0001171843-10-000275.hdr.sgml : 20100225
<ACCEPTANCE-DATETIME>20100225080322
ACCESSION NUMBER:		0001171843-10-000275
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100225
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100225
DATE AS OF CHANGE:		20100225

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:		10631601

	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>document.htm
<DESCRIPTION>FORM 8-K FILING DOCUMENT
<TEXT>
<!DOCTYPE html
	PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"
	"http://www.w3.org/TR/html4/loose.dtd">
<html lang="en-US">
<head>
  <title>Form 8-K Filing</title>
</head>

<body>

<p align="center">
  <font size="5">
    <b>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br></b>
  </font>
</p>

<p align="center">
  <font size="3">
    <b>Washington, D.C. 20549</b><br>
  </font>
</p>


<hr noshade="1" width="150" align="center">
<p align="center">
  <font size="5">
    <b>FORM 8-K</b><br>
  </font>
</p>


<hr noshade="1" width="150" align="center">
<p align="center">
  <font size="3">
    <b>CURRENT REPORT</b><br>
  </font>
</p>


<p align="center">
  <font size="3">
    <b>Pursuant to Section&nbsp;13 OR 15(d) of<br>The Securities Exchange Act of 1934</b><br>
  </font>
</p>


<p align="center">
  <font size="3">
    Date of Report (Date of earliest event reported) <b>February 25, 2010</b> &nbsp; <br>
  </font>
</p>

<hr noshade="1" width="150" align="center">

<p align="center">
  <font size="5">
    <b>Olympic Steel, Inc.</b>
  </font>
   <br> <font size="2">
    (Exact name of registrant as specified in its charter)
  </font>
</p>




<!-- Registrant's State of Inc, File and IRS Number -->
<table cellpadding="0" border="0" width="100%" cellspacing="0">

   <tr valign="top">
    <td width="32%" align="center">
      <br> <font size="2">
        <b>Ohio</b>
      </font>
    </td>
     <td width="3%">
      &nbsp;
    </td>
     <td width="32%" align="center">
      <br> <font size="2">
        <b>0-23320</b>
      </font>
    </td>
     <td width="3%">
      &nbsp;
    </td>
     <td width="32%" align="center">
      <br> <font size="2">
        <b>34-1245650</b>
      </font>
    </td>
  </tr>

   <tr valign="top">
    <td width="32%" align="center">
      <font size="2">
        (State or other jurisdiction<br>of incorporation)
      </font>
    </td>
     <td width="3%">
      &nbsp;
    </td>
     <td width="32%" align="center">
      <font size="2">
        (Commission File Number)
      </font>
    </td>
     <td width="3%">
      &nbsp;
    </td>
     <td width="32%" align="center">
      <font size="2">
        (IRS Employer Identification No.)
      </font>
    </td>
  </tr>

</table>


<!-- Registrant's Postal Addess and Zip Code -->
<br><br><table cellpadding="0" border="0" width="100%" cellspacing="0">

   <tr valign="top">
    <td width="19%">
      &nbsp;
    </td>
     <td width="47%" align="center">
      <br> <font size="2">
        <b>5096 Richmond Road, Bedford Heights, Ohio</b>
      </font>
    </td>
     <td width="2%">
      &nbsp;
    </td>
     <td width="13%" align="center">
      <br> <font size="2">
        <b>44146</b>
      </font>
    </td>
     <td width="19%">
      &nbsp;
    </td>
  </tr>

   <tr valign="top">
    <td width="19%">
      &nbsp;
    </td>
     <td width="47%" align="center">
      <font size="2">
        (Address of principal executive offices)
      </font>
    </td>
     <td width="2%">
      &nbsp;
    </td>
     <td width="13%" align="center">
      <font size="2">
        (Zip Code)
      </font>
    </td>
     <td width="19%">
      &nbsp;
    </td>
  </tr>

</table>
<p align="center">
  <font size="2">
    Registrant's telephone number, including area code: &nbsp;
    <b>(216) 292-3800</b>
  </font>
</p>

<p align="center">
  <font size="2">
  	<br /><br />
    ________________________________________________________________________________<br />
	(Former name or former address, if changed since last report)
  </font>
</p>

<!-- Simultaneous filing obligation checkboxes -->
<br><br><table cellpadding="0" border="0" width="100%" cellspacing="0">
	<tr valign="top">
	<td colspan=3>
	<font size="2">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>
	</td>
	</tr>
	<tr valign="top">
		<td>&nbsp; &nbsp;</td>
		<td nowrap="1"><font size="2">[ &nbsp;&nbsp; ]</font></td>
		<td><font size="2">
			Written communications pursuant to Rule 425
			under the Securities Act (17 CFR 230.425)
		</font></td>
	</tr>
	<tr valign="top">
		<td>&nbsp; &nbsp;</td>
		<td nowrap="1"><font size="2">[ &nbsp;&nbsp; ]</font></td>
		<td><font size="2">
			Soliciting material pursuant to Rule 14a-12 under
			the Exchange Act (17 CFR 240.14a-12)
		</font></td>
	</tr>
	<tr valign="top">
		<td>&nbsp; &nbsp;</td>
		<td nowrap="1"><font size="2">[ &nbsp;&nbsp; ]</font></td>
		<td><font size="2">
			Pre-commencement communications pursuant to Rule 14d-2(b)
			under the Exchange Act (17 CFR 240.14d-2(b))
		</font></td>
	</tr>
	<tr valign="top">
		<td>&nbsp; &nbsp;</td>
		<td nowrap="1"><font size="2">[ &nbsp;&nbsp; ]</font></td>
		<td><font size="2">
			Pre-commencement communications pursuant to Rule 13e-4(c)
			under the Exchange Act (17 CFR 240.13e-4(c))
		</font></td>
	</tr>
</table>

<hr noshade="1">


<p>
  <font size="3">
    <b>Item 2.02. Results of Operations and Financial Condition.</b>
  </font>
</p>

<p>
  <font size="2">
    <p>On February 25, 2010, Olympic Steel, Inc. issued a press release reporting its operating results for the fiscal quarter and year ended December 31, 2009.  The press release is attached hereto as Exhibit 99.1.</p>
<p>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 "filed" under the Securities Exchange Act of 1934, as amended ("Exchange Act"), and shall not be incorporated by reference into any of Olympic Steel, Inc.'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>
  </font>
</p>



<p>
  <font size="3">
    <b>Item 9.01. Financial Statements and Exhibits.</b>
  </font>
</p>

<p>
  <font size="2">
    <p>(d)  Exhibits.</p>
<table border="0" cellpadding="0" cellspacing="2" bgcolor="white">
	<tr>
		<td width="15"></td>
		<td><font size="2"><u><b>Exhibit No.</b></u></font></td>
		<td width="15"></td>
		<td></td>
	</tr>
	<tr>
		<td width="15"></td>
		<td><font size="2">99.1</font></td>
		<td width="15"></td>
		<td><font size="2">Press release dated February 25, 2010</font></td>
	</tr>
</table>
  </font>
</p>

<hr noshade="1">

<!-- Registrant's Signature -->
<p align="center">
  <font size="3">
	<b>SIGNATURE</b>
  </font>
</p>

<p>
  <font size="2">
    &nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities
	Exchange Act of 1934, as amended, the Registrant has duly caused this report to be
	signed on its behalf by the undersigned hereunto duly authorized.
  </font>
</p>

<table cellpadding="0" border="0" width="100%" cellspacing="0">
   <tr valign="top">
    <td width="47%">
      &nbsp;
    </td>
     <td width="5%">
      &nbsp;
    </td>
     <td width="47%" align="center">
      <font size="2">
        <b>Olympic Steel, Inc.</b>
      </font>
       <hr noshade="1"> <font size="2">
        (Registrant)<br><br>
      </font>
    </td>
  </tr>

   <tr valign="top">
    <td width="47%" align="center">
      <font size="2">
        <b>February 25, 2010</b>
      </font>
       <hr noshade="1"> <font size="2">
        (Date)
      </font>
    </td>
     <td width="5%">
      &nbsp;
    </td>
     <td width="47%" align="center">
      <font size="2">
        <b>/s/ &nbsp; RICHARD T. MARABITO</b>
      </font>
       <hr noshade="1"> <font size="2">
        Richard T. Marabito
      </font>
       <br> <font size="2">
        <i>Chief Financial Officer<br>(Principal Financial and Accounting Officer)</i>
      </font>
    </td>
  </tr>

</table>

<hr><br><div align="center">
	<b><u>EXHIBIT INDEX</u></b></div>
<p></p>
<table border="0" cellpadding="0" cellspacing="2" bgcolor="white">
	<tr>
		<td><font size="2">99.1</font></td>
		<td width="15"></td>
		<td><font size="2">Press release dated February 25, 2010.</font></td>
	</tr>
</table>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>newsrelease.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html><head><title>Olympic Steel Reports 2009 Fourth Quarter and Annual Financial Results</title></head><body><p align="right">EXHIBIT 99.1</p><h3 align="center">Olympic Steel Reports 2009 Fourth Quarter and Annual Financial Results</h3><p>CLEVELAND, Feb. 24, 2010 (GLOBE NEWSWIRE) -- Olympic Steel, Inc. (Nasdaq:ZEUS), a national steel service center, today announced its financial results for the fourth quarter and year ended December 31, 2009.</p><p>
	Net sales for the fourth quarter of 2009 totaled $138.5 million, a 45.4% decrease from the $253.6 million for the fourth quarter of 2008.&#xA0;Tons sold in the fourth quarter of 2009 decreased 15.1% to 194 thousand from 229 thousand in the fourth quarter of 2008.&#xA0;Fourth quarter 2009 net loss totaled $2.6 million, or $.24 per diluted share, compared to net income of $776 thousand, or $0.07 per diluted share, for last year's fourth quarter.&#xA0;&#xA0;&#xA0;</p><p>
	Net sales for the year ended December 31, 2009 totaled $523.4 million, a 57.4% decrease from $1.23 billion for 2008.&#xA0;Tons sold in 2009 decreased 38.1% to 721 thousand from 1.17 million in 2008.&#xA0;Net loss totaled $61.2 million, or $5.62 per diluted share, for 2009, compared to net income of $67.7 million, or $6.21 per diluted share, for last year.&#xA0;The 2009 results include a pre-tax $81.1 million of lower of cost or market charges to write down the value of inventory as of March 31, 2009 and June 30, 2009.&#xA0;</p><p>
	Commenting on the results, Chairman and Chief Executive Officer Michael D. Siegal stated, "We are pleased with the progress we made in a very challenging 2009. We enter 2010 from a position of strength.&#xA0;We have an exceptionally strong balance sheet, as our core discipline of cash flow and working capital management allowed us to repay all of our bank debt in 2009.&#xA0;Our inventory is once again turning at our preferred rate of five times per year.&#xA0;We avoided any material bad debt losses in 2009, and remain diligent in our credit and collection practices. Our continued focus on operating expenses resulted in a 37% decline in 2009 costs compared to 2008.&#xA0;We are benefitting from large OEM customers awarding business to financially strong, quality suppliers during this economic downturn.&#xA0;Our fourth quarter sales volume increased over third quarter, and we expect this trend to continue in the first quarter of 2010.&#xA0;Sales and margins are expected to improve, as steel prices have continu
ed to increase since late fourth quarter of 2009.&#xA0;We expect to profitably grow our market share in 2010 by serving our customers from a position of strength."</p><p>
	Olympic Steel's Board of Directors approved a regular quarterly cash dividend of $0.02 per share to be paid to shareholders of record as of March 1, 2010, and distributed on March 15, 2010.&#xA0;</p><p>
	A simulcast of Olympic Steel's 2009 fourth quarter earnings conference call may be accessed via the Investor Relations section of the Company's website at www.olysteel.com.&#xA0;The simulcast will begin at 10:00 a.m. Eastern Time today and a replay of the call will be available for 14 days thereafter.</p><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.&#xA0;Headquartered in Cleveland, Ohio, the Company operates 16 facilities.&#xA0;For further information, visit the Company's web site at http://www.olysteel.com.</p><p>
	The Olympic Steel, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3582</p><p>
	It is the Company's policy not to endorse any analyst's sales or earnings estimates.&#xA0;Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.&#xA0;Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "should," "intend," "expect," "believe," "estimate," "project," "plan," "potential," or "continue," 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 implied by such statements.&#xA0;Readers are cautioned not to place undue reliance on these forward-looking statements.&#xA0;Such risks and uncertainties include, but are not limited to: further deterioration of steel demand and steel pricing; general and global business, economic, financial and political conditions, including the ongoing effects of the gl
obal credit crisis; access to capital and global credit 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, especially those in the domestic auto industry; reduced production schedules, layoffs or work stoppages by our own, our suppliers' or our customers' personnel; the availability and costs of transportation and logistical services; equipment installation delays or malfunctions; the amounts, successes and ability to continue our capital investments and our business information system projects; the successes of our strategic efforts and initiatives to increase sale
s volumes, maintain or improve working capital turnover and free cash flows, reduce costs and improve inventory turnover in a declining market while improving customer service; the timing and outcome of inventory lower of cost or market adjustments;&#xA0;the adequacy of our existing information technology and business system software; the successful implementation of our new enterprise-wide information system; the timing and outcome of our joint venture's efforts and ability to liquidate its remaining real estate; our ability to pay regular quarterly cash dividends &#xA0;and the amounts and timing of any future dividends; and our ability to generate free cash flow through operations, reduce inventory and repay debt within anticipated timeframes.&#xA0;Further information on these and other risks and uncertainties is provided under Item 1A "Risk Factors" of our 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.&#xA0;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.&#xA0;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><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td colspan="5" style="font: 16px Arial; text-align: center">
				<strong>OLYMPIC STEEL</strong></td>
		</tr>
		<tr>
			<td colspan="5" style="font: 16px Arial; text-align: center">
				<strong>SELECTED FINANCIAL INFORMATION&#xA0;</strong></td>
		</tr>
		<tr>
			<td colspan="5" style="font: 12px Arial; text-align: center">
				(in thousands, except per share data and ratios)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>Three Months Ended<br>
				December 31,</strong></td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>Twelve Months Ended<br>
				December 31,</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2009</strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2008</strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2009</strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2008</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>SUMMARY RESULTS OF OPERATIONS:</strong></td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				(unaudited)</td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				(audited)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net sales</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;138,497</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;253,634</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;523,395</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;1,227,245</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Operating income (loss)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;(3,944)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;2,893</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;(97,327)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;109,246</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Income (loss) before income taxes&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;(4,300)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;2,282</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;(99,544)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;108,098</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net income (loss)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;(2,612)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;776</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;(61,228)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;67,702</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Earnings per share:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Net income (loss) per share - basic</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;(0.24)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;0.07</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;(5.62)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;6.24</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Net income (loss) per share - diluted</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;(0.24)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;0.07</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;(5.62)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;6.21</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>December 31,</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2009</strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2008</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>SUMMARY BALANCE SHEET DATA:</strong></td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				(audited)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Accounts receivable, net</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;51,269</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;77,737</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Inventories, net</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;111,663</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;255,300</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net property and equipment</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;113,560</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;113,505</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Total assets&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;338,448</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;474,247</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Current liabilities</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;66,254</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;95,280</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Total debt</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;--</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;40,198</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Shareholders' equity</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;259,612</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;322,958</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Shareholders' equity per share</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;23.85</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;29.73</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Debt-to-equity ratio</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;n/a&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;.12 to 1&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>Twelve Months Ended<br>
				December 31,</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2009</strong></td>
			<td style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2008</strong></td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;">
				<strong>OTHER DATA:</strong></td>
			<td colspan="2" style="font: 12px Arial; text-align: center">
				(audited)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Capital expenditures</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;11,862</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;33,759</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Cash dividends per share</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;0.11</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;0.18</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Special cash dividends per share</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;--&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;1.00</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="5" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>It is the Company's policy not to make quarterly or annual sales or earnings projections<br>
				for external use and not to endorse any analyst's sales or earnings estimates.</strong></td>
		</tr>

</table><table cellpadding="0" cellspacing="6" style=" border-collapse: separate; border-spacing: 6px ">

		<tr>
			<td colspan="9" style="font: 16px Arial; text-align: center">
				<strong>OLYMPIC STEEL</strong></td>
		</tr>
		<tr>
			<td colspan="9" style="font: 16px Arial; text-align: center">
				<strong>RESULTS OF OPERATIONS</strong></td>
		</tr>
		<tr>
			<td colspan="9" style="font: 12px Arial; text-align: center">
				(in thousands, except per share and tonnage data)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td colspan="4" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>Three Months Ended December 31,</strong></td>
			<td colspan="4" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>Twelve Months Ended December 31,</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2009</strong></td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2008</strong></td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2009</strong></td>
			<td colspan="2" style="font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;">
				<strong>2008</strong></td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td colspan="4" style="font: 12px Arial; text-align: center">
				(unaudited)</td>
			<td colspan="4" style="font: 12px Arial; text-align: center">
				(audited)</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Tons sold</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Direct</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;174,576</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;202,931</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;644,752</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;1,040,586</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Toll</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;19,604</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;25,848</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;76,226</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;124,697</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;194,180</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;228,779</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;720,978</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;1,165,283</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				% change</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(15.1%)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(21.5%)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(38.1%)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(6.6%)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net sales</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;138,497</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;253,634</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;523,395</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;$&#xA0;1,227,245</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				% change</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(45.4%)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				7.4%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(57.4%)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				19.3%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Costs and expenses</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Cost of materials sold (exclusive of items <br>
				&#xA0;&#xA0; shown&#xA0;below, includes $81,063 of <br>
				&#xA0;&#xA0; inventory lower of&#xA0;cost or market <br>
				&#xA0;&#xA0; adjustments in 2009)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;111,703</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				80.7%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;214,234</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				84.5%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				502,134</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				95.9%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				930,606</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				75.8%</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Warehouse and processing</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;10,337</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				7.5%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;14,360</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				5.7%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;39,863</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				7.6%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;64,382</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				5.2%</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Administrative and general</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;8,773</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				6.3%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;8,717</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				3.4%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;33,956</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				6.5%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;58,592</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				4.8%</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Distribution</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;4,094</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				3.0%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;5,363</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2.1%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;15,480</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				3.0%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;28,086</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2.3%</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Selling</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;3,143</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2.3%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;3,618</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1.4%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;12,114</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2.3%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;19,602</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1.6%</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Occupancy</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;1,297</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.9%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;1,700</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.7%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;5,500</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1.1%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;6,998</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.6%</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Depreciation</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;3,094</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2.2%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;2,749</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1.1%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;11,675</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				2.2%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;9,733</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.8%</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 20.0px;">
				Total costs and expenses</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;142,441</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				102.8%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;250,741</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				98.9%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;620,722</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				118.6%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;1,117,999</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				91.1%</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Operating income (loss)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;(3,944)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(2.8%)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;2,893</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				1.1%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;(97,327)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(18.6%)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;109,246</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				8.9%</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Interest and other expense on debt</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;356</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.3%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;611</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.2%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;2,217</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.4%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;1,148</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.1%</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Income (loss) before income taxes</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;(4,300)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(3.1%)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;2,282</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				0.9%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;(99,544)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				(19.0%)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				&#xA0;108,098</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				8.8%</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Income tax provision (benefit)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;(1,688)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				39.3%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;1,506</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				66.0%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;(38,316)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				38.5%</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: solid black 1.0pt;">
				&#xA0;40,396</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap;">
				37.4%</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Net income (loss)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;(2,612)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;776</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;(61,228)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;67,702</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				Earnings per share:</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Net income (loss) per share - basic</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;(0.24)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;0.07</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;(5.62)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;6.24</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Weighted average shares outstanding - basic</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;10,898</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;10,871</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;10,887</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;10,847</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Net income (loss) per share - diluted</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;(0.24)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;0.07</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;(5.62)</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;$&#xA0;6.21</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;">
				Weighted average shares outstanding - diluted</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;10,898</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;10,894</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;10,887</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: double black 2.5pt;">
				&#xA0;10,895</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
			<td style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="9" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				&#xA0;</td>
		</tr>
		<tr>
			<td colspan="9" style="font: 12px Arial; vertical-align: bottom; text-align: left ">
				<strong>It is the Company's policy not to make quarterly or annual sales or earnings projections<br>
				for external use and not to endorse any analyst's sales or earnings estimates.</strong></td>
		</tr>

</table><pre>CONTACT:  Olympic Steel, Inc.
          Richard T. Marabito, Chief Financial Officer
          (216) 292-3800
          Fax: (216) 292-3974</pre></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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