<SEC-DOCUMENT>0001157523-17-002268.txt : 20170803
<SEC-HEADER>0001157523-17-002268.hdr.sgml : 20170803
<ACCEPTANCE-DATETIME>20170803061519
ACCESSION NUMBER:		0001157523-17-002268
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170803
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170803
DATE AS OF CHANGE:		20170803

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:		171002673

	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>a51622635.htm
<DESCRIPTION>OLYMPIC STEEL, INC. 8-K
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<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt"><b>UNITED STATES</b></font><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt"><br style="FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">
</font><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">SECURITIES AND EXCHANGE COMMISSION</font></b><br>
<br>
<font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><b>Washington, D.C. 20549</b></font><br>
<font style="FONT-FAMILY: Times New Roman"><b>________________________</b></font><br>
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<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt"><b>FORM 8-K</b></font><br>
<font style="FONT-FAMILY: Times New Roman"><b>________________________</b></font><br>
<br>
</p>

<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>CURRENT REPORT</b></font><br>
<br>
<font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>Pursuant to Section 13 or 15(d) of</b></font><br>
<font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>The Securities Exchange Act of 1934</b></font> </p>

<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Date of Report (Date of earliest event reported): </font><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>August 3, 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>

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<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 33%" valign="top"><b>Ohio</b> </td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 34%; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="top"><b>000-23320</b> </td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 33%; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="top"><b>34-1245650</b> </td>
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<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 33%" valign="top">(State or other jurisdiction<br>
 of incorporation) </td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 34%" valign="top">(Commission File Number) </td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 33%" valign="top">(IRS Employer Identification No.) </td>
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<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 50%" valign="top"><b>5096 Richmond Road, Bedford Heights, Ohio</b> </td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 50%; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>44146</b> </td>
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<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 50%" valign="top">(Address of principal executive offices) </td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 50%" valign="top">(Zip Code) </td>
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<p style="TEXT-ALIGN: center">Registrant's telephone number, including area code: &#160; <b>(216) 292-3800</b> </p>

<p style="TEXT-ALIGN: center">________________________________________________________________________<br>
 (Former name or former address, if changed since last report) </p>

<p></p>

<p><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font> </p>

<p><font style="FONT-SIZE: 10pt">&#160;&#160;&#160;</font><font style="FONT-FAMILY: Arial Unicode MS; FONT-SIZE: 10pt">&#8414;</font> <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font><br>
&#160;&#160;&#160;<font style="FONT-FAMILY: Arial Unicode MS; FONT-SIZE: 10pt">&#8414;</font> <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font><br>
&#160;&#160;&#160;<font style="FONT-FAMILY: Arial Unicode MS; FONT-SIZE: 10pt">&#8414;</font> <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font><br>
&#160;&#160;&#160;<font style="FONT-FAMILY: Arial Unicode MS; FONT-SIZE: 10pt">&#8414;</font> <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

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<p></p>

<p><b>Item 2.02. Results of Operations and Financial Condition.</b><br>
<br>
<br>
 On August 3, 2017, Olympic Steel, Inc. issued a press release reporting its operating results for the second quarter and first half ended June 30, 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 "filed" under the Securities Exchange Act of 1934, as amended ("Exchange Act"), and shall not be incorporated by reference into any of Olympic Steel, Inc.'s previous or future filings under the Securities Act of 1933, as amended, or the Exchange Act except as otherwise expressly stated in such filing.<br>
<br>
<br>
<b>Item 9.01. Financial Statements and Exhibits.</b><br>
<br>
<br>
 (d) Exhibits. </p>

<p><u><b>Exhibit No.</b></u> </p>

<p>99.1 Press release dated August 3, 2017.</p>

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<p></p>

<p></p>

<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><b>SIGNATURE</b></font> </p>

<p style="TEXT-INDENT: 30px; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font> </p>

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<td style="WIDTH: 6%">&#160; </td>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Olympic Steel, Inc.</b> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(Registrant) </p>
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<td style="WIDTH: 47%">&#160; </td>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>August 3, 2017</b> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>/s/&#160;&#160; RICHARD T. MARABITO</b> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(Date) </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Richard T. Marabito </p>
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<td style="WIDTH: 6%"></td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 47%" valign="top">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><i>Chief Financial Officer</i> </p>
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<td style="WIDTH: 6%"></td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 47%" valign="top">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><i>(Principal Financial and Accounting Officer)</i> </p>
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<p></p>

<p style="TEXT-ALIGN: center"><u><b>Exhibit Index</b></u> </p>

<p>99.1 Press Release dated August 3, 2017</p>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51622635ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<div style="TEXT-ALIGN: right; FONT-WEIGHT: bold">Exhibit 99.1</div>

<div><br>
&#160;

<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>Olympic Steel Reports 35% Growth in 2017 Second-Quarter Net Income</b></font> </p>

<p style="TEXT-ALIGN: center"><i style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>First-Half 2017 Net Income Triples, on 30% Higher Sales</b></i> </p>

<p style="TEXT-ALIGN: center"><i style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>Board Declares Regular Quarterly Cash Dividend</b></i> </p>

<p>CLEVELAND--(BUSINESS WIRE)--August 3, 2017--<b>Olympic Steel Inc. (Nasdaq: ZEUS)</b>, a leading national metals service center, today announced significantly improved financial results for the three- and six-month periods ended June 30, 2017. </p>

<p>Net sales increased 30% in 2017&#8217;s second quarter, to $356.2 million, compared with $273.6 million in net sales during the same quarter last year. Year-to-date net sales also rose 30%, reaching $691.1 million, versus $532.0 million in the first six months of 2016. Higher shipping volume and higher selling prices accounted for the year-over-year increase in net sales for both periods. </p>

<p>&#8220;Demand for our products has been steadily improving since late last year,&#8221; said Chairman and Chief Executive Officer Michael D. Siegal. &#8220;With increased customer demand, we continue to outpace the overall market and have increased our market share. This is attributable to our customer service exemplified by consistent on-time delivery and dependable quality.&#8221; </p>

<p>Second-quarter net income in 2017 was $4.8 million, or $0.42 per diluted share, compared with net income of $3.6 million, or $0.32 per diluted share, in 2016&#8217;s second quarter. Net income in the second quarter of 2017 was negatively impacted by $0.4 million, or $0.02 per diluted share, of LIFO expense recorded in the quarter. There was no LIFO impact in the same quarter of last year. In addition, 2017 second-quarter net income was reduced by $0.03 per diluted share related to the net loss generated by the Siler City, North Carolina facility, which the Company closed in July. </p>

<p>&#8220;The cost-containment initiatives we began instituting two years ago remain a focus for our operating teams,&#8221; Siegal said. &#8220;As expected, consistent operational discipline combined with growing shipments, are manifesting in higher profitability.&#8221; </p>

<p>Net income in the first half of 2017 surged to $12.5 million, or $1.10 per diluted share, up from $2.8 million, or $0.25 per diluted share in 2016&#8217;s comparable period. First-half 2017 results include LIFO expense totaling $0.8 million, or $0.04 per share, compared with no LIFO impact in the first half of 2016. As previously disclosed, an out-of-period income tax adjustment recorded in the first quarter of 2017 resulted in a one-time reduction of income tax expense. That adjustment increased net income in the first half of 2017 by $1.9 million, or $0.17 per diluted share. </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 Sept. 15, 2017, to shareholders of record on Sept. 1, 2017. </p>

<p><b>Conference Call and Webcast</b> </p>

<p>A simulcast of Olympic Steel&#8217;s 2017 second-quarter earnings conference call can be accessed via the Investor Relations section of the Company&#8217;s website at <u>www.olysteel.com</u>. The simulcast will begin at 10 a.m. EDT on Aug. 3, and a replay of the call will be available for approximately 14 days thereafter.</p>

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<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 lower of cost or market adjustments and last-in, first-out, or LIFO, income or expense; 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 30 facilities in North America. </p>

<p>For additional information, please visit the Company&#8217;s website at <u>www.olysteel.com</u> or <u>http://ir.olysteel.com/Contact_Us?BzID=2195</u></p>

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<td>&#160; </td>
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<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="17"><b>Olympic Steel, Inc.</b> </td>
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<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="17"><b>Consolidated Statements of Comprehensive Income</b> </td>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(in thousands, except per-share data) </p>
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<td></td>
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<td colspan="4"></td>
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<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="7"><b>Three Months Ended June 30,</b> </td>
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<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="7"><b>Six Months Ended June 30,</b> </td>
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<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3"><b>2017</b> </td>
<td>&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3"><b>2016</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3"><b>2017</b> </td>
<td>&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3"><b>2016</b> </td>
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<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="7"><i>(unaudited)</i> </td>
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<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="7"><i>(unaudited)</i> </td>
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<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom"><b>Net sales</b> </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>356,195</b> </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>273,608</b> </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>691,088</b> </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>531,957</b> </td>
<td></td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Costs and expenses </td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Cost of materials sold (excludes items shown separately below) </p>
</td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">283,041 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">205,688 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">541,495 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">405,508 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Warehouse and processing </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">21,838 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">21,035 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">45,339 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">41,527 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Administrative and general </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">17,887 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">16,011 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">36,052 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">32,051 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Distribution </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">10,568 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">9,560 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">20,933 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">18,767 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Selling </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">6,496 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">6,045 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">13,007 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">11,732 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Occupancy </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,191 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,158 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">4,501 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">4,495 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Depreciation </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">4,319 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">4,550 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">8,633 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">9,059 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 15px" valign="bottom">Amortization </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">222 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">222 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">444 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">444 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 30px" valign="bottom">Total costs and expenses </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">346,562 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">265,269 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">670,404 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">523,583 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom"><b>Operating income</b> </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>9,633</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>8,339</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>20,684</b> </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>8,374</b> </td>
<td></td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom">Other income (loss), net </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">(28 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">) </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">(58 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">) </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">(54 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">) </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">(63 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">) </td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Income before interest and income taxes </p>
</td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">9,605 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">8,281 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">20,630 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">8,311 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom">Interest and other expense on debt </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">1,788 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">1,274 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">3,414 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,559 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Income before income taxes </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">7,817 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">7,007 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">17,216 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">5,752 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom">Income tax provision </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">3,020 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">3,457 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">4,720 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,969 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 0px" valign="bottom"><b>Net income</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>4,797</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>3,550</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>12,496</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>2,783</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
</tr>

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

<tr>
<td style="PADDING-LEFT: 0px" valign="bottom">Earnings per share: </td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 15px" valign="bottom">Net income per share - basic </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">0.42 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">0.32 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">1.10 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">0.25 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 15px" valign="bottom">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Weighted average shares outstanding - basic </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> </p>
</td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">11,383 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">11,182 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">11,382 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">11,199 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 15px" valign="bottom"><b>Net income per share - diluted</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>0.42</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>0.32</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">1.10 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">0.25 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 15px" valign="bottom">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Weighted average shares outstanding - diluted </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> </p>
</td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">11,390 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">11,182 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">11,387 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">11,199 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
</tr>

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

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 10px; FONT-SIZE: 8pt" id="zd58fe6caf5414b2db30199e4cd60bbb3" cellspacing="0">
<tr>
<td></td>
<td>&#160; </td>
<td colspan="3"></td>
<td>&#160; </td>
<td>&#160; </td>
<td colspan="3"></td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="10"><b>Olympic Steel, Inc.</b> </td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="10"><b>Consolidated Balance Sheets</b> </td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="10">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(in thousands) </p>
</td>
</tr>

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

<tr>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3"><b>At June 30, 2017</b> </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3"><b>At Dec. 31 2016</b> </td>
</tr>

<tr>
<td></td>
<td></td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="bottom" colspan="8"><i>(unaudited)</i> </td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="bottom"><b>Assets</b> </td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="3"></td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Cash and cash equivalents </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">4,126 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,315 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Accounts receivable, net </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">158,202 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">101,902 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Inventories, net (includes LIFO debit of $7,269 as of June 30, 2017 and $8,045 as of Dec. 31, 2016) </p>
</td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">262,740 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">254,526 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Prepaid expenses and other </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">6,345 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">6,197 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom">Assets held for sale </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">844 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">- </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 25px" valign="bottom">Total current assets </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">432,257 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">364,940 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Property and equipment, at cost </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">375,808 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">374,242 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom">Accumulated depreciation </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">(225,141 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">) </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">(218,476 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">) </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 25px" valign="bottom">Net property and equipment </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">150,667 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">155,766 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Intangible assets, net </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">23,424 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">23,869 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom">Other long-term assets </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">11,861 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">11,493 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 25px" valign="bottom"><b>Total assets</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>618,209</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>556,068</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="bottom"><b>Liabilities</b> </td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="3"></td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Current portion of long-term debt </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">930 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">1,825 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Accounts payable </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">83,834 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">79,458 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Accrued payroll </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">12,292 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">8,445 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom">Other accrued liabilities </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">11,654 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">15,170 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 25px" valign="bottom">Total current liabilities </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">108,710 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">104,898 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Credit facility revolver </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">210,728 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">164,599 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Other long-term liabilities </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">10,781 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">10,062 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom">Deferred income taxes </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">21,728 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">23,119 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 25px" valign="bottom"><b>Total liabilities</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>351,947</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>302,678</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="bottom"><b>Shareholders' Equity</b> </td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="3"></td>
</tr>

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

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Preferred stock </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">- </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">- </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Common stock </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">129,392 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">128,619 </td>
<td></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Treasury stock </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">(568 </td>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">) </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">(609 </td>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">) </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom">Retained earnings </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">137,438 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">125,380 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 25px" valign="bottom"><b>Total shareholders' equity</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>266,262</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>253,390</b> </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 25px" valign="bottom"><b>Total liabilities and shareholders' equity</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>618,209</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>$</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom"><b>556,068</b> </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
</tr>

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

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 10px; FONT-SIZE: 8pt" id="ze96a3509afea4cc2969a7560294de50d" cellspacing="0">
<tr>
<td colspan="2"></td>
<td>&#160; </td>
<td colspan="17"></td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="20"><b>Olympic Steel, Inc.</b> </td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="20"><b>Segment Financial Information</b> </td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="20">
<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="17">&#160; </td>
</tr>

<tr>
<td colspan="2"></td>
<td></td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="17"><b>Three Months Ended June 30:</b> </td>
</tr>

<tr>
<td>&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="17"><i>(unaudited)</i> </td>
</tr>

<tr>
<td style="PADDING-LEFT: 0px" valign="top" colspan="2"></td>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="top"></td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="5"><b>Carbon Flat</b> </td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="bottom">&#160; </td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="5"><b>Specialty Metals Flat</b> </td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top">&#160; </td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="5"><b>Tubular and Pipe</b> </td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="top" colspan="2"></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="top"></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="bottom" colspan="5"><b>Products</b> </td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom"></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="bottom" colspan="5"><b>Products</b> </td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="top"></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="5">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Products<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></b> </p>
</td>
</tr>

<tr>
<td colspan="2"></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2017</b> </td>
<td>&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2016</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2017</b> </td>
<td>&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2016</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2017</b> </td>
<td>&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2016</b> </td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom" colspan="2">Tons Sold<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">308,458 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">272,447 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">22,539 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">21,768 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px" valign="bottom" colspan="2">NA </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px" valign="bottom" colspan="2">NA </td>
</tr>

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

<tr>
<td style="PADDING-LEFT: 0px" valign="bottom" colspan="2">Net Sales </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">237,058 </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">173,122 </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">58,280 </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">49,529 </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">60,857 </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">50,957 </td>
</tr>

<tr>
<td style="PADDING-LEFT: 0px" valign="bottom" colspan="2">Average selling price per ton </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">769 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">635 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,586 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,275 </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px" valign="bottom" colspan="2">NA </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px" valign="bottom" colspan="2">NA </td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom" colspan="2">Cost of materials sold<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">189,650 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">129,137 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">50,046 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">41,991 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">43,345 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">34,560 </td>
</tr>

<tr>
<td style="PADDING-LEFT: 0px" valign="bottom" colspan="2">Gross profit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3</sup> </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">47,408 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">43,985 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">8,234 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">7,538 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">17,512 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">16,397 </td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom" colspan="2">Operating expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">4</sup> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">40,169 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">38,316 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">5,375 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">4,971 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">15,168 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">14,264 </td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; PADDING-LEFT: 0px" valign="bottom" colspan="2">Operating income </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">7,239 </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">5,669 </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,859 </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,567 </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,344 </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,133 </td>
</tr>

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

<tr>
<td style="PADDING-LEFT: 0px" valign="bottom" colspan="2">Depreciation and Amortization </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,905 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,988 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">198 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">190 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">1,412 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">1,568 </td>
</tr>

<tr>
<td colspan="2"></td>
<td></td>
<td colspan="17">&#160; </td>
</tr>

<tr>
<td colspan="2"></td>
<td></td>
<td colspan="17">&#160; </td>
</tr>

<tr>
<td colspan="2"></td>
<td></td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="17"><b>Six Months Ended June 30:</b> </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="17"><i>(unaudited)</i> </td>
</tr>

<tr>
<td style="PADDING-LEFT: 0px" valign="top" colspan="2"></td>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="top"></td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="5"><b>Carbon Flat</b> </td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="bottom"></td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="5"><b>Specialty Metals Flat</b> </td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top"></td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="5"><b>Tubular and Pipe</b> </td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="top" colspan="2"></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="top"></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="bottom" colspan="5"><b>Products</b> </td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom"></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="bottom" colspan="5"><b>Products</b> </td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="top"></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="5">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Products<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></b> </p>
</td>
</tr>

<tr>
<td colspan="2"></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2017</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2016</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2017</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2016</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2017</b> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2016</b> </td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom" colspan="2">Tons Sold<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">612,250 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">539,297 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">45,732 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">41,591 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px" valign="bottom" colspan="2">NA </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px" valign="bottom" colspan="2">NA </td>
</tr>

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

<tr>
<td style="PADDING-LEFT: 0px" valign="bottom" colspan="2">Net Sales </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">453,974 </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">334,556 </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">116,235 </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">95,359 </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">120,879 </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">102,042 </td>
</tr>

<tr>
<td style="PADDING-LEFT: 0px" valign="bottom" colspan="2">Average selling price per ton </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">741 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">620 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,542 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,294 </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px" valign="bottom" colspan="2">NA </td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px" valign="bottom" colspan="2">NA </td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom" colspan="2">Cost of materials sold<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">358,823 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">255,664 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">98,330 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">81,186 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">84,342 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">68,658 </td>
</tr>

<tr>
<td style="PADDING-LEFT: 0px" valign="bottom" colspan="2">Gross profit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3</sup> </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">95,151 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">78,892 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">17,905 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">14,173 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">36,537 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">33,384 </td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0px" valign="bottom" colspan="2">Operating expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">4</sup> </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">80,537 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">75,401 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">11,061 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">9,850 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">31,706 </td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">29,008 </td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; PADDING-LEFT: 0px" valign="bottom" colspan="2">Operating income </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">14,614 </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">3,491 </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">6,844 </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">4,323 </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">4,831 </td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">4,376 </td>
</tr>

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

<tr>
<td style="PADDING-LEFT: 0px" valign="bottom" colspan="2">Depreciation and Amortization </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">5,794 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">5,942 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">424 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">383 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">2,808 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">3,127 </td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 10px; FONT-SIZE: 8pt" id="z0e30edbaa2b34a9dbee4c6dd7f756611" cellspacing="0">
<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="top">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup> </p>
</td>
<td>&#160; </td>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="top">Tonnage is less meaningful for the Tubular and Pipe Products segment and therefore, is not reported. </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="top">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup> </p>
</td>
<td></td>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="top">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Includes $0.4 million, and $0.8 million, of LIFO expense for the Tubular and Pipe Products segment for the three and six months ended June 30, 2017, respectively. </p>
</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="top"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3</sup> </td>
<td></td>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="top">Gross profit is calculated as net sales less the cost of materials sold. </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="top"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">4</sup> </td>
<td></td>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="top">Operating expenses are calculated as total costs and expenses less the cost of materials sold. </td>
</tr>

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

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 10px; FONT-SIZE: 8pt" id="z0c01366efc0f43b2a69de8d2b34c76dc" cellspacing="0">
<tr>
<td></td>
<td>&#160; </td>
<td>&#160; </td>
<td>&#160; </td>
<td>&#160; </td>
<td>&#160; </td>
<td colspan="3"></td>
<td>&#160; </td>
<td>&#160; </td>
<td colspan="2"></td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="13"><b>Olympic Steel, Inc.</b> </td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="13"><b>Segment Financial Information Cont.</b> </td>
</tr>

<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="top" colspan="13">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(In thousands, unaudited) </p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2">&#160; </td>
</tr>

<tr>
<td rowspan="2"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td rowspan="2"></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2">&#160; </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>At June 30,</b><br>
<b>2017</b> </p>
</td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>At Dec. 31,</b><br>
<b>2016</b> </p>
</td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Assets </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2"></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Flat products </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">422,259 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">363,626 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 15px" valign="bottom">Tubular and pipe products </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">195,647 </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">192,088 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 15px" valign="bottom">Corporate </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">303 </td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid">&#160; </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">354 </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; PADDING-LEFT: 0px" valign="bottom">Total assets </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">618,209 </td>
<td style="BORDER-BOTTOM: black 2.25pt double">&#160; </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="BORDER-BOTTOM: black 2.25pt double; TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">556,068 </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2">&#160; </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><u><b>Other Information:</b></u> </p>
</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2"></td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">(audited, in thousands, except per-share data) </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2"></td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>At June 30,</b><br>
<b>2017</b> </p>
</td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>At Dec. 31,</b><br>
<b>2016</b> </p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Shareholders' equity per share </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">24.28 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">23.11 </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Debt-to-equity ratio </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px" valign="bottom" colspan="3">0.79 to 1 </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px" valign="bottom" colspan="2">0.66 to 1 </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2">&#160; </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2">&#160; </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="bottom" colspan="7">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Six Months Ended</b> </p>
</td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="bottom" colspan="7"><b>June 30,</b> </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="3"><b>2017</b> </td>
<td></td>
<td></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom" colspan="2"><b>2016</b> </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Net cash from (used for) operating activities </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">(38,483 </td>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">) </td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">10,533 </td>
</tr>

<tr>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td></td>
<td colspan="2">&#160; </td>
</tr>

<tr>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="bottom">Cash dividends per share </td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">0.04 </td>
<td></td>
<td></td>
<td></td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">$ </td>
<td style="TEXT-ALIGN: right; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">0.04 </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>
</div>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
