<SEC-DOCUMENT>0001209191-11-046541.txt : 20110902
<SEC-HEADER>0001209191-11-046541.hdr.sgml : 20110902
<ACCEPTANCE-DATETIME>20110902162555
ACCESSION NUMBER:		0001209191-11-046541
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110831
FILED AS OF DATE:		20110902
DATE AS OF CHANGE:		20110902

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SIEGAL MICHAEL D
		CENTRAL INDEX KEY:			0000940858

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23320
		FILM NUMBER:		111073896

	MAIL ADDRESS:	
		STREET 1:		5080 RICHMOND ROAD
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44146-1392

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>c22101_4x1.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0304</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2011-08-31</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000940858</rptOwnerCik>
            <rptOwnerName>SIEGAL MICHAEL D</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>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chairman of the Board and CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2011-08-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>250</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1271227</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

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

    <ownerSignature>
        <signatureName>/s/ Gretchen A. Sterling, as Attorney-in-Fact</signatureName>
        <signatureDate>2011-09-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>c22101_24.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
<html>
<head><title>Power of Attorney</title></head>
<body><DIV style="width: 7.2in; 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.

<P style="margin-left: 46%; font-size: 10pt" align="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Michael D. Siegal&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><BR> Name: Michael D. Siegal

<P>
<TABLE style="font-size: 10pt" border="0" cellspacing="0" cellpadding="0" width="100%">

 <TR style="background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt" valign="top">
  <TD width="3%" nowrap align="left">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>

 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Date: September&nbsp;1, 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>
