<SEC-DOCUMENT>0001157523-17-001265.txt : 20170428
<SEC-HEADER>0001157523-17-001265.hdr.sgml : 20170428
<ACCEPTANCE-DATETIME>20170428060037
ACCESSION NUMBER:		0001157523-17-001265
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170428
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170428
DATE AS OF CHANGE:		20170428

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:		17791501

	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>a51548842.htm
<DESCRIPTION>OLYMPIC STEEL, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <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: 12pt; font-family: Times New Roman">Date of
      Report (Date of earliest event reported): </font><font style="font-size: 12pt; font-family: Times New Roman"><b>April
      28, 2017</b></font><br><font style="font-family: Times New Roman"><b>________________________</b></font><br><br><font style="font-size: 18pt"><b>Olympic
      Steel, Inc.</b></font><br>(Exact name of registrant as specified in its
      charter)
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: center">
          <b>Ohio</b>
        </td>
        <td valign="top" style="width: 34%; padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>000-23320</b>
        </td>
        <td valign="top" style="width: 33%; padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>34-1245650</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: center">
          (State or other jurisdiction<br>of incorporation)
        </td>
        <td valign="top" style="width: 34%; padding-left: 0.0px; text-align: center">
          (Commission File Number)
        </td>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: center">
          (IRS Employer Identification No.)
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: center">
          <b>5096 Richmond Road, Bedford Heights, Ohio</b>
        </td>
        <td valign="bottom" style="width: 50%; padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>44146</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: center">
          (Address of principal executive offices)
        </td>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: center">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      Registrant's telephone number, including area code: &#160; <b>(216)
      292-3800</b>
    </p>
    <p style="text-align: center">
      ________________________________________________________________________<br>(Former
      name or former address, if changed since last report)
    </p>
    <p>

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

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

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

    </p>
    <p>
      <b>Item 2.02. Results of Operations and Financial Condition.</b>
    </p>
    <p>

    </p>
    <p>
      On April 28, 2017, Olympic Steel, Inc. issued a press release reporting
      its operating results for the first quarter ended March 31, 2017. The
      press release is attached hereto as Exhibit 99.1.
    </p>
    <p>
      The information included in this report, including exhibit 99.1, is
      furnished pursuant to Item 2.02 of Form 8-K, is not to be considered
      &quot;filed&quot; under the Securities Exchange Act of 1934, as amended (&quot;Exchange
      Act&quot;), and shall not be incorporated by reference into any of Olympic
      Steel, Inc.'s previous or future filings under the Securities Act of
      1933, as amended, or the Exchange Act except as otherwise expressly
      stated in such filing.
    </p>
    <p>

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

    </p>
    <p>
      (d) Exhibits.
    </p>
    <p>
      <u><b>Exhibit No.</b></u>
    </p>
    <p>
      99.1 Press release dated April 28, 2017.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 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="height: 1.5pt; color: black">

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

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

    </p>
    <p style="text-align: center">
      <font style="font-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="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td style="width: 47%">

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

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

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

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

        </td>
        <td style="width: 47%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-width: 1.0pt; width: 47%; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>April 28, 2017</b>
          </p>
        </td>
        <td style="width: 6%">

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

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

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

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt">
      <tr>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <u><b>Exhibit Index</b></u>
    </p>
    <p>

    </p>
    <p>
      99.1 Press Release dated April 28, 2017
    </p>
    <p>

    </p>
    <p>

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51548842ex99_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 Sharply Improved First-Quarter Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>First-Quarter
      Operating Income Reaches $11.1 Million, on 30% Sales Growth;</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Record
      Market Share Performance; Board Declares Regular Quarterly Cash Dividend</b></font></i>
    </p>
    <p>
      CLEVELAND--(BUSINESS WIRE)--April 28, 2017--<b>Olympic Steel Inc.,
      (Nasdaq: ZEUS)</b>, a leading national metals service center, today
      announced financial results for the first quarter ended March 31, 2017.
    </p>
    <p>
      First-quarter net sales increased 30% in 2017, reaching $334.9 million,
      compared with $258.3 million in last year&#8217;s same quarter. The
      improvement in net sales was driven by increased shipping volumes and
      higher average selling prices in all of the Company&#8217;s products.
    </p>
    <p>
      Net income rose to $7.7 million, or $0.68 per diluted share in the first
      quarter, compared to the first-quarter loss of $0.8 million, or $0.07
      per share, in 2016. An out-of-period income tax adjustment related to
      the future tax deductibility of certain payments from one of the
      Company&#8217;s retirement plans resulted in a one-time reduction of income
      tax expense that increased net income by $1.9 million, or $0.17 per
      diluted share, in the quarter. The Company recorded $0.4 million in LIFO
      expense in the quarter, compared with no LIFO impact in the first
      quarter of 2016.
    </p>
    <p>
      &#8220;In addition to the strong financial performance from our carbon flat
      rolled segment, sales and profitability in our tubular and pipe and
      specialty metals segments also improved substantially during the
      quarter,&#8221; said Chairman and Chief Executive Officer Michael D. Siegal.
      &#8220;Shipping volume of specialty metals increased 17% versus the first
      quarter last year, and we earned record market share in nearly all of
      the products we sell.&#8221;
    </p>
    <p>
      &#8220;Looking ahead, broad-based demand is improving and the business
      regulatory environment is becoming more favorable for domestic
      manufacturing. This is encouraging, and we expect the benefits of our
      previous capital investments and ongoing operating enhancements will
      continue to be reflected in future financial performance,&#8221; Siegal said.
    </p>
    <p>
      The Company&#8217;s Board of Directors also approved a regular quarterly cash
      dividend of $0.02 per share, which is payable on June 15, 2017, to
      shareholders of record on June 1, 2017.
    </p>
    <p>
      <b>Conference Call and Webcast</b>
    </p>
    <p>
      A simulcast of Olympic Steel&#8217;s 2017 first-quarter 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 9
      a.m. ET today, April 28, and a replay of the call will be available for
      approximately 14 days thereafter.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      It is the Company&#8217;s policy not to endorse any analyst&#8217;s sales or
      earnings estimates. Forward-looking statements in this release are made
      pursuant to the safe harbor provisions of the Private Securities
      Litigation Reform Act of 1995. Forward-looking statements are typically
      identified by words or phrases such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;anticipate,&#8221;
      &#8220;should,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221;
      &#8220;potential,&#8221; and &#8220;continue,&#8221; as well as the negative of these terms or
      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 and any associated tariffs and
      duties; 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 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 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 risks and
      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 repurchases, if any; 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; and changes in laws or regulations or the manner of their
      interpretation or enforcement could impact our financial performance and
      restrict our ability to operate our business or execute our strategies.
    </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 31
      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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        <div style="text-align: left">

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

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

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

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

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

        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="11">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="11">
          <b>Consolidated Statements of Comprehensive Income</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="11">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (in thousands, except per-share data)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="3">
          <b>2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="3">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>334,893</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>258,349</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          258,454
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          199,820
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          23,501
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          20,492
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          18,165
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          16,040
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,365
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          9,207
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          6,511
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5,687
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,310
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,337
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,314
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,509
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          222
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          222
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          323,842
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          258,314
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>11,051</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>35</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,025
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          30
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Interest and other expense on debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,626
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,285
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          9,399
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1,255
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Income tax provision (benefit)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,700
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (488
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>7,699</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(767</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: left; white-space: nowrap">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.68
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.07
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,369
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,182
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>0.68</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(0.07</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: left; white-space: nowrap">
          <b>)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,369
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,182
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="11">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="11">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="11">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (in thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="3">
          <b>At Mar. 31, 2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="3">
          <b>At Dec. 31, 2016:</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,804
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,315
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          140,281
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          101,902
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Inventories, net (includes LIFO debit of $7,669 and $8,045 as of
            Mar. 31, 2017, and Dec. 31, 2016, respectively)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          263,190
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          254,526
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,088
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          6,197
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          410,363
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          364,940
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          375,938
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          374,242
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (222,511
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (218,476
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          Net property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          153,427
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          155,766
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          23,646
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          23,869
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,633
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,493
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 25.0px; text-align: left">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>599,069</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>556,068</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          87,211
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          79,458
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          9,839
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          8,445
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          13,913
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          15,170
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          112,788
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          104,898
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Credit facility revolver
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          192,971
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          164,599
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,044
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,062
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          21,731
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          23,119
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>337,543</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>302,678</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          129,285
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          128,619
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (609
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (609
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          132,859
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          125,380
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          <b>Total shareholders' equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>261,535</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>253,390</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 25.0px; text-align: left">
          <b>Total liabilities and shareholders' equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>599,069</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>556,068</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt">
      <tr>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="19">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="22">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="22">
          <b>Segment Financial Information</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="22">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands, except tonnage and per-ton data. Figures may not
            foot to consolidated totals due to Corporate expenses.)
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="19">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="19">
          <b>Three Months Ended March 31:</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center" colspan="19">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px" colspan="2">

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="6">
          <b>Carbon Flat</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="6">
          <b>Specialty Metals Flat</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="5">
          <b>Tubular and Pipe</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px" colspan="2">

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

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center" colspan="6">
          <b>Products</b>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center" colspan="6">
          <b>Products</b>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Products<sup>1</sup></b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="2">
          <b>2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="3">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="2">
          <b>2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="2">
          <b>2016</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="2">
          <b>2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="2">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Tons Sold<sup>1</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          303,792
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          266,850
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          23,193
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          19,823
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          216,916
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          161,434
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          57,955
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          45,830
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          60,022
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          51,085
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px" colspan="2">
          Average selling price per ton
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          714
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          605
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,499
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,312
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right" colspan="2">
          NA
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Cost of materials sold<sup>2</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          169,173
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          126,527
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          48,284
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          39,195
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          40,997
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          34,098
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px" colspan="2">
          Gross profit<sup>3</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          47,743
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          34,907
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          9,671
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          6,635
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          19,025
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          16,987
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px" colspan="2">
          Operating expenses<sup>4</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          40,368
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          37,085
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5,686
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,879
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          16,538
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap">
          14,744
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px" colspan="2">
          Operating income (loss)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          7,375
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2,178
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,985
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,756
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,487
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,243
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px" colspan="2">
          Depreciation and Amortization
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,889
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,954
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          226
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          193
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,396
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-color: black; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,559
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="6">
          <b>At March 31, 2017</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="5">
          <b>At Dec. 31, 2016</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="9">
          Assets
        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left" colspan="9">
          Flat products
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="6">
          $ 403,492
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="5">
          $ 363,626
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left" colspan="9">
          Tubular and pipe products
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="6">
          195,248
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="5">
          192,088
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" colspan="9">
          Corporate
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="6">
          329
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="5">
          354
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" colspan="9">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="6">
          $ 599,069
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: double; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="5">
          $ 556,068
        </td>
      </tr>
      <tr>
        <td colspan="9">

        </td>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="22">
          <b>Other Information:</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" colspan="9">
          (In thousands, except per-share data)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="6">
          <b>At March 31, 2017</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="5">
          <b>At Dec. 31, 2016</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="9">
          Shareholders' equity per share
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="6">
          $ 23.86
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="5">
          $ 23.11
        </td>
      </tr>
      <tr>
        <td colspan="9">

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="9">
          Debt-to-equity ratio
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right" colspan="6">
          0.74 to 1
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right" colspan="5">
          0.66 to 1
        </td>
      </tr>
      <tr>
        <td colspan="9">

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="12">
          <b>Three Months Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="6">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-color: black; border-bottom-style: solid; padding-left: 0.0px; text-align: center; white-space: nowrap" colspan="5">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">

        </td>
        <td>

        </td>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9">

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="9">
          Net cash from (used for) operating activities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="6">
          $ (25,692)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="5">
          $ 2,845
        </td>
      </tr>
      <tr>
        <td colspan="9">

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="9">
          Cash dividends per share
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="6">
          $ 0.02
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap" colspan="5">
          $ 0.02
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt">
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>1</sup>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Tonnage is less meaningful for the Tubular and Pipe Products segment
          and therefore, is not reported.
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          <sup>2</sup>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Includes $0.4 million of LIFO expense in the three months ended
            Mar. 31, 2017, and no LIFO impact in the three months ended Mar.
            31, 2016.
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          <sup>3</sup>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Gross profit is calculated as net sales less the cost of materials
          sold.
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          <sup>4</sup>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Operating expenses are calculated as total costs and expenses less
            the cost of materials sold from the Consolidated Statements of
            Comprehensive Income.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

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