<SEC-DOCUMENT>0001157523-16-004732.txt : 20160225
<SEC-HEADER>0001157523-16-004732.hdr.sgml : 20160225
<ACCEPTANCE-DATETIME>20160225061551
ACCESSION NUMBER:		0001157523-16-004732
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160225
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160225
DATE AS OF CHANGE:		20160225

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:		161453753

	BUSINESS ADDRESS:	
		STREET 1:		5096 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>a51286870.htm
<DESCRIPTION>OLYMPIC STEEL, INC. 8-K
<TEXT>
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      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>Washington,
      D.C. 20549</b></font><br><font style="font-family: Times New Roman"><b>________________________</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>FORM 8-K</b></font><br><font style="font-family: Times New Roman"><b>________________________</b></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>The
      Securities Exchange Act of 1934</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Date of
      Report (Date of earliest event reported): </font><font style="font-family: Times New Roman; font-size: 10pt"><b>February
      25, 2016</b></font><br><font style="font-family: Times New Roman"><b>________________________</b></font><br><br><font style="font-size: 18pt"><b>Olympic
      Steel, Inc.</b></font><br>(Exact name of registrant as specified in its
      charter)
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: center">
          <b>Ohio</b>
        </td>
        <td valign="top" style="white-space: nowrap; width: 34%; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>000-23320</b>
        </td>
        <td valign="top" style="white-space: nowrap; width: 33%; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>34-1245650</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: center">
          (State or other jurisdiction<br>of incorporation)
        </td>
        <td valign="top" style="width: 34%; padding-left: 0.0px; text-align: center">
          (Commission File Number)
        </td>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: center">
          (IRS Employer Identification No.)
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: center">
          <b>5096 Richmond Road, Bedford Heights, Ohio</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; width: 50%; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>44146</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: center">
          (Address of principal executive offices)
        </td>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: center">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      Registrant's telephone number, including area code: &#160; <b>(216)
      292-3800</b>
    </p>
    <p style="text-align: center">
      ________________________________________________________________________<br>(Former
      name or former address, if changed since last report)
    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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>
    </p>
    <p>
      <font style="font-size: 10pt">&#160;&#160;&#160;</font><font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br>&#160;&#160;&#160;<font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br>&#160;&#160;&#160;<font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br>&#160;&#160;&#160;<font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <b>Item 2.02. Results of Operations and Financial Condition.</b>
    </p>
    <p>
      On February 25, 2016, Olympic Steel, Inc. issued a press release
      reporting its operating results for the fourth quarter and full year
      ended Dec. 31, 2015. 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
      &quot;filed&quot; under the Securities Exchange Act of 1934, as amended (&quot;Exchange
      Act&quot;), 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>
    <p>

    </p>
    <p>
      <b>Item 9.01. Financial Statements and Exhibits.</b>
    </p>
    <p>
      (d) Exhibits.
    </p>
    <p>

    </p>
    <p>
      <u><b>Exhibit No.</b></u>
    </p>
    <p>
      99.1 Press release dated February 25, 2016.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURE</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the Registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td style="width: 47%">

        </td>
        <td style="width: 6%">
          &#160;
        </td>
        <td valign="top" style="width: 47%; border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Olympic Steel, Inc.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 47%">

        </td>
        <td style="width: 6%">

        </td>
        <td valign="top" style="width: 47%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Registrant)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 47%">

        </td>
        <td style="width: 6%">

        </td>
        <td style="width: 47%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 47%; border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>February 25, 2016</b>
          </p>
        </td>
        <td style="width: 6%">

        </td>
        <td valign="top" style="width: 47%; border-bottom-color: black; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>/s/&#160;&#160; RICHARD T. MARABITO</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 47%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Date)
          </p>
        </td>
        <td style="width: 6%">

        </td>
        <td valign="top" style="width: 47%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Richard T. Marabito
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 47%">

        </td>
        <td style="width: 6%">

        </td>
        <td valign="top" style="width: 47%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Chief Financial Officer</i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 47%">

        </td>
        <td style="width: 6%">

        </td>
        <td valign="top" style="width: 47%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(Principal Financial and Accounting Officer)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <u><b>Exhibit Index</b></u>
    </p>
    <p>
      99.1 Press Release dated February 25, 2016.
    </p>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51286870ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Olympic
      Steel Reports 2015 Fourth-Quarter and Full-Year Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Cash
      Generated From Operations in 2015 Tops $107 Million</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Debt
      Reduced by $99 Million During the Year</b></font></i>
    </p>
    <p>
      CLEVELAND--(BUSINESS WIRE)--February 25, 2016--Olympic Steel Inc.,<b>
      (Nasdaq: ZEUS)</b>, a national metals service center, today announced
      financial results for the fourth quarter and full year ended Dec. 31,
      2015.
    </p>
    <p>
      Consolidated 2015 fourth-quarter net sales were $237.5 million, down
      from the $326.7 million fourth-quarter record net sales reported in
      2014. Full-year net sales fell 18% to $1.2 billion from $1.4 billion in
      2014, which was also an annual record. Sharply lower market prices and
      weaker demand, compared with last year, led to the net sales decrease in
      the fourth quarter and full year of 2015.
    </p>
    <p>
      &#8220;Prior to the start of the year, we anticipated challenging industry
      conditions in 2015 and promptly executed an internal plan to cope with
      external developments,&#8221; said Chairman and Chief Executive Officer
      Michael D. Siegal. &#8220;During the year, proactive actions lowered operating
      expenses by more than $24 million, and prudent management of working
      capital helped generate more than $107 million in positive cash flow.
      Much of this cash was used to strengthen our balance sheet, as we
      reduced debt by more than $99 million during the year.&#8221;
    </p>
    <p>
      For the fourth quarter of 2015, the Company reported a net loss of $5.0
      million, or $0.45 per share. This compares with a net loss of $26.9
      million, or $2.42 per share, in 2014&#8217;s fourth quarter, when results were
      negatively impacted by a $23.8 million goodwill impairment charge.
    </p>
    <p>
      The reported net loss in 2015 was $26.8 million, or $2.39 per share,
      compared with a net loss of $19.1 million, or $1.71 per share, in 2014.
      In 2015, $25.0 million of goodwill and intangible assets were impaired,
      versus $23.8 million in 2014. Net income was negatively impacted by
      $1.93 per share in 2015 and by $2.14 per share in 2014, as a result of
      impairment charges. LIFO income was $3.3 million in 2015, compared with
      2014 LIFO expense of $0.4 million.
    </p>
    <p>
      &#8220;Looking ahead, Olympic Steel enters 2016 with a particularly strong
      balance sheet, a significantly lower operating expense base aligned with
      the industry-wide decline in sales volumes, and faster-turning
      inventory. Although steel prices have firmed from the 2015 market lows
      of December, the industry environment remains uncertain. Our proven and
      continued discipline in cost containment and working capital management
      supported by a flexible, low-cost debt position is the right approach to
      weather persistently weak industry conditions. We believe that we are
      favorably positioned to take advantage of the market,&#8221; concluded Mr.
      Siegal.
    </p>
    <p>
      <b>Conference Call and Webcast</b>
    </p>
    <p>
      A simulcast of Olympic Steel&#8217;s 2015 fourth-quarter and full-year
      earnings conference call can be accessed via the Investor Relations
      section of the Company&#8217;s website at <u><b>www.olysteel.com</b></u>.
      The simulcast will begin at 10 a.m. ET today and a replay of the call
      will be available for approximately 14 days thereafter.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      It is the Company&#8217;s policy not to endorse any analyst&#8217;s sales or
      earnings estimates. Forward-looking statements in this release are made
      pursuant to the safe harbor provisions of the Private Securities
      Litigation Reform Act of 1995. Forward-looking statements are typically
      identified by words or phrases such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;anticipate,&#8221;
      &#8220;should,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221;
      &#8220;potential,&#8221; or &#8220;continue,&#8221; 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. Readers are
      cautioned not to place undue reliance on these forward-looking
      statements. Such risks and uncertainties include, but are not limited
      to: general and global business, economic, financial and political
      conditions, including the ongoing effects of the global economic
      recovery; competitive factors such as the availability, global
      production levels and pricing of metals, industry shipping and inventory
      levels and rapid fluctuations in customer demand and metals pricing;
      cyclicality and volatility within the metals industry; the strengthening
      of the U.S. dollar and the related impact on foreign steel pricing, U.S.
      exports, and foreign imports to the United States; the increased levels
      of imported steel in the United States; the availability and costs of
      transportation and logistical services; the successes of our strategic
      efforts and initiatives to increase sales volumes, maintain or improve
      working capital turnover and free cash flows, improve our customer
      service, and achieve cost savings, including our internal program to
      improve earnings; our ability to generate free cash flow through
      operations and limited future capital expenditures, reduce inventory and
      repay debt within anticipated time frames; events or circumstances that
      could impair or adversely impact the carrying value of any of our
      assets; risks and uncertainties associated with intangible assets,
      including additional impairment charges related to indefinite lived
      intangible assets; events or circumstances that could adversely impact
      the successful operation of our processing equipment and operations; the
      amounts, successes and our ability to continue our capital investments
      and strategic growth initiatives, including our business information
      system implementations; the successes of our operational excellence
      initiatives to improve our operating, cultural and management systems
      and reduce our costs; the ability to comply with the terms of our
      asset-based credit facility; the ability of our customers and third
      parties to honor their agreements related to derivative instruments;
      customer, supplier and competitor consolidation, bankruptcy or
      insolvency; reduced production schedules, layoffs or work stoppages by
      our own, our suppliers&#8217; or customers&#8217; personnel; the impacts of union
      organizing activities and the success of union contract renewals; the
      timing and outcomes of inventory lower of cost or market adjustments,
      especially during periods of declining market pricing; the ability of
      our customers (especially those that may be highly leveraged, and those
      with inadequate liquidity) to maintain their credit availability; the
      inflation or deflation existing within the metals industry, as well as
      our product mix and inventory levels on hand, which can impact our cost
      of materials sold as a result of the fluctuations in the last-in,
      first-out, or LIFO, inventory valuation; the adequacy of our existing
      information technology and business system software, including
      duplication and security processes; the adequacy of our efforts to
      mitigate cyber security threats; access to capital and global credit
      markets; our ability to pay regular quarterly cash dividends and the
      amounts and timing of any future dividends; our ability to repurchase
      shares of our common stock and the amounts and timing of any
      repurchases, if any; and unanticipated developments that could occur
      with respect to contingencies such as litigation and environmental
      matters, including any developments that would require any increase in
      our costs for such contingencies.
    </p>
    <p>
      <b>About Olympic Steel</b>
    </p>
    <p>
      Founded in 1954, Olympic Steel is a leading U.S. metals 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 and aluminum products. The Company&#8217;s CTI subsidiary is a leading
      distributor of steel tubing, bar, pipe, valves and fittings, and
      fabricates pressure parts for the electric utility industry.
      Headquartered in Cleveland, Ohio, Olympic Steel operates from 33
      facilities in North America.
    </p>
    <p>
      For additional information, please visit the Company&#8217;s website at <u>http://www.olysteel.com</u>
      or <u>http://www.b2i.us/profiles/investor/ContactUs.asp?BzID=2195</u>
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
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        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>-Financial Tables Follow-</b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="17" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td colspan="17" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Consolidated Statements of Comprehensive Income</b>
        </td>
      </tr>
      <tr>
        <td colspan="17" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (in thousands, except per-share data)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Three Months Ended Dec. 31,</b>
        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Twelve Months Ended Dec. 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="top" style="padding-left: 0.0px; text-align: center">
          <i>(unaudited)</i>
        </td>
        <td>

        </td>
        <td colspan="7" valign="top" style="padding-left: 0.0px; text-align: center">
          <i>(audited)</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Net sales</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>237,505</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>326,693</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>1,175,543</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>1,436,270</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Costs and expenses
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Cost of materials sold (excludes items shown separately below)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          188,265
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          268,342
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          942,214
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,160,310
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Warehouse and processing
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          19,891
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          22,099
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          85,411
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          92,170
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Administrative and general
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          15,701
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          16,877
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          64,987
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          72,219
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Distribution
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          8,254
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          9,525
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          36,073
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          41,312
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Selling
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          5,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          5,494
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          21,158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          24,799
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Occupancy
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,280
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,408
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          9,492
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          10,052
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Depreciation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4,520
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4,552
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          18,147
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          19,891
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          222
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          222
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          889
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          889
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Goodwill and intangible asset impairment
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          500
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          23,836
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          24,951
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          23,836
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left">
          Total costs and expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          244,684
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          353,355
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          1,203,322
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          1,445,478
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          <b>Operating income (loss)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(7,179</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(26,662</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(27,779</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          <b>(9,208</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other income (loss), net
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          16
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (104
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (125
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (126
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Income (loss) before interest and income taxes
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (7,163
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (26,766
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (27,904
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (9,334
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Interest and other expense on debt
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          1,251
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          1,646
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          5,690
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          6,780
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income (loss) before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (8,414
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (28,412
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (33,594
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (16,114
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Income tax provision (benefit)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (3,426
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (1,521
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (6,817
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          2,950
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Net income (loss)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>(4,988</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>(26,891</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>(26,777</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>(19,064</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px">
          Earnings per share:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left">
          Net income (loss) per share - basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          (0.45
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          (2.42
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          (2.39
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          (1.71
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Weighted average shares outstanding - basic
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          11,173
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          11,127
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          11,192
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          11,120
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left">
          <b>Net income (loss) per share - diluted</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>(0.45</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>(2.42</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>(2.39</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>(1.71</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Weighted average shares outstanding - diluted
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          11,173
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          11,127
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          11,192
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          11,120
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="8">

        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (in thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>At Dec. 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>(audited)</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,604
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,238
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          92,877
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          123,804
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Inventories, net (includes LIFO debit of $6,555 and $3,207 as of
            Dec. 31, 2015 and 2014, respectively)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          206,645
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          311,108
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Prepaid expenses and other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          7,820
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          20,434
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Assets held for sale
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          1,125
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          Total current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          308,946
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          458,709
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Property and equipment, at cost
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          372,129
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          366,989
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Accumulated depreciation
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (205,591
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (189,603
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          Net property and equipment
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          166,538
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          177,386
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          16,951
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Intangible assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          24,757
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          33,646
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other long-term assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <p style="margin-bottom: 0px; margin-top: 0px">
            13,229
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          14,056
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 25.0px; text-align: left">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>513,470</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>700,748</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>Liabilities</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3,530
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          55,685
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          91,252
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Accrued payroll
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          6,884
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          10,224
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other accrued liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          11,801
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          26,971
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          Total current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          77,060
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          131,977
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Credit facility revolver
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          145,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          244,090
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          11,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          13,249
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          24,496
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          30,651
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>258,775</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>419,967</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>Shareholders' Equity</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Preferred stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          128,129
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          126,339
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Treasury stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (699
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (70
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (549
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          127,335
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          154,991
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          <b>Total shareholders' equity</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>254,695</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>280,781</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 25.0px; text-align: left">
          <b>Total liabilities and shareholders' equity</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>513,470</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          <b>700,748</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td colspan="17" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td colspan="17" valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Segment Financial Information</b>
        </td>
      </tr>
      <tr>
        <td colspan="17" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (in thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Twelve Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Dec. 31,</b>
        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Dec. 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <i>(unaudited)</i>
        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <i>(audited)</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net sales
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Carbon flat products
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          150,992
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          225,994
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          765,400
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          985,039
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Specialty metals flat products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          40,700
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          46,903
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          192,516
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          206,692
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Tubular and pipe products
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          45,813
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          53,796
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          217,627
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          244,539
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total net sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          237,505
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          326,693
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,175,543
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,436,270
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Carbon flat products
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,987
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3,170
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          12,200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          14,250
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Specialty metals flat products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          173
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          203
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          698
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          805
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Tubular and pipe products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,556
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,375
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          6,036
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          5,624
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Corporate
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          26
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          26
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          102
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          101
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Total depreciation and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          4,742
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          4,774
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          19,036
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          20,780
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Operating income (loss)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Carbon flat products
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (6,288
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (3,518
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (7,217
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          6,306
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Specialty metals flat products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (734
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,305
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (1,074
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          6,109
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Tubular and pipe products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,091
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          12,583
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          10,185
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Corporate
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (1,797
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (1,704
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (7,120
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (7,972
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Impairment
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (500
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (23,836
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (24,951
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (23,836
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Total operating income (loss)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (7,179
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (26,662
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (27,779
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (9,208
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Other income (loss), net
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          16
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (104
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (125
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          (126
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Income (loss) before interest and income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (7,163
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (26,766
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (27,904
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (9,334
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          Interest and other expense on debt
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          1,251
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          1,646
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          5,690
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          6,780
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Income (loss) before income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          (8,414
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          (28,412
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          (33,594
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          (16,114
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: left; border-bottom-width: 2.25pt; border-bottom-style: double">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Capital expenditures
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Flat products
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,041
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (321
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4,295
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4,540
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Tubular and pipe products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          259
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          941
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3,022
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3,273
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Corporate
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          21
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Total capital expenditures
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          1,300
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          620
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          7,317
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          7,834
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td colspan="2" valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>At Dec. 31,</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">

        </td>
        <td colspan="2" valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>At Dec. 31,</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">

        </td>
        <td colspan="2" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2015</b>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center">

        </td>
        <td colspan="2" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Goodwill
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Flat products
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          500
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Tubular and pipe products
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          16,451
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total goodwill
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          16,951
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Assets
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Flat products
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          329,885
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          496,253
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Tubular and pipe products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          183,129
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          203,937
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Corporate
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          456
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          558
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          513,470
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: right; border-bottom-width: 2.25pt; border-bottom-style: double">
          700,748
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Other Information:</b></u>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          (in thousands, except per-share data)
        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>At Dec. 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Shareholders' equity per share
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          23.25
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          25.55
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Debt-to-equity ratio
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right">
          0.58 to 1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right">
          0.88 to 1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Twelve Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Dec. 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>2014</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net cash from (used for) operating activities
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          107,485
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (39,584
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cash dividends per share
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.08
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.08
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p>
      CONTACT:<br><b>IR Contact:</b><br>Olympic Steel Investor Relations<br>Matthew
      J. Dennis, CFA, 216-672-0522
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
