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Olympic Steel, Inc. Announces 3rd Quarter 2008 Webcast and Conference Call

October 27, 2008

BEDFORD HEIGHTS, Ohio, Oct. 27, 2008 (GLOBE NEWSWIRE) — Olympic Steel, Inc. (Nasdaq:ZEUS) will host a conference call and webcast to discuss the 3rd Quarter 2008 results.

    Date: October 30, 2008  Time: 10:00 AM ET 

Listen via Internet: http://www.olysteel.com/investor_relations.phtml

Schedule this webcast into MS-Outlook calendar (click open when prompted):http://apps.shareholder.com/PNWOutlook/t.aspx?m=33520&k=9356050E

The replay will be available for 2 weeks after the event.

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.globenewswire.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 GlobeNewswire, www.globenewswire.com

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




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