<SEC-DOCUMENT>0001157523-16-006357.txt : 20160802
<SEC-HEADER>0001157523-16-006357.hdr.sgml : 20160802
<ACCEPTANCE-DATETIME>20160802060518
ACCESSION NUMBER:		0001157523-16-006357
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160802
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160802
DATE AS OF CHANGE:		20160802

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:		161798850

	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>a51393499.htm
<DESCRIPTION>OLYMPIC STEEL, INC. 8-K
<TEXT>
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      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-size: 10pt; font-family: Times New Roman"><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-size: 18pt; font-family: Times New Roman"><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-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>The
      Securities Exchange Act of 1934</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">Date of
      Report (Date of earliest event reported): </font><font style="font-size: 10pt; font-family: Times New Roman"><b>August
      2, 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="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="top">
          <b>Ohio</b>
        </td>
        <td style="white-space: nowrap; width: 34%; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <b>000-23320</b>
        </td>
        <td style="white-space: nowrap; width: 33%; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <b>34-1245650</b>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="top">
          (State or other jurisdiction<br>of incorporation)
        </td>
        <td style="width: 34%; text-align: center; padding-left: 0.0px" valign="top">
          (Commission File Number)
        </td>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="top">
          (IRS Employer Identification No.)
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="top">
          <b>5096 Richmond Road, Bedford Heights, Ohio</b>
        </td>
        <td style="white-space: nowrap; width: 50%; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>44146</b>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="top">
          (Address of principal executive offices)
        </td>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="top">
          (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-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br>&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br>&#160;&#160;&#160;<font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Item 2.02. Results of Operations and Financial Condition.</b><br><br><br>On
      August 2, 2016, Olympic Steel, Inc. issued a press release reporting its
      operating results for the second quarter and six months ended June 30,
      2016. 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.<br><br><br><b>Item 9.01. Financial Statements and
      Exhibits.</b><br><br><br>(d) Exhibits.
    </p>
    <p>
      <u><b>Exhibit No.</b></u>
    </p>
    <p>
      99.1 Press release dated August 2, 2016.
    </p>
    <p>

    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; 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="color: black; height: 1.5pt">

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

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURE</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Times New Roman">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="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
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        </td>
        <td style="width: 6%">
          &#160;
        </td>
        <td style="width: 47%; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <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 style="width: 47%; text-align: center; padding-left: 0.0px" valign="top">
          <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 style="width: 47%; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>August 2, 2016</b>
          </p>
        </td>
        <td style="width: 6%">

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

        </td>
        <td style="width: 47%; text-align: center; padding-left: 0.0px" valign="top">
          <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 style="width: 47%; text-align: center; padding-left: 0.0px" valign="top">
          <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 style="width: 47%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(Principal Financial and Accounting Officer)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; 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="color: black; height: 1.5pt">

        </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 August 2, 2016.
    </p>
    <p>

    </p>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51393499ex99_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-size: 12pt; font-family: Times New Roman"><b>Olympic
      Steel Reports 2016 Second-Quarter Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Net
      Income Rebounds on Margin Expansion and Market Share Gains</b></font></i>
    </p>
    <p>
      CLEVELAND--(BUSINESS WIRE)--August 2, 2016--<b>Olympic Steel, Inc.
      (Nasdaq: ZEUS)</b>, a leading national metals service center, today
      announced financial results for the second quarter and six months ended
      June 30, 2016.
    </p>
    <p>
      Second-quarter net sales were $273.6 million, compared with $315.3
      million in 2015&#8217;s second quarter. Net sales in the first half of 2016
      were $532.0 million, versus $661.1 million in the same period last year.
      Higher sales volumes of specialty metals products and pipe and tubular
      products resulted in record-high total market share for Olympic Steel in
      2016. These gains were offset by lower average selling prices resulting
      in the year-over-year sales declines.
    </p>
    <p>
      Net income in the second quarter of 2016 improved sharply to $3.6
      million, or $0.32 per diluted share, reversing the $22.3 million loss,
      or $1.99 per share, reported in last year&#8217;s comparable quarter. Net
      income in the second quarter of 2016 was negatively impacted by a $0.7
      million state income tax valuation reserve that reduced diluted earnings
      per share $0.06 in the quarter. Last year&#8217;s second-quarter results
      reflected an impairment charge totaling $24.5 million.
    </p>
    <p>
      &#8220;We continue to gain market share and improve profit margins, despite
      weak industry-wide shipments,&#8221; said Michael D. Siegal, Olympic Steel
      Chairman and Chief Executive Officer. &#8220;In response to market conditions,
      we reduced operating expenses, accelerated inventory turnover and paid
      down debt. These actions, combined with rebounding metal prices,
      resulted in our return to profitability in the quarter. The pre-tax
      income of $7.0 million that we generated in the second quarter was the
      highest in more than three years.&#8221;
    </p>
    <p>
      For the first half of 2016, net income grew to $2.8 million, or $0.25
      per diluted share. This is compared with a net loss of $21.2 million, or
      $1.89 on a per-share basis, reported in 2015&#8217;s first half.
    </p>
    <p>
      &#8220;Domestic steel production remains controlled and import volumes have
      come down from record-highs, supporting higher prices. We will maintain
      our operating disciplines and any improvement in demand will help future
      results,&#8221; Siegal concluded.
    </p>
    <p>
      <b>Conference Call and Webcast</b>
    </p>
    <p>
      A simulcast of Olympic Steel&#8217;s 2016 second-quarter and first-half
      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 14 days thereafter.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; 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="color: black; height: 1.5pt">

        </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; 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 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 and
      last-in, first-out, or LIFO, income, 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 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, arbitration, 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>www.olysteel.com</u>
      or <u>www.b2i.us/profiles/investor/ContactUs.asp?BzID=2195</u>
    </p>
    <p style="text-align: center">
      <b>-Financial Tables Follow-</b>
    </p>
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          &#160;
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          &#160;
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        <td colspan="20" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Olympic Steel, Inc.</b>
        </td>
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        <td colspan="20" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Consolidated Statements of Operations</b>
        </td>
      </tr>
      <tr>
        <td colspan="20" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (in thousands, except per-share data)
          </p>
        </td>
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        </td>
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          &#160;
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        <td>

        </td>
        <td colspan="9" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>Three Months Ended June 30,</b>
        </td>
        <td>

        </td>
        <td colspan="8" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>Six Months Ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="4" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="4" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td colspan="4" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <i>(unaudited)</i>
        </td>
        <td>

        </td>
        <td colspan="8" style="text-align: center; padding-left: 0.0px" valign="top">
          <i>(unaudited)</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net sales</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>273,608</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>315,251</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>531,957</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>661,116</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </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">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Cost of materials sold (exclusive of items shown below)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          205,688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          255,838
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          405,508
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          535,777
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          21,035
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          21,722
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          41,527
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          44,259
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          16,011
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          16,014
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          32,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          33,343
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          9,560
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          9,568
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          18,767
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          18,870
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,045
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          4,900
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          11,732
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,791
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,306
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          4,495
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          5,016
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          4,550
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          4,628
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          9,059
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          9,218
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          444
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          444
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          24,451
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          24,451
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          265,269
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          339,649
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          523,583
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          682,169
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>8,339</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>(24,398</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>8,374</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>(21,053</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Other income (loss), net
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (58
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (63
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (58
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          8,281
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (24,424
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          8,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (21,111
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Interest and other expense on debt
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          1,274
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          1,471
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          2,559
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          3,033
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          7,007
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (25,895
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          5,752
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (24,144
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Income tax provision (benefit)
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          3,457
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (3,635
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          2,969
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (2,953
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>3,550</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>(22,260</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2,783</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>(21,191</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </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">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Net income (loss) per share-basic
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          0.32
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (1.99
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          0.25
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (1.89
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Weighted average shares outstanding - basic
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          11,216
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          11,201
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          11,199
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          11,198
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <b>Net income (loss) per share-diluted</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>0.32</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>(1.99</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          0.25
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>(1.89</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Weighted average shares outstanding - diluted
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          11,216
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          11,201
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          11,199
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          11,198
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#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>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; 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="color: black; height: 1.5pt">

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (in thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>At June 30, 2016</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>At Dec. 31, 2015</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px" valign="bottom">
          <i>(unaudited)</i>
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,990
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          113,400
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Inventories, net (includes LIFO debit of $6,555 as of June 30,
            2016 and Dec. 31, 2015)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          210,784
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Prepaid expenses and other
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          7,237
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          7,819
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          335,411
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          308,945
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          374,031
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (212,955
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (205,591
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          Net property and equipment
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          161,076
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          24,313
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          17,335
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          13,230
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>538,135</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,825
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          71,230
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,118
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          14,149
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          11,801
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          97,322
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          142,484
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          15,250
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          25,711
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          24,496
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>280,767</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          128,387
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (70
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          129,680
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          127,336
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total shareholders' equity</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>257,368</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>254,695</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          <b>Total liabilities and shareholders' equity</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>538,135</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; 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="color: black; height: 1.5pt">

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Segment Financial Information</b>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          <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" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>Three Months Ended</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="7" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td colspan="7" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td colspan="3" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2016</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net sales</b>
        </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 style="text-align: left; padding-left: 15.0px" valign="bottom">
          Carbon flat products
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          173,122
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          209,207
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          334,556
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          437,752
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          49,529
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          52,715
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          95,359
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          105,346
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          50,957
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          53,329
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          102,042
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          118,018
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Total net sales
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          273,608
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          315,251
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          531,957
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          661,116
        </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 style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Depreciation and amortization</b>
        </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 style="text-align: left; padding-left: 15.0px" valign="bottom">
          Carbon flat products
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,988
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,147
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          5,942
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,308
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          190
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          190
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          383
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          350
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,568
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,488
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,127
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,953
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          25
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          51
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          51
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Total depreciation and amortization
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          4,772
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          4,850
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          9,503
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          9,662
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#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 style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Operating income (loss)</b>
        </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 style="text-align: left; padding-left: 15.0px" valign="bottom">
          Carbon flat products
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          5,669
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (298
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,491
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,567
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (574
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          4,323
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,133
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,504
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          4,376
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,758
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (2,030
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (1,579
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (3,816
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (3,549
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          Impairment
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (24,451
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (24,451
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Total operating income (loss)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          8,339
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (24,398
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          8,374
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (21,053
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </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 style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="bottom">
          Other income (loss), net
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (58
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (63
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (58
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income (loss) before interest and income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          8,281
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (24,424
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          8,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (21,111
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Interest and other expense on debt
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          1,274
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          1,471
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          2,559
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          3,033
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Income (loss) before income taxes
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          7,007
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (25,895
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          5,725
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (24,144
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </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 style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Capital expenditures</b>
        </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 style="text-align: left; padding-left: 15.0px" valign="bottom">
          Flat products
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,551
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          918
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,785
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,106
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          650
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          1,624
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          812
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          2,127
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Total capital expenditures
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          2,201
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          2,542
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          3,597
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          4,233
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#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="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; 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="color: black; height: 1.5pt">

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Segment Financial Information</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (in thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <b>At June 30,</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

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

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

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2016</b>
        </td>
        <td style="padding-bottom: 2.0px; text-align: center; padding-left: 0.0px" valign="top">

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          343,168
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          329,885
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Tubular and pipe products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          194,562
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          183,129
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="top">
          Corporate
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          405
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          456
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          538,135
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (in thousands, except per-share data)
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <b>At June 30,</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2016</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Shareholders' equity per share
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          23.48
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Debt-to-equity ratio
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="5" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2016</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net cash from operating activities
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          10,533
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          44,879
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cash dividends per share
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.04
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.04
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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