<SEC-DOCUMENT>0001209191-11-043763.txt : 20110811
<SEC-HEADER>0001209191-11-043763.hdr.sgml : 20110811
<ACCEPTANCE-DATETIME>20110811162743
ACCESSION NUMBER:		0001209191-11-043763
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110809
FILED AS OF DATE:		20110811
DATE AS OF CHANGE:		20110811

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WOLFORT DAVID A
		CENTRAL INDEX KEY:			0001136932

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23320
		FILM NUMBER:		111028082

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>4
<SEQUENCE>1
<FILENAME>c21310_4x1.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0304</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2011-08-09</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001136932</rptOwnerCik>
            <rptOwnerName>WOLFORT DAVID A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>5096 RICHMOND ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BEDFORD HEIGHTS</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>44146</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and COO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2011-08-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>20.65</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>425070</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

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

    <ownerSignature>
        <signatureName>/s/ David A. Wolfort</signatureName>
        <signatureDate>2011-08-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>c21310_24.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
<html>
<head><title>Power of Attorney</title></head>
<body><DIV
style="width: 7.5in; font-family: 'Times New Roman',Times,serif; margin-left: 0.25in">

<P style="font-size: 10pt" align="center"><U><B>POWER OF ATTORNEY</B></U>

<P style="text-indent: 4%; font-size: 10pt" align="left">KNOW ALL MEN BY THESE
PRESENTS, that the undersigned hereby constitutes and appoints Richard T.
Marabito, Richard A. Manson and Gretchen A. Sterling, 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&nbsp;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.

<BR><BR><BR>
<DIV style="margin-left: 46%; font-size: 10pt" align="left"><U>/s/ David A. Wolfort&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV style="margin-left: 46%; font-size: 10pt" align="left">Name: David A. Wolfort
</DIV>


<P style="font-size: 10pt" align="left">Date: August&nbsp;10, 2011

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

<P style="display: none; font-size: 10pt" align="center">&nbsp;
</DIV>

</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
