<SEC-DOCUMENT>0001209191-11-039065.txt : 20110711
<SEC-HEADER>0001209191-11-039065.hdr.sgml : 20110711
<ACCEPTANCE-DATETIME>20110711155040
ACCESSION NUMBER:		0001209191-11-039065
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110701
FILED AS OF DATE:		20110711
DATE AS OF CHANGE:		20110711

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			McNeeley Donald R. Jr.
		CENTRAL INDEX KEY:			0001523840

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23320
		FILM NUMBER:		11961773

	MAIL ADDRESS:	
		STREET 1:		5096 RICHMOND ROAD
		CITY:			BEDFORD HEIGHTS
		STATE:			OH
		ZIP:			44146

ISSUER:		

	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

	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>3
<SEQUENCE>1
<FILENAME>c19767_3x1.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2011-07-01</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000917470</issuerCik>
        <issuerName>OLYMPIC STEEL INC</issuerName>
        <issuerTradingSymbol>ZEUS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001523840</rptOwnerCik>
            <rptOwnerName>McNeeley Donald R. Jr.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O OLYMPIC STEEL, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>5080 RICHMOND RD.</rptOwnerStreet2>
            <rptOwnerCity>BEDFORD HEIGHTS</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>44146</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <remarks>Exhibit 24 - Power of Attorney.</remarks>

    <ownerSignature>
        <signatureName>/s/ Donald R. McNeeley</signatureName>
        <signatureDate>2011-07-11</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>c19767_24.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
<html>
<head>
<title>Power of Attorney</title>
</head>

<body>



<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

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


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">KNOW ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and appoints Richard
T. Marabito, Gretchen Sterling and Lisa Christen, and each of them, as the true and lawful attorney
or attorneys-in-fact, with full power of substitution and revocation, for the undersigned and in
the name, place and stead of the undersigned, in any and all capacities, to execute, on behalf of
the undersigned, (1)&nbsp;any and all notices pursuant to Rule l44 under the Securities Act of 1933 with
respect to sales of shares of common stock, without par value, or other securities, of Olympic
Steel, Inc., including, without limitation, all notices of proposed sale on Form&nbsp;144, and (2)&nbsp;any
and all statements or reports under Section&nbsp;16 of the Securities Exchange Act of 1934 with respect
to the beneficial ownership of common stock, without par value, or other securities, of Olympic
Steel, Inc., including, without limitation, all initial statements of beneficial ownership on Form
3, all statements of changes in beneficial ownership on Form&nbsp;4, all annual statements of beneficial
ownership on Form&nbsp;5 and all successor or similar forms, to be filed with the Securities and
Exchange Commission, to execute any and all amendments or supplements to any such notices,
statements or reports, and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting to said attorney or
attorneys-in-fact, and each of them, full power and authority to do so and perform each and every
act and thing requisite and necessary to be done in and about the premises (including, without
limitation, completing, executing, delivering and filing a Form&nbsp;ID to apply for electronic filing
codes), as fully and to all intents and purposes as the undersigned might or could do in person,
and hereby ratifying and confirming all that said attorney or attorneys-in-fact, or any of them, or
their substitute or substitutes, may lawfully do or cause to be done by virtue hereof. The
undersigned acknowledges that the foregoing attorneys-in-fact, and each of them, in serving in such
capacity at the request of the undersigned, are not assuming any of the responsibilities of the
undersigned to comply with Section&nbsp;16 of the Securities Exchange Act of 1934 or any other legal
requirement. This Power of Attorney shall remain in effect until revoked in writing by the
undersigned.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Donald R. McNeeley &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Dr. Donald R. McNeeley, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Date: July&nbsp;11, 2011
</DIV>



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

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



</body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
