<SEC-DOCUMENT>0001157523-19-001033.txt : 20190502
<SEC-HEADER>0001157523-19-001033.hdr.sgml : 20190502
<ACCEPTANCE-DATETIME>20190502063027
ACCESSION NUMBER:		0001157523-19-001033
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190502
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190502
DATE AS OF CHANGE:		20190502

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:		19789614

	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>a51978068.htm
<DESCRIPTION>OLYMPIC STEEL, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><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>
    </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: 10pt">Date of
      Report&#160;(Date of earliest event reported): &#160;</font><font style="font-family: Times New Roman; font-size: 10pt"><b>May
      2, 2019</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font><br><font style="font-family: Times New Roman"><b>______________</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>Olympic Steel, Inc.</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Ohio</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center; width: 34%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>000-23320</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>34-1245650</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            of incorporation)
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 34%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission&#160;File Number)
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (IRS Employer&#160;Identification No.)
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; width: 100%">
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 50%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>5096 Richmond Road, Bedford Heights, Ohio</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center; width: 50%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>44146</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 50%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 50%" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code:&#160;&#160;&#160;</font><b>(216)
      292-3800</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt">
      </font>
    </p>
    <p style="text-align: center">
      ________________________________________________________________________________<br><font style="font-family: Times New Roman; font-size: 10pt">(Former
      name or former address, if changed since last report)</font>
    </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 style="margin-left: 30.0px; font-size: 10pt">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<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>
    </p>
    <p style="margin-left: 30.0px; font-size: 10pt">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<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>
    </p>
    <p style="margin-left: 30.0px; font-size: 10pt">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<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>
    </p>
    <p style="margin-left: 30.0px; font-size: 10pt">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      &#160;&#160;&#160;&#160;&#160;<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>
      <font style="font-family: Times New Roman; font-size: 10pt">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).</font>
    </p>
    <p>
      <font style="font-size: 10pt">Emerging growth company</font><font style="font-family: Arial Unicode MS; font-size: 10pt">&#160;</font>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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.</font> <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

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

    </p>
    <p>
      <b>Item 2.02. Results of Operations and Financial Condition.</b>
    </p>
    <p>
      On May 2, 2019, Olympic Steel, Inc. issued a press release reporting its
      operating results for the fourth quarter and twelve months of 2018 ended
      December 31, 2018. The press release is attached hereto as Exhibit 99.1.
    </p>
    <p>
      The information included in this report, including exhibit 99.1, is
      furnished pursuant to Item 2.02 of Form 8-K, is not to be considered
      &quot;filed&quot; under the Securities Exchange Act of 1934, as amended (&quot;Exchange
      Act&quot;), and shall not be incorporated by reference into any of Olympic
      Steel, Inc.'s previous or future filings under the Securities Act of
      1933, as amended, or the Exchange Act except as otherwise expressly
      stated in such filing.
    </p>
    <p>
      <b>Item 9.01. Financial Statements and Exhibits.</b>
    </p>
    <p>
      (d) Exhibits.
    </p>
    <p>
      <u><b>Exhibit No.</b></u>
    </p>
    <p>
      99.1 Press release dated May 2, 2019.
    </p>
    <p>

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

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

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 11pt"><b>SIGNATURE</b></font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <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>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; width: 100%">
      <tr>
        <td style="width: 38%">

        </td>
        <td style="width: 4%">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; width: 58%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Olympic Steel, Inc.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 38%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 58%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Registrant)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 38%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 58%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; width: 38%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>May 2, 2019</b>
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; width: 58%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>/s/&#160;&#160; RICHARD A. MANSON</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 38%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Date)
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 58%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Richard A. Manson
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center; width: 38%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 58%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Chief Financial Officer</i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 38%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: center; width: 58%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(Principal Financial and Accounting Officer)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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

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

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

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

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

    </p>
    <p>
      <a href="a51978068ex99_1.htm">99.1 Press Release dated May 2, 2019</a>
    </p>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51978068ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Olympic
      Steel Reports First-Quarter Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>First-Quarter
      Net Sales Increased 19% to $446 Million in 2019</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Board
      Declares Regular Quarterly Cash Dividend</b></font></i>
    </p>
    <p>
      CLEVELAND--(BUSINESS WIRE)--May 2, 2019--<b>Olympic Steel, Inc. (Nasdaq:
      ZEUS)</b>, a leading national metals service center, today announced
      financial results for the three months ended March 31, 2019.
    </p>
    <p>
      First-quarter 2019 net sales increased 19%, to $446 million, compared
      with $376 million in the first quarter of 2018. The increase in net
      sales was driven by higher average selling prices. Net income was $2.1
      million, or $0.18 per diluted share, in the first quarter, compared with
      $7.6 million, or $0.67 per diluted share, in the same quarter of 2018.
      While current-year profit margins were pressured by declining steel
      prices, first-quarter 2019 sales and earnings were sequentially higher
      than fourth-quarter results. First-quarter results include the Company&#8217;s
      January 2019 acquisition of McCullough Industries. There was no LIFO
      adjustment made during the first quarter of 2019.
    </p>
    <p>
      &#8220;Net sales in the first quarter were up nearly 20% over the same quarter
      in the prior year, despite lower shipments for carbon flat products,
      mirroring the industry&#8217;s market trend,&#8221; said Chief Executive Officer
      Richard T. Marabito. &#8220;Our Specialty Metals and Tubular and Pipe
      businesses performed well, with strong contributions to our
      first-quarter results.&#8221;
    </p>
    <p>
      &#8220;Our most recent acquisition, McCullough Industries, is off to an
      exceptional start, with profitability and integration contributions in
      line with our expectations. As we advance our long-term growth strategy,
      we continue to evaluate opportunities with similar vertical downstream
      advantages, proven track records of profitability and strong management
      teams.&#8221;
    </p>
    <p>
      &#8220;Seasonally, the second quarter is typically stronger than the first
      quarter, and we are optimistic about contributions from successful
      execution of our recent capital investments. We will remain focused on
      controlling our operating expenses and improving inventory turnover
      throughout the year,&#8221; Marabito said.
    </p>
    <p>
      The Company&#8217;s Board of Directors also approved a regular quarterly cash
      dividend of $0.02 per share, which is payable on June 17, 2019, to
      shareholders of record on June 3, 2019.
    </p>
    <p>
      The table that follows provides a reconciliation of non-GAAP measures to
      measures prepared in accordance with GAAP.
    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Olympic Steel, Inc.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <b>Reconciliation of Net Income Per Diluted Share to Adjusted Net
          Income Per Diluted Share</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The following table reconciles adjusted net income per diluted
            share to the most directly comparable GAAP financial measure:
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 5.0px; text-align: left" colspan="7" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="7" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" valign="top">

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

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

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="2" valign="bottom">
          2019
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="2" valign="bottom">
          2018
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" valign="bottom">
          <b>Net income per diluted share (GAAP):</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>0.18</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt" valign="bottom">
          Excluding the following items:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px" valign="bottom">
          LIFO expense
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>0.18</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Conference Call and Webcast</b>
    </p>
    <p>
      A simulcast of Olympic Steel&#8217;s 2019 first-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 9
      a.m. EST on May 2, 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: 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; 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 or other
      products, U.S. trade policy and its impact on the U.S. manufacturing
      industry; 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 availability, and increased costs, of labor related to
      tighter employment markets; the availability and rising costs of
      transportation and logistical services; 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 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; 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 recent
      acquisitions into our business and risks inherent with the acquisitions
      in the achievement of expected results, including whether the
      acquisition will be accretive and within the expected timeframe; events
      or circumstances that could adversely impact the successful operation of
      our processing equipment and operations; rising interest rates and their
      impacts on our variable interest rate debt; the impacts of union
      organizing activities and the success of union contract renewals;
      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; 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; 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; 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; and 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.
    </p>
    <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>
    <div style="margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>About Olympic Steel</b>
    </p>
    <p>
      Founded in 1954, Olympic Steel is a leading U.S. metals service center
      focused on the direct sale of processed carbon, coated and stainless
      flat-rolled sheet, coil and plate steel, aluminum, tin plate, and
      metal-intensive branded products. The Company&#8217;s CTI subsidiary is a
      leading distributor of steel tubing, bar, pipe, valves and fittings, and
      fabricates pressure parts for the electric utility industry.
      Headquartered in Cleveland, Ohio, Olympic Steel operates from 30
      facilities in North America.
    </p>
    <p>
      For additional information, please visit the Company&#8217;s website at <u>www.olysteel.com</u>
      or <u>https://olysteel.irpass.com/Contact_Us?BzID=2195</u>
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <b>Consolidated Statements of Comprehensive Income</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="8" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (in thousands, except per-share data)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2019</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Net sales</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>445,919</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>375,598</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          366,382
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          25,611
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          20,129
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          12,835
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          7,340
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          2,798
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          4,431
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          319
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          222
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          439,845
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          363,253
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          <b>6,074</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          14
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (46
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          6,088
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          3,242
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          1,986
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          2,846
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          772
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          2,684
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>2,074</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>7,629</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 25.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net income per share - basic
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          0.18
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          0.67
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 25.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Weighted average shares outstanding - basic
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          11,488
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          11,418
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 25.0px; text-align: left" valign="bottom">
          <b>Net income per share - diluted</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>0.18</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>0.67</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 25.0px; text-align: left" valign="bottom">
          Weighted average shares outstanding - diluted
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          11,488
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          11,418
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (in thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>At Mar. 31, 2019</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>At Dec. 31, 2018</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>Assets</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          5,113
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          9,319
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          204,448
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          175,252
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Inventories, net (includes LIFO reserve of $3,071 as of March 31,
          2019 and December 31, 2018)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          342,876
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          368,738
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          9,886
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          9,460
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          562,323
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          562,769
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          410,053
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          403,785
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (248,346
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (244,176
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="bottom">
          Net property and equipment
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          161,707
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          159,609
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          3,264
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          2,358
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          30,192
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          24,914
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          11,770
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          11,090
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Right of use asset, net
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          30,106
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Total assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>799,362</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>760,740</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          99,524
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          95,367
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          9,346
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          19,665
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          14,974
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          13,395
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Current portion of lease liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          5,861
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          129,705
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          128,427
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          313,269
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          302,530
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          10,225
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          9,327
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          12,686
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          13,465
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Lease liabilities
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          24,277
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          <b>Total Liabilities</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>490,162</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>453,749</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <b>Shareholder&#8217;s Equity</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          132,275
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          130,778
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,078
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          178,199
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          176,345
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          <b>Total shareholders&#8217; equity</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>309,200</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>306,991</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          <b>Total liabilities and shareholders&#8217; equity</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>799,362</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>760,740</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="20" valign="top">
          <b>Olympic Steel, Inc.</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="20" valign="top">
          <b>Segment Financial Information</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="20" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands, except tonnage and per-ton data. Figures may not
            foot to consolidated totals due to Corporate expenses.)
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: center" colspan="17" valign="top">
          <b>Three Months Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt" colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" colspan="2" valign="top">

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="2" valign="bottom">
          <b>2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="2" valign="bottom">
          <b>2018</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="2" valign="bottom">
          <b>2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="2" valign="bottom">
          <b>2018</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="2" valign="bottom">
          <b>2019</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="2" valign="bottom">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          Tons sold<sup>1</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          273,171
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          35,784
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          24,863
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          278,536
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          88,097
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" colspan="2" valign="bottom">
          $ 79,286
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          69,175
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" colspan="2" valign="bottom">
          Average selling price per ton
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          1,020
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          2,462
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          233,316
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          76,245
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          56,131
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          56,821
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          48,871
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px" colspan="2" valign="bottom">
          Gross profit<sup>3</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          45,220
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          11,852
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" colspan="2" valign="bottom">
          22,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          20,304
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          Operating expenses<sup>4</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          43,994
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          9,608
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          6,387
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" colspan="2" valign="bottom">
          16,850
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          16,037
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px" colspan="2" valign="bottom">
          Operating income
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          1,226
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          2,244
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" colspan="2" valign="bottom">
          $ 5,615
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          4,267
        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          2,814
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          526
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" colspan="2" valign="bottom">
          $ 1,368
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          1,456
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%">
      <tr>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="2" valign="bottom">
          <b>At March 31, 2019</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="2" valign="bottom">
          <b>At Dec. 31, 2018</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Assets
        </td>
        <td colspan="5">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Flat products
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          584,006
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          560,116
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Tubular and pipe products
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          213,931
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          200,016
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          Corporate
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          1,425
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          608
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Total assets
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          799,362
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: double; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          760,740
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="bottom">
          <b>Other Information</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>At March 31, 2019</b>
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          28.09
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          27.89
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; text-align: right" colspan="3" valign="bottom">
          1.01 to 1
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: right" colspan="3" valign="bottom">
          0.99 to 1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; white-space: nowrap; padding-right: 0.0px; border-bottom-width: 1.0pt; text-align: center" colspan="3" valign="bottom">
          <b>2019</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,165
        </td>
        <td style="padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

    </p>
    <p>
      CONTACT:<br>Richard A. Manson<br>Chief Financial Officer<br>(216)
      672-0522<br><u>ir@olysteel.com</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
