<SEC-DOCUMENT>0001157523-18-001665.txt : 20180802
<SEC-HEADER>0001157523-18-001665.hdr.sgml : 20180802
<ACCEPTANCE-DATETIME>20180802060048
ACCESSION NUMBER:		0001157523-18-001665
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180802
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180802
DATE AS OF CHANGE:		20180802

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:		18986482

	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>a51846895.htm
<DESCRIPTION>OLYMPIC STEEL, INC. 8-K
<TEXT>
<html>
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    <title></title>
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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-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>Washington,
      D.C. 20549</b></font><br><font style="font-family: Times New Roman"><b>________________________</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>FORM 8-K</b></font><br><font style="font-family: Times New Roman"><b>________________________</b></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>The
      Securities Exchange Act of 1934</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt">Date of
      Report (Date of earliest event reported): </font><font style="font-family: Times New Roman; font-size: 12pt"><b>August
      2, 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="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <b>Ohio</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 34%; text-align: center">
          <b>000-23320</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 33%; text-align: center">
          <b>34-1245650</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          (State or other jurisdiction<br>of incorporation)
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 34%; text-align: center">
          (Commission File Number)
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          (IRS Employer Identification No.)
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 50%; text-align: center">
          <b>5096 Richmond Road, Bedford Heights, Ohio</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; width: 50%; text-align: center">
          <b>44146</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 50%; text-align: center">
          (Address of principal executive offices)
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 50%; 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;]
    </p>
    <p>

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

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

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

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

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

    </p>
    <p>
      <b>Item 2.02. Results of Operations and Financial Condition.</b>
    </p>
    <p>
      On August 2, 2018, Olympic Steel, Inc. issued a press release reporting
      its operating results for the second quarter and first half of 2018
      ended June 30, 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.
    </p>
    <p>
      <b>Item 9.01. Financial Statements and Exhibits.</b>
    </p>
    <p>
      (d) Exhibits.
    </p>
    <p>
      <u><b>Exhibit No.</b></u>
    </p>
    <p>
      99.1 Press release dated August 2, 2018.
    </p>
    <p>

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

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

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

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

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

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

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

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

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

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

        </td>
        <td style="width: 47%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; width: 47%; border-bottom-color: black; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>August 2, 2018</b>
          </p>
        </td>
        <td style="width: 6%">

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

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

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

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

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

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

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

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

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

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

    </p>
    <p style="text-align: center">
      <u><b>Exhibit Index</b></u>
    </p>
    <p>
      <a href="a51846895ex99_1.htm">99.1 Press Release dated August 2, 2018.</a>
    </p>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51846895ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <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 Record Quarterly and First-Half Net Sales</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Second-Quarter
      2018 Net Income More than Triples, on 27% Higher Sales</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)--August 2, 2018--<b>Olympic Steel Inc.
      (Nasdaq: ZEUS)</b>, a leading national metals service center, today
      announced significantly improved financial results for the three- and
      six-month periods ended June 30, 2018.
    </p>
    <p>
      Net sales increased 27% in 2018&#8217;s second quarter, to $453 million, which
      is the highest quarterly sales level posted in the Company&#8217;s history.
      This compared with $356 million in net sales during the same quarter of
      2017. Year-to-date net sales rose 20% over the same period in 2017,
      reaching a record $829 million in 2018&#8217;s first half, versus $691 million
      in the first half of 2017. Higher shipping volume and higher average
      prices drove the year-over-year growth.
    </p>
    <p>
      &#8220;Record sales tonnage of specialty metals products helped us achieve
      record revenue in the quarter and six-month period,&#8221; said Chairman and
      Chief Executive Officer Michael D. Siegal. &#8220;In addition, our strong
      margins have substantially improved this year&#8217;s financial results.&#8221;
    </p>
    <p>
      Second-quarter net income in 2018 increased 230% to $15.8 million, or
      $1.39 per diluted share, compared with net income of $4.8 million, or
      $0.42 per diluted share, in 2017&#8217;s same quarter. Net income was
      negatively impacted in the second quarter of 2018 by $1.5 million in
      LIFO expense, which reduced earnings by $0.10 per diluted share in the
      quarter. In the second quarter of the prior year, LIFO expense reduced
      net income by $0.4 million, or $0.02 per diluted share. Adjusting for
      LIFO impacts in both periods, second quarter 2018 net income improved to
      $1.49 per diluted share, up from $0.44 per diluted share in 2017&#8217;s
      second quarter. The table that follows provides a reconciliation of
      non-GAAP measures to measures prepared in accordance with GAAP.
    </p>
    <p>
      &#8220;Our stainless-steel sales were already at all-time highs prior to our
      acquisition of Berlin Metals in April,&#8221; Siegal said. &#8220;We have
      successfully integrated Berlin&#8217;s business into our existing specialty
      metals operating segment and we continue to evaluate additional
      strategic acquisition opportunities.&#8221;
    </p>
    <p>
      In the first half of 2018, GAAP net income grew to $23.5 million, or
      $2.06 per diluted share, up from $12.5 million, or $1.10 per diluted
      share in 2017&#8217;s comparable period. LIFO expense totaled $2.0 million, or
      $0.13 per diluted share in the first half of 2018, compared with $0.8
      million, or $0.05 per diluted share in last year&#8217;s first half. In the
      first quarter of 2017, an out-of-period income tax adjustment resulted
      in a one-time reduction of income tax expense, which increased net
      income by $1.9 million, or $0.17 per diluted share in last year&#8217;s first
      half. Adjusting for LIFO expense and last year&#8217;s tax benefit, net income
      grew to $2.19 per diluted share in the first half of 2018, up from $0.98
      per diluted share in the same period of 2017.
    </p>
    <p>
      &#8220;Demand for metal products remains elevated,&#8221; Siegal added. &#8220;Despite the
      international trade issues, our customers are anticipating strong
      business conditions to continue in the second half of the year.&#8221;
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      The Company&#8217;s Board of Directors also approved a regular quarterly cash
      dividend of $0.02 per share, which is payable on Sept. 17, 2018, to
      shareholders of record on Sept. 4, 2018.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="13" style="padding-left: 0.0px; text-align: center">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="13" 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="13" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The following table reconciles adjusted net income per diluted
            share to the most directly comparable GAAP financial measure:
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="13" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" colspan="5" style="padding-left: 0.0px; text-align: center">
          <i>(unaudited)</i>
        </td>
        <td>

        </td>
        <td valign="top" colspan="5" 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 income per diluted share (GAAP):</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>1.39</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>0.42</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>2.06</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$ 1.10</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black; text-align: left">
          Excluding the following items:
        </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>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Tax adjustment on retirement plan
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (0.17
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          LIFO expense
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          0.10
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          0.02
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          0.13
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          0.05
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Adjusted net income per diluted share (non-GAAP):</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>1.49</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>0.44</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>2.19</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$ 0.98</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Conference Call and Webcast</b>
    </p>
    <p>
      A simulcast of Olympic Steel&#8217;s 2018 second-quarter earnings conference
      call can be accessed via the Investor Relations section of the Company&#8217;s
      website at <u>www.olysteel.com</u>. The simulcast will begin at 9 a.m.
      EDT on Aug. 2, 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: the recent inflation in metals pricing provides risks of falling
      metals prices and inventory devaluation; 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 the tariffs initiated by the U.S. government in 2018 under
      Section 232 of the Trade Expansion Act of 1962 and newly imposed tariffs
      and duties on exported steel; 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 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; increased labor costs and tighter employment markets related
      to tighter employment markets; 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 product mix and inventory levels on hand, which can
      impact our cost of materials sold as a result of the fluctuations in the
      LIFO inventory valuation; the adequacy of our existing information
      technology and business system software, including duplication and
      security processes; the adequacy of our efforts to mitigate cyber
      security risks and threats; access to capital and global credit markets;
      our ability to pay regular quarterly cash dividends and the amounts and
      timing of any future dividends; our ability to repurchase shares of our
      common stock and the amounts and timing of repurchases, if any;
      unanticipated developments that could occur with respect to
      contingencies such as litigation, arbitration and environmental matters,
      including any developments that would require any increase in our costs
      for such contingencies; and changes in laws or regulations or the manner
      of their interpretation or enforcement could impact our financial
      performance and restrict our ability to operate our business or execute
      our strategies.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="7" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Six Months Ended June 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td valign="top" colspan="7" 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>452,917</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>356,195</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>828,515</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>691,088</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          356,061
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          283,041
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          650,838
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          541,495
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          23,813
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          21,838
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          47,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          45,339
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          21,523
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          17,887
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          40,396
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          36,052
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          13,386
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          10,568
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          25,525
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          20,933
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          7,107
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          6,496
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          14,335
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          13,007
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,297
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,191
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          4,852
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          4,501
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          4,164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          4,319
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          8,187
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          8,633
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          247
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          469
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          444
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          428,598
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          346,562
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          791,851
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          670,404
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>24,319</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>9,633</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>36,664</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <b>20,684</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          (93
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          (28
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          (139
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          (54
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Income before interest and income taxes
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          24,226
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          9,605
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          36,525
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          20,630
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          2,670
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          1,788
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          4,656
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          3,414
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          21,556
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          7,817
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          31,869
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          17,216
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          5,708
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          3,020
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          8,392
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          4,720
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>15,848</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>4,797</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>23,477</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>12,496</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          1.39
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          0.42
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          2.06
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          1.10
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          11,435
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          11,383
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          11,419
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          11,382
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>1.39</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>0.42</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>2.06</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>1.10</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            11,435
          </p>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            11,390
          </p>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            11,419
          </p>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            11,387
          </p>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
      </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-bottom: 0px; margin-top: 0px">
            (in thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: center">
          <b>At June 30, 2018</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: center">
          <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">
          <i>(unaudited)</i>
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          5,501
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          205,245
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Inventories, net (includes LIFO debit of $3,337 as of June 30, 2018
          and $5,337 as of Dec. 31, 2017)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          363,595
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          5,273
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          580,364
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          394,470
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          (236,962
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: left">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          157,508
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          27,766
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          13,318
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>778,956</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          127,113
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          15,378
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          15,543
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          158,034
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          111,147
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          297,674
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          11,898
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          14,562
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>428,168</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          130,417
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          166,503
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>296,788</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <b>778,956</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="19" style="padding-left: 0.0px; text-align: center">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="19" style="padding-left: 0.0px; text-align: center">
          <b>Segment Financial Information</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="19" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 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 valign="top" colspan="19" style="padding-left: 5.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="17" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>Three Months Ended June 30:</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="17" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black; text-align: center">
          <i>(unaudited)</i>
        </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="bottom" colspan="5" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>Specialty Metals Flat</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          &#160;
        </td>
        <td valign="bottom" colspan="5" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>Tubular and Pipe</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px">

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

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

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

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

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          304,361
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          308,458
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          38,806
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          22,539
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            279,292
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          237,058
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          97,354
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          58,280
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          76,271
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          60,857
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px">
          Average selling price per ton
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          769
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,509
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,586
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          217,143
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          189,650
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          82,667
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          50,046
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          56,251
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          43,345
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px">
          Gross profit<sup>3</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          62,149
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          47,408
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          14,687
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          8,234
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          20,020
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          17,512
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px">
          Operating expenses<sup>4</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          43,845
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          40,169
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          9,163
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          5,375
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          15,470
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          15,168
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px">
          Operating income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            18,304
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          7,239
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          5,524
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          2,859
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          4,550
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          2,344
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,580
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,905
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          335
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          198
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,469
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          1,412
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" colspan="17" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>Six Months Ended June 30:</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="17" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black; text-align: center">
          <i>(unaudited)</i>
        </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="bottom" colspan="5" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>Carbon Flat</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" colspan="5" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>Specialty Metals Flat</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" colspan="5" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>Tubular and Pipe</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px">

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

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

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

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

        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          601,965
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          612,250
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          63,669
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          45,732
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          520,185
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          453,974
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          162,884
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          116,235
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          145,446
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          120,879
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px">
          Average selling price per ton
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          864
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          741
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,558
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,542
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          406,917
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          358,823
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          138,799
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          98,330
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          105,122
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          84,342
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px">
          Gross profit<sup>3</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          113,268
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          95,151
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          24,085
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          17,905
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          40,324
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          36,537
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px">
          Operating expenses<sup>4</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          86,859
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          80,537
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          15,548
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          11,061
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          31,508
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          31,706
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px">
          Operating income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            26,409
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            14,614
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          8,537
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          6,844
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          8,816
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          4,831
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          5,140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          5,794
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,925
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          2,808
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup><i>1</i></sup>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup><i>2</i></sup>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Includes LIFO expense for the Tubular and Pipe Products segment
            of $1.5 million, and $2.0 million, for the three and six months
            ended June 30, 2018; and $0.4 million, and $0.8 million for the
            three and six months ended June 30, 2017.</i>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup><i>3</i></sup>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup><i>4</i></sup>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

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

        </td>
        <td>

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

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

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

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

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

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

        </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>Segment Financial Information Cont.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="9" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands, unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td rowspan="2">

        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>At June 30,</b><br><b>2017</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>At Dec. 31,</b><br><b>2017</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Assets
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          569,775
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          208,605
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          576
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          255
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; border-bottom-color: black; text-align: right">
          778,956
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Other Information:</b></u>
          </p>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td valign="bottom" colspan="3" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>At June 30,</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">

        </td>
        <td valign="bottom" colspan="3" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center">
          <b>At Dec. 31,</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">

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

        </td>
        <td valign="bottom" colspan="2" style="padding-left: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; border-bottom-color: black; text-align: center">
          <b>2018</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: center">

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          26.96
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Debt-to-equity ratio
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            1.00 to 1
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            0.72 to 1
          </p>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net cash from (used for) operating activities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (61,883
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          (38,483
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left">
          )
        </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-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right">
          0.04
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
    </table>
    </div>
    <p>

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