<SEC-DOCUMENT>0001157523-18-002370.txt : 20181108
<SEC-HEADER>0001157523-18-002370.hdr.sgml : 20181108
<ACCEPTANCE-DATETIME>20181108060425
ACCESSION NUMBER:		0001157523-18-002370
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181108
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181108
DATE AS OF CHANGE:		20181108

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:		181167988

	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>a51896144.htm
<DESCRIPTION>OLYMPIC STEEL, INC. 8-K
<TEXT>
<html>
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>Washington,
      D.C. 20549</b></font><br><font style="font-family: Times New Roman"><b>________________________</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>FORM 8-K</b></font><br><font style="font-family: Times New Roman"><b>________________________</b></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>The
      Securities Exchange Act of 1934</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt">Date of
      Report (Date of earliest event reported): </font><font style="font-family: Times New Roman; font-size: 12pt"><b>November
      8, 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 style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <b>Ohio</b>
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 34%; padding-right: 0.0px" valign="top">
          <b>000-23320</b>
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 33%; padding-right: 0.0px" valign="top">
          <b>34-1245650</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          (State or other jurisdiction<br>of incorporation)
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 34%" valign="top">
          (Commission File Number)
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          (IRS Employer Identification No.)
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="top">
          <b>5096 Richmond Road, Bedford Heights, Ohio</b>
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 50%; padding-right: 0.0px" valign="bottom">
          <b>44146</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="top">
          (Address of principal executive offices)
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="top">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      Registrant's telephone number, including area code: &#160; <b>(216)
      292-3800</b>
    </p>
    <p style="text-align: center">
      ________________________________________________________________________<br>(Former
      name or former address, if changed since last report)
    </p>
    <p>

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

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

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

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

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

    </p>
    <p>
      <b>Item 2.02. Results of Operations and Financial Condition.</b>
    </p>
    <p>
      On November 8, 2018, Olympic Steel, Inc. issued a press release
      reporting its operating results for the third quarter and nine months of
      2018 ended September 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.<br><br><br><br><b>Item 9.01. Financial Statements
      and Exhibits.</b>
    </p>
    <p>

    </p>
    <p>
      (d) Exhibits.
    </p>
    <p>
      <u><b>Exhibit No.</b></u>
    </p>
    <p>
      99.1 Press release dated November 8, 2018.
    </p>
    <p>

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

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

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-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 style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 47%">

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

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

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

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

        </td>
        <td style="width: 47%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; width: 47%; border-bottom-style: solid; border-bottom-color: black" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>November 8, 2018</b>
          </p>
        </td>
        <td style="width: 6%">

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

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

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

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

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

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

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

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

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

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

    </p>
    <p style="text-align: center">
      <u><b>Exhibit Index</b></u>
    </p>
    <p>
      <a href="a51896144ex99_1.htm">99.1 Press Release dated November 8, 2018</a>
    </p>
    <p>

    </p>
    <p>

    </p>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51896144ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Olympic
      Steel Reports Record Third Quarter and Nine Month Net Sales</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Third-Quarter
      Net Income Surges Five-Fold Over Third Quarter 2017, and by 137% for
      Nine-Month Period</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)--November 8, 2018--<b>Olympic Steel Inc.
      (Nasdaq: ZEUS)</b>, a leading national metals service center, today
      announced significantly improved financial results for the third quarter
      and nine-month period ended Sept. 30, 2018.
    </p>
    <p>
      Third-quarter 2018 net sales increased 38%, to $457 million, which is
      the highest quarterly sales posted in the Company&#8217;s history. This is up
      from $331 million in net sales during the third quarter of 2017.
      Year-to-date net sales grew 26% over the prior year&#8217;s same period,
      reaching a record $1.3 billion, versus $1.0 billion in 2017. Higher
      year-over-year shipping volume and higher average prices drove the sales
      increase in both periods.
    </p>
    <p>
      Net income rose to $11.6 million, or $1.01 per diluted share, in the
      third quarter, up from $2.3 million or $0.20 per diluted share, in the
      same quarter of 2017. This year&#8217;s third-quarter net income was
      negatively impacted by $2.7 million in LIFO expense, which reduced
      quarterly earnings by $0.18 per diluted share. In last year&#8217;s same
      quarter, LIFO expense reduced net income by $0.7 million, or $0.04 per
      diluted share. Adjusting for LIFO impacts in both periods, third-quarter
      net income improved to $1.19 per diluted share in 2018, up from $0.24
      per diluted share in 2017. The table that follows provides a
      reconciliation of non-GAAP measures, to measures prepared in accordance
      with GAAP.
    </p>
    <p>
      &#8220;Robust demand for metals and active shipping volume continued in the
      third quarter,&#8221; said Chairman and Chief Executive Officer Michael D.
      Siegal. &#8220;Our diversification strategies and strong balance sheet,
      combined with record sales and higher margins, drove significant
      earnings improvement in all three of our operating segments for the
      third quarter and nine months of 2018.&#8221;
    </p>
    <p>
      For the 2018 nine-month period, net income grew to $35.1 million, or
      $3.07 per diluted share. This more than doubled net income of $14.8
      million, or $1.30 per diluted share, reported for the same period in
      2017. Year-to-date LIFO expense totaled $4.7 million, or $0.30 per
      diluted share, in 2018, compared with $1.5 million, or $0.08 per diluted
      share, in the same period last year.
    </p>
    <p>
      &#8220;End-market demand is expected to remain strong in all industries that
      we serve,&#8221; Siegal said. &#8220;Our customers anticipate year-over-year growth
      will continue in this year&#8217;s final quarter, and into 2019.&#8221;
    </p>
    <p>
      The Company&#8217;s Board of Directors also approved a regular quarterly cash
      dividend of $0.02 per share, which is payable on Dec. 17, 2018, to
      shareholders of record on Dec. 3, 2018.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom" colspan="2">
          2018
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom" colspan="2">
          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 style="text-align: center; padding-left: 0.0px" valign="top" colspan="5">
          <i>(unaudited)</i>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="5">
          <i>(unaudited)</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net income per diluted share (GAAP):</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1.01</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>0.20</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>3.07</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$ 1.30</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          0.18
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          0.04
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          0.30
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          0.08
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Adjusted net income per diluted share (non-GAAP):</b>
          </p>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>1.19</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>0.24</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>3.37</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$ 1.21</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>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Conference Call and Webcast</b>
    </p>
    <p>
      A simulcast of Olympic Steel&#8217;s 2018 third-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 live simulcast will begin at 10
      a.m. EST on Nov. 8, and a replay 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 fluctuations 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, U.S. trade policy and its impact on the
      U.S. manufacturing industry; the availability, and increased costs, of
      labor related to tighter employment markets; the availability and rising
      costs of transportation and logistical services; rising interest rates
      and their impacts on our variable interest debt; 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; 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 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 ability of our customers (especially those
      that may be highly leveraged, and those with inadequate liquidity) to
      maintain their credit availability; 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; margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      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>https://olysteel.irpass.com/Contact_Us?BzID=2195</u>.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

        </td>
        <td colspan="4">

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

        </td>
        <td colspan="4">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="16">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="16">
          <b>Consolidated Statements of Comprehensive Income</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="16">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (in thousands, except per-share data)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="4">

        </td>
        <td>

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

        </td>
        <td colspan="4">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom" colspan="6">
          <b>Three Months Ended Sept. 30,</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="6">
          <i>(unaudited)</i>
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>456,976</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>331,442</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,285,491</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>1,022,530</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          365,362
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          265,351
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,016,200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          806,846
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,330
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,531
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          72,579
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          65,870
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          21,197
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,647
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          61,592
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          52,699
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,552
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,574
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38,077
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          31,507
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,373
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,797
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          21,708
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,804
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,348
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,651
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,953
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,883
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,141
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,516
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          223
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          716
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          667
        </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="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          438,362
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          326,156
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          1,230,213
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          996,560
        </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="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>18,614</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>5,286</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>55,278</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>25,970</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          (76
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Income before interest and income taxes
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          18,631
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,264
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          55,156
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,894
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          2,923
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          1,966
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          7,579
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          5,380
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,708
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,298
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          47,577
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,514
        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          4,109
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          1,018
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          12,501
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          5,738
        </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="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>11,599</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>2,280</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>35,076</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>14,776</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="3">

        </td>
        <td>

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

        </td>
        <td>

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

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

        </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="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          1.01
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          0.20
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          3.07
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          1.30
        </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="3">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 4.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 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 style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          11,444
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          11,386
        </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 style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          11,427
        </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 style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          11,384
        </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="3">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>1.01</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>0.20</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>3.07</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>1.30</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="3">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          11,446
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          11,386
        </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 style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          11,427
        </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 style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          11,384
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,267
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          213,422
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Inventories, net (includes LIFO debit of $662 as of Sept. 30, 2018
          and $5,337 as of Dec. 31, 2017)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          366,198
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,219
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          589,106
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          398,524
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          (239,862
        </td>
        <td style="white-space: nowrap; text-align: left; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          158,662
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          27,519
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          13,980
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>789,267</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          118,134
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,265
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          11,595
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          148,994
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          304,484
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,724
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          14,718
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>480,920</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          130,597
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          177,882
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>308,347</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          <b>789,267</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="19">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="19">
          <b>Segment Financial Information</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="19">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands, except tonnage and per-ton data. Figures may not
            foot to consolidated totals due to Corporate expenses.)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="17">
          <b>Three Months Ended Sept. 30:</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top" colspan="17">
          <i>(unaudited)</i>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

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

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="5">
          <b>Carbon Flat</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Specialty Metals Flat</b>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="5">
          <b>Tubular and Pipe</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">

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

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

        </td>
        <td style="text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="bottom" colspan="5">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Products</b>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">

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

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          281,225
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          277,426
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          36,606
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          23,253
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          282,810
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          215,843
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          92,153
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          57,554
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          82,013
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          58,045
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" valign="bottom">
          Average selling price per ton
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          778
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,517
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,475
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="2">
          NA
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          225,407
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          173,560
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          77,928
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          50,083
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          62,027
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          41,708
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" valign="bottom">
          Gross profit<sup>3</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          57,403
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          42,283
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,225
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,471
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,986
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,337
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          42,910
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          38,585
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          9,271
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          5,397
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          16,884
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          14,729
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          Operating income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          14,493
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          3,698
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          4,954
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          2,074
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          3,102
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          1,608
        </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 style="padding-left: 0.0px" valign="bottom">
          Depreciation and Amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,524
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,493
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          341
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,403
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="17">
          <b>Nine Months Ended Sept. 30:</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black" valign="top" colspan="17">
          <i>(unaudited)</i>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" valign="top">

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

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

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

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

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

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

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

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="white-space: nowrap; text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          883,190
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          889,676
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          100,275
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          68,985
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          802,995
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          669,817
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          255,037
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          173,789
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          227,459
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          178,924
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" valign="bottom">
          Average selling price per ton
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          909
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          753
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,543
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,519
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom" colspan="2">
          NA
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          632,326
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          532,383
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          216,726
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          148,413
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          167,148
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          126,050
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" valign="bottom">
          Gross profit<sup>3</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          170,669
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          137,434
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,376
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          60,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          52,874
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px" valign="bottom">
          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 style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          129,768
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          119,122
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          24,818
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          16,458
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          48,394
        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          46,435
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px" valign="bottom">
          Operating income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          40,901
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          18,312
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          13,493
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          8,918
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          11,917
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          6,439
        </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 style="padding-left: 0.0px" valign="bottom">
          Depreciation and Amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,665
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          880
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,237
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,211
        </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>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>1</sup>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Tonnage is less meaningful for the Tubular and Pipe Products
            segment and therefore, is not reported.</i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <sup>2</sup>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Includes LIFO expense for the Tubular and Pipe Products segment
            of $2.7 million, and $4.7 million, for the three and nine months
            ended Sep. 30, 2018; and $0.7 million, and $1.5 million for the
            three and nine months ended Sept. 30, 2017.</i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <sup>3</sup>
        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 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; margin-right: 0pt; width: 100%; margin-left: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="12">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="12">
          <b>Segment Financial Information Cont.</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="12">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands, unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          579,602
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          209,007
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-style: solid; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          658
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-style: double; border-bottom-color: black; padding-right: 0.0px" valign="bottom">
          789,267
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Other Information:</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          28.01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" valign="top" colspan="9">
          <b>Nine Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (63,133
          </p>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (46,642
          </p>
        </td>
        <td style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.06
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.06
        </td>
        <td>

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

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