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 15 facilities. For further information, visit the Company's web site at http://www.olysteel.com.

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 "may," "will," "should," "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," or "continue," as well as the negative of these terms or other similar expressions. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements.

Such risks and uncertainties include, but are not limited to: the timely and successful completion of the acquisition of the Dover processing facility; the timely and successful installation of processing equipment, cost overruns and the availability of labor and adequate customer demand to support the Dover processing facility; general and global business, economic and political conditions; competitive factors such as the availability and pricing of steel, industry inventory levels, and rapid fluctuations in customer demand and pricing; the cyclicality and volatility within the steel industry; the ability of customers (especially those that may be highly leveraged or in the automotive industry) to maintain their credit availability; layoffs or work stoppages by the Company's, suppliers' or customers' personnel; the availability and cost of transportation and logistical services; equipment installation delays or malfunctions; and the successes of the Company's capital investments, efforts and initiatives to increase sales volumes, maintain cash turnover, maintain or improve inventory turnover, reduce costs, and improve customer service. Further information on these and other risks and uncertainties is provided under Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which disclosure is incorporated herein by reference, and elsewhere in reports that the Company files or furnishes with the SEC. This release speaks only as of its date and the Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. You are advised, however, to consult any further disclosures the Company makes on related subjects in its reports filed with or furnished to the SEC.

SOURCE: Olympic Steel, Inc.

Olympic Steel, Inc.
Richard T. Marabito, 216-292-3800
Chief Financial Officer
Fax: 216-292-3974

Schedule this webcast into MS-Outlook calendar (click open when prompted):http://apps.shareholder.com/PNWOutlook/t.aspx?m=32288&k=6B61215E

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.

The Olympic Steel, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3582

It is the Company's policy not to endorse any analyst'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 "may," "will," "should," "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," or "continue," as well as the negative of these terms or other similar expressions. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements.

Such risks and uncertainties include, but are not limited to: general and global business, economic and political conditions; competitive factors such as the availability and pricing of steel, industry inventory levels, and rapid fluctuations in customer demand and pricing; the cyclicality and volatility within the steel industry; the ability of customers (especially those that may be highly leveraged or in the automotive industry) to maintain their credit availability; layoffs or work stoppages by the Company's, suppliers' or customers' personnel; the availability and cost of transportation and logistical services; equipment installation delays or malfunctions; the successes of the Company's capital investments, efforts and initiatives to increase sales volumes, maintain cash turnover, maintain or improve inventory turnover, reduce costs, and improve customer service; the timing and outcome of efforts and ability to liquidate OLP's remaining assets; the adequacy of our existing information technology and business system software and the success of implementing our new information system; customer, supplier, and competitor consolidation or insolvency; and the Company's ability to pay regular quarterly cash dividends. Further information on these and other risks and uncertainties is provided under Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which disclosure is incorporated herein by reference, and elsewhere in reports that the Company files or furnishes with the SEC. This release speaks only as of its date and the Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. You are advised, however, to consult any further disclosures the Company makes on related subjects in its reports filed with or furnished to the SEC.

This news release was distributed by PrimeNewswire, www.primenewswire.com

SOURCE: Shareholder.com; Olympic Steel, Inc.

Olympic Steel, Inc.
          Jill A. Lettl (External Communication Specialist)
          216-682-4036
          jlettl@olysteel.com

Commenting on the results, Chairman and Chief Executive Officer Michael D. Siegal, stated, "We are pleased to report record first quarter earnings results, while maintaining a strong balance sheet and capital structure, positioning us well for the current market. As carbon steel prices and working capital needs are rising to unprecedented levels, we actually reduced outstanding debt by maintaining our strict disciplines over working capital and credit risk management. We enter the second quarter with significant borrowing capacity available under our credit facility, allowing us to fully participate in the high stakes steel market as liquidity requirements increase dramatically in the second quarter."

"We are simultaneously investing in near-term elevated working capital needs and future growth initiatives for Olympic Steel. This year, we have capital investment plans of approximately $40 million, which include new satellite processing facilities, like the recently announced expansion in South Carolina, and a new Red Bud stretcher leveler cut-to-length line, expected to become operational in Minneapolis during the second quarter."

"Our outlook remains favorable, supported by strong global steel demand, a weak U.S. currency, service center inventory at historically low levels, and rapidly rising energy, transportation and steel-making raw material costs. As steel prices continue to escalate and availability of short-term credit tightens through the second quarter, our approach to the market will continue to be guided by our core values of integrity, respect and financial stability. We believe we are appropriately positioned in terms of inventory, value-add processing capabilities, and liquidity to continue performing well through the higher-priced and seasonally stronger second quarter," concluded Mr. Siegal.

Olympic Steel's Board of Directors approved a regular quarterly cash dividend of $.04 per share to be paid to shareholders of record as of June 2, 2008, and distributed on June 16, 2008.

A simulcast of Olympic Steel's 2008 first quarter earnings conference call may be accessed via the Investor Relations section of the Company's website at www.olysteel.com. The simulcast will begin at 10:00 a.m. Eastern Time today and a replay of the call will be available for 14 days thereafter.

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 15 facilities. For further information, visit the Company's web site at http://www.olysteel.com.

It is the Company's policy not to endorse any analyst'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 "may," "will," "should," "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," or "continue," as well as the negative of these terms or other similar expressions. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements.

Such risks and uncertainties include, but are not limited to: general and global business, economic and political conditions; competitive factors such as the availability and pricing of steel, industry inventory levels, and rapid fluctuations in customer demand and steel pricing; the cyclicality and volatility within the steel industry; the ability of customers (especially those that may be highly leveraged, those in the domestic automotive industry and those with inadequate liquidity) to maintain their credit availability; customer, supplier, and competitor consolidation, bankruptcy or insolvency; layoffs or work stoppages by the Company's, suppliers' or customers' personnel; the availability and cost of transportation and logistical services; equipment installation delays or malfunctions; the amounts, timing and successes of the Company's capital investments, including the construction of a new facility in South Carolina; the successes of our strategic efforts and initiatives to increase sales volumes, maintain cash turnover, maintain or improve inventory turnover, reduce costs and improve customer service; the timing and outcome of OLP's efforts and ability to liquidate its remaining assets; the adequacy of our existing information technology and business system software and the success of implementing our new enterprise-wide information system; and the Company's ability to pay regular quarterly cash dividends. Further information on these and other risks and uncertainties is provided under Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which disclosure is incorporated herein by reference, and elsewhere in reports that the Company files or furnishes with the SEC. This release speaks only as of its date and the Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. You are advised, however, to consult any further disclosures the Company makes on related subjects in its reports filed with or furnished to the SEC.

                             OLYMPICSTEEL
                    SELECTED FINANCIAL INFORMATION

           (in thousands, except per share data and ratios)

                                      Three Months Ended
                                           March 31,
                                      -------------------
                                        2008      2007
                                      --------- ---------
SUMMARY RESULTS OF OPERATIONS:            (unaudited)
-------------------------------------

Net sales                              $274,875  $259,405

Operating income                         21,227     9,410

Income before income taxes               21,200     8,383
                                      --------- ---------

Net income                             $ 13,161  $  5,252
                                      ========= =========

Earnings per share:

   Net income per share - basic        $   1.22  $   0.50

   Net income per share - diluted      $   1.21  $   0.49

                                           March 31,      December 31,
                                      -------------------
                                        2008      2007        2007
                                      --------- --------- ------------
SUMMARY BALANCE SHEET DATA:               (unaudited)
-------------------------------------

Accounts receivable, net               $120,433  $109,135     $ 88,414

Inventories                             195,024   189,988      178,530

Net property and equipment               95,483    87,270       89,651

Total assets                            433,129   408,829      386,083

Current liabilities                     128,788   111,567       92,290

Total debt                               12,731    50,247       16,707

Shareholders' equity                    279,147   239,439      263,520

Shareholders' equity per share            25.74     22.92        24.56

Debt-to-equity ratio                   .05 to 1  .21 to 1     .06 to 1

                                      Three Months Ended
                                            March,
                                      -------------------
                                        2008      2007
                                      --------- ---------
OTHER DATA:                               (unaudited)
-------------------------------------

Capital expenditures                      8,116     2,093

Cash dividends per share               $   0.04  $   0.03

 It is the Company's policy not to make quarterly or annual sales or
     earnings projections for external use and not to endorse any
                analyst's sales or earnings estimates.

                             OLYMPICSTEEL
                        RESULTS OF OPERATIONS

          (in thousands, except per share and tonnage data)

                                         Three Months Ended March 31,
                                         -----------------------------
                                              2008           2007
                                         -------------- --------------
                                                  (unaudited)

Tons sold
   Direct                                 280,003        273,326
   Toll                                    35,421         38,263
                                         --------       --------

                                          315,424        311,589
% change                                     1.2%         (7.9%)

Net sales                                $274,875       $259,405
% change                                     6.0%           8.6%



Costs and expenses

   Cost of materials sold (exclusive of
    depreciation shown below)             208,607 75.9%  212,031 81.7%
   Warehouse and processing                15,764  5.7%   13,675  5.3%
   Administrative and general              13,109  4.8%   10,264  4.0%
   Distribution                             7,042  2.6%    6,309  2.4%
   Selling                                  4,890  1.8%    3,781  1.5%
   Occupancy                                1,952  0.7%    1,753  0.7%
   Depreciation                             2,284  0.8%    2,182  0.8%
                                         --------       --------

      Total costs and expenses            253,648 92.3%  249,995 96.4%
                                         --------       --------

   Operating income                        21,227  7.7%    9,410  3.6%

Interest and other expense on debt             27  0.0%    1,027  0.4%
                                         --------       --------

   Income before income taxes              21,200  7.7%    8,383  3.2%

Income tax provision                        8,039 37.9%    3,131 37.3%
                                         --------       --------

Net income                               $ 13,161       $  5,252
                                         ========       ========

Earnings per share:

   Net income per share - basic          $   1.22       $   0.50
                                         ========       ========

   Weighted average shares outstanding -
    basic                                  10,771         10,435
                                         ========       ========

   Net income per share - diluted        $   1.21       $   0.49
                                         ========       ========

   Weighted average shares outstanding -
    diluted                                10,851         10,664
                                         ========       ========

 It is the Company's policy not to make quarterly or annual sales or
     earnings projections for external use and not to endorse any
                analyst's sales or earnings estimates.

SOURCE: Olympic Steel, Inc.

Olympic Steel, Inc.
Richard T. Marabito, Chief Financial Officer,
216-292-3800
Fax: 216-292-3974

Olympic Steel Inc. (ZEUS) distributes processed carbon, coated and stainless flat-rolled sheet, and coil and plate steel products in the United States. The company operates as an intermediary between steel producers and manufacturers that require processed steel for their operations. ZEUS operates 15 facilities across North America, predominantly in the Midwest.

Olympic Steel continues to expand its regional reach. On Apr 18, ZEUS announced it was constructing a new facility in Sumter, S.C. which will be completed by the end of 2008. It joins the company's North Carolina operations which were acquired in 2006. The 100,000 square foot facility will cost $10 million and will expand the company's processing capabilities in the Southeast region.

Olympic Steel Reports Record First-Quarter Earnings

On Apr 30, Olympic Steel reported its first-quarter earnings and easily beat Wall Street estimates by 24.74%, or 24 cents a share. Net income was $13.2 million, or $1.21 per share, compared to $5.3 million, or 49 cents per share, in the year ago period. Analysts expected 97 cents.

Net sales increased 6% to $274.9 million from $259.4 million in 2007.

Optimistic about the Rest of 2008

The company is optimistic going forward due to strong global steel demand and a weak U.S. currency, and historically low levels of service center inventory. ZEUS acknowledges it faces challenges from rising energy and raw material costs.

'As steel prices continue to escalate and availability of short-term credit tightens through the second quarter, our approach to the market will continue to be guided by our core values of integrity, respect and financial stability. We believe we are appropriately positioned in terms of inventory, value-add processing capabilities, and liquidity to continue performing well through the higher-priced and seasonally stronger second quarter,' said Chairman and Chief Executive Officer Michael D. Siegal.

Olympic Steel has allocated $40 million for capital investment in 2008.

Consensus Estimates Are Rising for the Second Quarter and 2008

Consensus estimates for the second quarter are up 24 cents in the last 60 days to $1.40 from $1.16 per share. For the full year, consensus estimates rose 36 cents to $4.00 from $3.64 per share.

Olympic Steel's forward P/E is 13.28. Its price-to-book is 2.08. The company has an outstanding five year average return on equity (ROE) of 15.62%. ZEUS has a dividend yield of 0.32%.

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