Olympic Steel Announces Scholarship Recipients

Business Wire, June 18, 2009

CLEVELAND -- Olympic Steel, Inc. (NASDAQ: ZEUS) announces the recipients of the Sol Siegal Scholarship Program. The scholarship program is named for the Company’s founder, Sol Siegal. The program rewards the hard work of the children and dependents of Olympic Steel, Inc. employees. The program annually awards up to ten new $1,500 renewable scholarships to students pursuing post-secondary degrees.

Five new renewable scholarships were awarded for the 2009-2010 academic year based upon academic performance, school and community involvement, leadership skills, future goals, and outside references as reviewed and selected by the Company’s outside scholarship administrator.

We are also pleased to recognize the following students who have earned a scholarship renewal for the 2009-2010 academic year. In order to earn a renewal award, students must show evidence of continued academic excellence and submit a one-page essay discussing their academic progress and application of Olympic Steel's 10 Core Values in their everyday lives.

Congratulations to each of these students and their proud parents.

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Founded in 1954, Olympic Steel is a leading U.S. steel service center focused on the direct sale and distribution of large volumes of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel products. Headquartered in Cleveland, Ohio, the Company operates 16 facilities. For further information, visit the Company’s web site at http://www.olysteel.com.