<SEC-DOCUMENT>0001157523-18-000958.txt : 20180503
<SEC-HEADER>0001157523-18-000958.hdr.sgml : 20180503
<ACCEPTANCE-DATETIME>20180503060117
ACCESSION NUMBER:		0001157523-18-000958
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180503
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180503
DATE AS OF CHANGE:		20180503

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:		18801618

	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>a51800153.htm
<DESCRIPTION>OLYMPIC STEEL, INC. 8-K
<TEXT>
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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>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>FORM 8-K</b></font><br><font style="font-family: Times New Roman"><b>________________________</b></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>The
      Securities Exchange Act of 1934</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt">Date of
      Report (Date of earliest event reported): </font><font style="font-family: Times New Roman; font-size: 12pt"><b>May
      3, 2018</b></font><br><font style="font-family: Times New Roman"><b>________________________</b></font><br><br><font style="font-size: 18pt"><b>Olympic
      Steel, Inc.</b></font><br>(Exact name of registrant as specified in its
      charter)
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: center">
          <b>Ohio</b>
        </td>
        <td valign="top" style="width: 34%; padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>000-23320</b>
        </td>
        <td valign="top" style="width: 33%; padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>34-1245650</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: center">
          (State or other jurisdiction<br>of incorporation)
        </td>
        <td valign="top" style="width: 34%; padding-left: 0.0px; text-align: center">
          (Commission File Number)
        </td>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: center">
          (IRS Employer Identification No.)
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: center">
          <b>5096 Richmond Road, Bedford Heights, Ohio</b>
        </td>
        <td valign="bottom" style="width: 50%; padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>44146</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: center">
          (Address of principal executive offices)
        </td>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: center">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      Registrant's telephone number, including area code: &#160; <b>(216)
      292-3800</b>
    </p>
    <p style="text-align: center">
      ________________________________________________________________________<br>(Former
      name or former address, if changed since last report)
    </p>
    <p>

    </p>
    <p>
      <font style="font-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>
    <p>
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).
    </p>
    <p style="white-space: nowrap">
      Emerging growth company [&#160;&#160;]
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act. [&#160;&#160;]<br><br>
    </p>
    <hr style="width: 100%; height: 1.0 pt; text-align: center; color: #000000">


    <p>

    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Item 2.02. Results of Operations and Financial Condition.</b><br><br><br>
    </p>
    <p>
      On May 3, 2018, Olympic Steel, Inc. issued a press release reporting its
      operating results for the first quarter of 2018 ended March 31, 2018.
      The press release is attached hereto as Exhibit 99.1.
    </p>
    <p>
      The information included in this report, including exhibit 99.1, is
      furnished pursuant to Item 2.02 of Form 8-K, is not to be considered
      &quot;filed&quot; under the Securities Exchange Act of 1934, as amended (&quot;Exchange
      Act&quot;), and shall not be incorporated by reference into any of Olympic
      Steel, Inc.'s previous or future filings under the Securities Act of
      1933, as amended, or the Exchange Act except as otherwise expressly
      stated in such filing.<br><br><br>
    </p>
    <p>
      <b>Item 9.01. Financial Statements and Exhibits.</b><br><br><br>
    </p>
    <p>
      (d) Exhibits.
    </p>
    <p>
      <u><b>Exhibit No.</b></u>
    </p>
    <p>
      99.1 Press release dated May 3, 2018.<br><br>
    </p>
    <hr style="width: 100%; height: 1.0 pt; text-align: center; color: #000000">


    <p>

    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

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

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

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

        </td>
        <td style="width: 47%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 47%; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>May 3, 2018</b>
          </p>
        </td>
        <td style="width: 6%">

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

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

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

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

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

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

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

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

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

        </div>
      </div>
    </div>
    <hr style="width: 100%; height: 1.0 pt; text-align: center; color: #000000">
    <hr style="width: 100%; height: 1.0 pt; text-align: center; color: #000000">


    <p>

    </p>
    <p style="text-align: center">
      <u><b>Exhibit Index</b></u>
    </p>
    <p>
      <a href="a51800153ex99_1.htm">99.1 Press Release dated May 3, 2018</a>
    </p>
    <p>

    </p>
    <p>

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51800153ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Olympic
      Steel Reports Strong 2018 First-Quarter Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Quarterly
      Net Sales and Operating Income Grow 12% Versus 2017&#8217;s First Quarter</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Board
      Declares Regular Quarterly Cash Dividend</b></font></i>
    </p>
    <p>
      CLEVELAND--(BUSINESS WIRE)--May 3, 2018--<b>Olympic Steel Inc., (Nasdaq:
      ZEUS)</b>, a leading national metals service center, today announced
      financial results for the first quarter ended March 31, 2018.
    </p>
    <p>
      First-quarter 2018 net sales increased 12% to $376 million, compared
      with $335 million in last year&#8217;s same quarter. Consolidated gross margin
      expanded to 21.5% of net sales in the first quarter of 2018, up from
      19.4% of net sales in the fourth quarter of 2017, and up from 20.7% of
      net sales in the 2017 full-year period. Operating income in 2018&#8217;s first
      quarter grew 12% to $12.3 million, versus $11.1 million in last year&#8217;s
      comparable quarter.
    </p>
    <p>
      Net income in the 2018 first quarter was $7.6 million, or $0.67 per
      diluted share, compared with net income of $7.7 million, or $0.68 per
      diluted share, in the first quarter of 2017. Last year&#8217;s first-quarter
      results included an out-of-period income tax adjustment that increased
      2017 first-quarter net income by $1.9 million, or $0.17 per diluted
      share. The Company recorded $0.5 million of LIFO expense in the first
      quarter of 2018, compared with $0.4 million of LIFO expense in the first
      quarter of 2017.
    </p>
    <p>
      After adjusting for the tax impact in the first quarter of 2017 and LIFO
      expense recorded in both first-quarter periods, adjusted net income
      increased 30% to $0.70 per diluted share in the first quarter of 2018,
      compared with adjusted net income of $0.54 per diluted share in 2017&#8217;s
      comparable period. Please see the table that follows for a
      reconciliation of non-GAAP measures to measures prepared in accordance
      with GAAP.
    </p>
    <p>
      &#8220;First-quarter 2018 net sales grew in all three operating segments
      versus the fourth quarter and compared with the first quarter of last
      year,&#8221; said Chairman and Chief Executive Officer Michael D. Siegal.
      &#8220;Accelerating shipments and rising prices throughout the first quarter
      resulted in our highest operating income in any quarter since 2011.&#8221;
    </p>
    <p>
      &#8220;After quarter end, we acquired Berlin Metals, a distributor of prime
      tin mill products with a growing stainless steel business. In addition
      to diversifying into new complementary products, this acquisition, which
      we believe will be accretive, also adds new customers and markets,
      providing us with cross-selling growth opportunities. We continue to
      seek potential acquisition candidates that align with our long-term
      objectives, as well as undertake internal growth initiatives in key
      strategic areas.&#8221;
    </p>
    <p>
      &#8220;As we move through a busy spring season, shipping volumes and metal
      prices remain elevated, setting the stage for a strong first half,&#8221;
      Siegal said.
    </p>
    <p>
      The Company&#8217;s Board of Directors also approved a regular quarterly cash
      dividend of $0.02 per share, which is payable on June 15, 2018, to
      shareholders of record on June 1, 2018.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="8" style="padding-left: 0.0px; text-align: center">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="8" style="padding-left: 0.0px; text-align: center">
          <b>Reconciliation of Net Income Per Diluted Share to Adjusted Net
          Income Per Diluted Share</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="8" style="padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            The following table reconciles adjusted net income per diluted
            share to the most directly comparable GAAP financial measure:
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px">

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

        </td>
        <td valign="top" colspan="6" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          Three Months Ended
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px">

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          2018
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          2017
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" colspan="6" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <i>(unaudited)</i>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px">
          <b>Net income per diluted share (GAAP):</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.67
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.68
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          Excluding the following items:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Tax adjustment on retirement plan
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.17
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          LIFO expense
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          0.03
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          0.03
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Adjusted net income per diluted share (non-GAAP):</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          0.70
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          0.54
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Conference Call and Webcast</b>
    </p>
    <p>
      A simulcast of Olympic Steel&#8217;s 2018 first-quarter earnings conference
      call can be accessed via the Investor Relations section of the Company&#8217;s
      website at <u><b>www.olysteel.com</b></u>. The simulcast will begin at 9
      a.m. EDT today, May 3, and a replay of the call will be available for
      approximately 14 days thereafter.
    </p>
    <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; fluctuations in
      the value 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 rising costs of transportation and
      logistical services; the successes of our efforts and initiatives to
      increase sales and earnings, maintain or improve working capital
      turnover and free cash flows, improve our customer service, and achieve
      cost savings; 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 acquisitions and our
      business information system implementations; our ability to successfully
      integrate Berlin Metals, LLC, or Berlin Metals, into our business and
      risks inherent with the Berlin Metals acquisition in the achievement of
      expected results, including whether the acquisition will be accretive
      and within the expected timeframe; the success of our operational
      initiatives to improve our operating, cultural and management systems
      and reduce our costs; the ability to comply with the terms of our
      asset-based credit facility; the ability of our customers and third
      parties to honor their agreements related to derivative instruments;
      customer, supplier and competitor consolidation, bankruptcy or
      insolvency; reduced production schedules, layoffs or work stoppages by
      our own, our suppliers&#8217; or customers&#8217; personnel; the impacts of union
      organizing activities and the success of union contract renewals; the
      timing and outcomes of inventory lower of cost or market adjustments and
      last-in, first-out, or LIFO, income 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;&#160;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>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      In addition to financial information prepared in accordance with GAAP,
      this document also contains adjusted earnings per diluted share, which
      is a non-GAAP financial measure. Management&#8217;s view of the Company&#8217;s
      performance includes adjusted earnings per share, and management uses
      this non-GAAP financial measure internally for planning and forecasting
      purposes and to measure the performance of the Company. We believe this
      non-GAAP financial measure provides useful and meaningful information to
      us and investors because it enhances investors&#8217; understanding of the
      continuing operating performance of our business and facilitates the
      comparison of performance between past and future periods. This non-GAAP
      financial measure should be considered in addition to, but not as a
      substitute for, the information prepared in accordance with GAAP. A
      reconciliation of this non-GAAP measure to the most directly comparable
      GAAP financial measure is provided above.
    </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, aluminum, and tin products. The Company&#8217;s CTI subsidiary is a
      leading distributor of steel tubing, bar, pipe, valves and fittings, and
      fabricates pressure parts for the electric utility industry.
      Headquartered in Cleveland, Ohio, Olympic Steel operates from 31
      facilities in North America.
    </p>
    <p>
      For additional information, please visit the Company&#8217;s website at <u>www.olysteel.com</u>
      or <u>http://ir.olysteel.com/Contact_Us?BzID=2195</u>
    </p>
    <p style="text-align: center">
      <b>-Financial Tables Follow-</b>
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="8">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="padding-left: 0.0px; text-align: center">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="padding-left: 0.0px; text-align: center">
          <b>Consolidated Statements of Comprehensive Income</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (in thousands, except per-share data)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="4" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>375,598</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          294,777
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          23,436
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          18,872
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          12,139
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          7,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,555
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,024
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          363,253
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>12,345</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (46
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          12,299
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          1,986
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,313
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          2,684
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>7,629</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          0.67
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          11,418
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net income per share - diluted</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>0.67</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          11,418
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="9" style="padding-left: 0.0px; text-align: center">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="9" style="padding-left: 0.0px; text-align: center">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="9" style="padding-left: 0.0px; text-align: center">
          <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 colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>At Mar. 31, 2018</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,412
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,009
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          174,813
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          132,737
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Inventories, net (includes LIFO debit of $4,837 as of Mar. 31,
            2018, and $5,337 as of Dec. 31, 2017)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          319,024
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          275,307
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5,698
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          8,333
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          750
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          750
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          503,697
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          420,136
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          384,218
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          376,710
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (232,908
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (229,062
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          Net property and equipment
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          151,310
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          147,648
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          22,758
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          22,980
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          13,114
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          13,394
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left; padding-bottom: 4.0px">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>690,879</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>604,158</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          930
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          112,518
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          84,034
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          9,782
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,999
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          14,567
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          14,184
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          136,867
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          111,147
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Credit facility revolver
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          248,955
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          196,235
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,215
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          12,048
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          12,827
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          12,145
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>409,864</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>331,575</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          130,379
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          129,453
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (239
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (337
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          150,875
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          143,467
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          <b>Total shareholders' equity</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>281,015</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>272,583</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Total liabilities and shareholders' equity</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>690,879</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          <b>604,158</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="18">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="21" style="padding-left: 0.0px; text-align: center">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="21" style="padding-left: 0.0px; text-align: center">
          <b>Segment Financial Information</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="21" style="padding-left: 0.0px; text-align: center">
          <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="18">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="top" colspan="18" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>Three Months Ended March 31:</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="18" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="padding-left: 0.0px">

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

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

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

        </td>
        <td valign="bottom" colspan="5" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Products</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; padding-bottom: 2.0px">

        </td>
        <td valign="bottom" colspan="5" style="padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; border-bottom-style: solid">
          <b>Products</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; padding-bottom: 2.0px">

        </td>
        <td valign="bottom" colspan="6" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Products<sup>1</sup></b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Tons Sold<sup>1</sup>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          297,604
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          24,863
        </td>
        <td>

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

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

        </td>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; border-bottom-style: solid">
          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="3">

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          240,894
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $ 65,529
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $ 69,175
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          60,022
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Average selling price per ton
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          809
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,636
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="3" style="padding-left: 0.0px; text-align: right">
          NA
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          189,775
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          56,131
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          48,871
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          40,997
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px">
          Gross profit<sup>3</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          51,119
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          9,398
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          20,304
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          19,025
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; padding-bottom: 2.0px">
          Operating expenses<sup>4</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          43,013
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          6,387
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          16,037
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          16,538
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; padding-bottom: 4.0px">
          Operating income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          8,106
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $ 3,011
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $ 4,267
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          2,487
        </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="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Depreciation and Amortization
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          2,560
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          204
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          1,456
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap; border-bottom-style: double">
          1,396
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </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 colspan="2">
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

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

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

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>At March 31, 2018</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>At Dec. 31, 2017</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="padding-left: 0.0px; text-align: center">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Flat products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          490,622
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          409,116
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Tubular and pipe products
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          199,938
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          194,787
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left; padding-bottom: 2.0px">
          Corporate
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          319
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          255
        </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>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          690,879
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          604,158
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" colspan="9" style="padding-left: 0.0px; text-align: center">
          <b>Other Information:</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands, except per-share data)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>At March 31, 2018</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; padding-bottom: 2.0px">

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>At Dec. 31, 2017</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="7" style="padding-right: 0.0px; padding-left: 0.0px; text-align: center; white-space: nowrap">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Shareholders' equity per share
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          24.80
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="3" style="padding-left: 25.0px; text-align: left">
          0.89 to 1
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-left: 20.0px; text-align: left">
          0.72 to 1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap; border-bottom-style: solid">
          <b>2018</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net cash used for operating activities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (43,455
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          )
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup><i>1</i></sup>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Tonnage is less meaningful for the Tubular and Pipe Products
            segment and therefore, is not reported.</i>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup><i>2</i></sup>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Includes $0.5 million and $0.4 million of LIFO expense in the
            three months ended March 31, 2018 and 2017, respectively.</i>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup><i>3</i></sup>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Gross profit is calculated as net sales less the cost of
            materials sold.</i>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup><i>4</i></sup>
          </p>
        </td>
        <td>

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

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

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