<SEC-DOCUMENT>0001209191-11-046543.txt : 20110902
<SEC-HEADER>0001209191-11-046543.hdr.sgml : 20110902
<ACCEPTANCE-DATETIME>20110902162816
ACCESSION NUMBER:		0001209191-11-046543
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110831
FILED AS OF DATE:		20110902
DATE AS OF CHANGE:		20110902

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MANSON RICHARD A
		CENTRAL INDEX KEY:			0001079653
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23320
		FILM NUMBER:		111073928

	MAIL ADDRESS:	
		STREET 1:		5096 RICHMOND ROAD
		CITY:			BEDFORD HEIGHTS
		STATE:			OH
		ZIP:			44146
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c22102_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>0001079653</rptOwnerCik>
            <rptOwnerName>MANSON RICHARD 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>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>See General Remarks</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>5697</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1565</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Held by personal IRA</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>510</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Held by spouse's IRA</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <remarks>Vice President of Human Resources and Administration
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>c22102_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 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="text-indent: 2%; margin-left: 45%; font-size: 10pt"
align="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Richard A.
Manson&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard A.
Manson
<P>
<TABLE style="font-size: 10pt" border="0" cellspacing="0" cellpadding="0"
width="100%">


</TABLE>


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